Hovnanian Enterprises (NYSE:HOV) Downgraded to Hold at StockNews.com

Hovnanian Enterprises (NYSE:HOV) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Thursday.

Separately, Zelman & Associates raised shares of Hovnanian Enterprises from an “underperform” rating to a “neutral” rating and set a $155.00 price target on the stock in a research note on Thursday, May 23rd.

Hovnanian Enterprises Stock Performance

NYSE HOV traded up $15.58 during mid-day trading on Thursday, reaching $155.95. 115,402 shares of the stock were exchanged, compared to its average volume of 80,646. The business’s 50 day moving average is $150.88 and its 200-day moving average is $151.76. Hovnanian Enterprises has a 1 year low of $65.22 and a 1 year high of $184.42. The company has a market capitalization of $934.14 million, a P/E ratio of 5.20 and a beta of 2.58. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.32 and a current ratio of 1.35.

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

Insider Buying and Selling

In related news, CEO Ara K. Hovnanian sold 24,686 shares of the firm’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $141.04, for a total transaction of $3,481,713.44. Following the completion of the sale, the chief executive officer now directly owns 32,890 shares in the company, valued at $4,638,805.60. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Hovnanian Enterprises news, Director Edward A. Kangas sold 2,000 shares of Hovnanian Enterprises stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $144.72, for a total transaction of $289,440.00. Following the completion of the sale, the director now directly owns 21,743 shares in the company, valued at $3,146,646.96. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ara K. Hovnanian sold 24,686 shares of Hovnanian Enterprises stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $141.04, for a total transaction of $3,481,713.44. Following the sale, the chief executive officer now owns 32,890 shares of the company’s stock, valued at $4,638,805.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,816 shares of company stock worth $4,820,417. Insiders own 17.67% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in HOV. CWM LLC lifted its stake in Hovnanian Enterprises by 3,541.7% in the first quarter. CWM LLC now owns 437 shares of the construction company’s stock worth $69,000 after acquiring an additional 425 shares during the last quarter. AJOVista LLC purchased a new stake in shares of Hovnanian Enterprises during the 4th quarter worth approximately $97,000. Russell Investments Group Ltd. lifted its position in shares of Hovnanian Enterprises by 27.4% during the 4th quarter. Russell Investments Group Ltd. now owns 791 shares of the construction company’s stock worth $123,000 after buying an additional 170 shares during the last quarter. EntryPoint Capital LLC lifted its position in shares of Hovnanian Enterprises by 309.9% during the 1st quarter. EntryPoint Capital LLC now owns 828 shares of the construction company’s stock worth $130,000 after buying an additional 626 shares during the last quarter. Finally, Mackenzie Financial Corp acquired a new position in shares of Hovnanian Enterprises in the 4th quarter valued at $200,000. Institutional investors and hedge funds own 65.40% of the company’s stock.

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.