Hovnanian Enterprises (NYSE:HOV) Sets New 12-Month Low – Here’s Why

Hovnanian Enterprises Inc (NYSE:HOV)’s stock price hit a new 52-week low during mid-day trading on Tuesday. The company traded as low as $90.17 and last traded at $90.36, with a volume of 250,309 shares traded. The stock had previously closed at $97.27.

Analyst Upgrades and Downgrades

Several research firms have recently commented on HOV. Weiss Ratings downgraded Hovnanian Enterprises from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, August 31st. Citigroup reiterated a “market underperform” rating on shares of Hovnanian Enterprises in a research note on Friday, August 21st. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Hovnanian Enterprises currently has a consensus rating of “Reduce” and an average price target of $74.00.

Hovnanian Enterprises Stock Down 2.8%

The firm has a market cap of $551.63 million, a price-to-earnings ratio of 97.43 and a beta of 1.82. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.46 and a quick ratio of 0.36. The stock has a 50-day moving average of $115.97 and a 200-day moving average of $118.88.

Hovnanian Enterprises (NYSE:HOV) last posted its quarterly earnings data on Thursday, August 20th. The construction company reported ($0.70) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.14). The company had revenue of $705.75 million for the quarter, compared to the consensus estimate of $723.50 million. Hovnanian Enterprises had a return on equity of 8.64% and a net margin of 0.64%. During the same quarter last year, the business earned $1.99 EPS.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC grew its stake in Hovnanian Enterprises by 112.3% during the third quarter. Nisa Investment Advisors LLC now owns 811 shares of the construction company’s stock worth $90,000 after buying an additional 429 shares in the last quarter. GAMMA Investing LLC increased its holdings in Hovnanian Enterprises by 24.8% in the 3rd quarter. GAMMA Investing LLC now owns 473 shares of the construction company’s stock valued at $53,000 after buying an additional 94 shares during the period. Engineers Gate Manager LP bought a new position in Hovnanian Enterprises in the 2nd quarter valued at about $986,000. Squarepoint Ops LLC bought a new position in Hovnanian Enterprises in the 2nd quarter valued at about $301,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Hovnanian Enterprises in the 2nd quarter valued at about $1,225,000. Institutional investors own 65.40% of the company’s stock.

Hovnanian Enterprises Company Profile

Hovnanian Enterprises, Inc is a residential homebuilder that designs, constructs and sells single-family homes, townhomes and condominiums. The company markets homes under the K. Hovnanian’s brand and develops communities for a range of buyers, including first-time, move-up and active-adult purchasers.

Through its K. Hovnanian’s Four Seasons business, the company also develops age-qualified communities featuring amenities and home designs intended for active-adult lifestyles. Its communities generally include planned features such as clubhouses, recreational facilities and other neighborhood amenities.

Founded in 1959 by Kevork S.