Hovnanian Enterprises (NYSE:HOV) Trading Down 4.5% Following Insider Selling

Shares of Hovnanian Enterprises, Inc. (NYSE:HOV) dropped 4.5% during trading on Monday after an insider sold shares in the company. The company traded as low as $135.53 and last traded at $135.53. Approximately 19,006 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 80,406 shares. The stock had previously closed at $141.92.

Specifically, Director Robin Stone Sellers sold 1,459 shares of the company’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $154.20, for a total value of $224,977.80. Following the transaction, the director now directly owns 22,716 shares of the company’s stock, valued at $3,502,807.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Hovnanian Enterprises news, Director Robin Stone Sellers sold 1,459 shares of Hovnanian Enterprises stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $154.20, for a total value of $224,977.80. Following the completion of the sale, the director now directly owns 22,716 shares in the company, valued at $3,502,807.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Edward A. Kangas sold 2,000 shares of the stock in a transaction on Friday, May 31st. The stock was sold at an average price of $144.72, for a total transaction of $289,440.00. Following the transaction, the director now owns 21,743 shares in the company, valued at approximately $3,146,646.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 33,816 shares of company stock worth $4,820,417. 17.67% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

HOV has been the topic of a number of recent analyst reports. Zelman & Associates raised Hovnanian Enterprises from an “underperform” rating to a “neutral” rating and set a $155.00 price objective on the stock in a research note on Thursday, May 23rd. StockNews.com raised shares of Hovnanian Enterprises from a “hold” rating to a “buy” rating in a research report on Monday, June 3rd.

Hovnanian Enterprises Stock Performance

The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.32 and a current ratio of 1.35. The stock’s 50-day simple moving average is $151.97 and its two-hundred day simple moving average is $152.27. The stock has a market cap of $819.73 million, a price-to-earnings ratio of 4.56 and a beta of 2.58.

Hovnanian Enterprises (NYSE:HOV) last posted its quarterly earnings data on Wednesday, May 22nd. The construction company reported $6.66 earnings per share for the quarter. Hovnanian Enterprises had a return on equity of 54.85% and a net margin of 8.02%. The business had revenue of $708.38 million during the quarter. Analysts forecast that Hovnanian Enterprises, Inc. will post 27 earnings per share for the current year.

Institutional Investors Weigh In On Hovnanian Enterprises

Hedge funds have recently modified their holdings of the business. Invesco Ltd. grew its position in Hovnanian Enterprises by 26.9% during the third quarter. Invesco Ltd. now owns 79,625 shares of the construction company’s stock worth $8,095,000 after buying an additional 16,866 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Hovnanian Enterprises during the 3rd quarter worth approximately $294,000. Trexquant Investment LP bought a new stake in shares of Hovnanian Enterprises during the third quarter valued at approximately $447,000. Quadrature Capital Ltd raised its stake in shares of Hovnanian Enterprises by 24.3% in the third quarter. Quadrature Capital Ltd now owns 12,810 shares of the construction company’s stock valued at $1,298,000 after purchasing an additional 2,501 shares in the last quarter. Finally, Belpointe Asset Management LLC bought a new position in Hovnanian Enterprises in the third quarter worth $344,000. 65.40% of the stock is owned by institutional investors.

Hovnanian Enterprises Company Profile

Hovnanian Enterprises, Inc, through its subsidiaries, designs, constructs, markets, and sells residential homes in the United States. It offers single-family detached homes, attached townhomes and condominiums, urban infill, and active lifestyle homes with amenities, such as clubhouses, swimming pools, tennis courts, tot lots, and open areas.