Hsbc Holdings PLC Acquires Shares of 5,054 Hovnanian Enterprises Inc $HOV

Hsbc Holdings PLC bought a new stake in shares of Hovnanian Enterprises Inc (NYSE:HOV) in the 1st quarter, HoldingsChannel reports. The fund bought 5,054 shares of the construction company’s stock, valued at approximately $559,000.

Several other large investors have also recently made changes to their positions in HOV. State Street Corp raised its stake in shares of Hovnanian Enterprises by 8.6% during the 4th quarter. State Street Corp now owns 228,613 shares of the construction company’s stock worth $22,299,000 after purchasing an additional 18,086 shares during the period. Dimensional Fund Advisors LP grew its position in Hovnanian Enterprises by 2.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 175,186 shares of the construction company’s stock valued at $17,089,000 after buying an additional 3,514 shares during the period. GW&K Investment Management LLC grew its position in Hovnanian Enterprises by 7.6% during the fourth quarter. GW&K Investment Management LLC now owns 121,488 shares of the construction company’s stock valued at $11,850,000 after buying an additional 8,571 shares during the period. Geode Capital Management LLC increased its holdings in Hovnanian Enterprises by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 111,600 shares of the construction company’s stock worth $10,888,000 after buying an additional 1,057 shares during the last quarter. Finally, Towle & Co. increased its holdings in Hovnanian Enterprises by 51.2% during the fourth quarter. Towle & Co. now owns 99,402 shares of the construction company’s stock worth $9,696,000 after buying an additional 33,681 shares during the last quarter. 65.40% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Hovnanian Enterprises

In other Hovnanian Enterprises news, CEO Ara K. Hovnanian sold 12,880 shares of the company’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $125.78, for a total transaction of $1,620,046.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director J Larry Sorsby sold 1,032 shares of the stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $142.57, for a total transaction of $147,132.24. Following the transaction, the director owned 187,416 shares of the company’s stock, valued at $26,719,899.12. This represents a 0.55% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 22.67% of the company’s stock.

Hovnanian Enterprises Stock Performance

Shares of HOV opened at $123.65 on Friday. The firm has a market cap of $724.57 million, a PE ratio of 33.97 and a beta of 1.81. The stock’s fifty day moving average price is $125.60 and its two-hundred day moving average price is $118.59. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.50 and a quick ratio of 0.40. Hovnanian Enterprises Inc has a 1 year low of $91.52 and a 1 year high of $162.05.

Hovnanian Enterprises (NYSE:HOV) last issued its quarterly earnings results on Thursday, May 21st. The construction company reported ($0.46) EPS for the quarter, beating analysts’ consensus estimates of ($2.04) by $1.58. The firm had revenue of $667.65 million for the quarter, compared to analysts’ expectations of $626.40 million. Hovnanian Enterprises had a return on equity of 11.23% and a net margin of 1.25%.

Wall Street Analyst Weigh In

Several analysts have commented on HOV shares. Weiss Ratings raised shares of Hovnanian Enterprises from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, July 16th. Citizens Jmp started coverage on shares of Hovnanian Enterprises in a research report on Thursday, April 9th. They set a “market underperform” rating and a $74.00 target price for the company. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $97.00.

Hovnanian Enterprises Company Profile

Hovnanian Enterprises, Inc is a publicly traded homebuilding company primarily engaged in the acquisition, development and construction of residential properties. Headquartered in Red Bank, New Jersey, the company operates through a network of regional homebuilding divisions that design and deliver a range of housing solutions, including single-family detached homes, townhomes and condominiums. Hovnanian combines land development, architectural design and construction services with in-house mortgage and insurance offerings to provide a comprehensive homebuying experience.

The company markets its communities under several branded product lines tailored to different buyer segments and price points.