Hovnanian Enterprises (NYSE:HOV) Downgraded by StockNews.com to “Hold”

Hovnanian Enterprises (NYSE:HOV) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

Separately, Zelman & Associates upgraded shares of Hovnanian Enterprises from an “underperform” rating to a “neutral” rating and set a $155.00 price objective for the company in a report on Thursday, May 23rd.

Hovnanian Enterprises Stock Performance

Hovnanian Enterprises stock opened at $185.33 on Tuesday. The company has a current ratio of 1.35, a quick ratio of 0.32 and a debt-to-equity ratio of 0.17. The stock has a market cap of $1.11 billion, a P/E ratio of 6.18 and a beta of 2.58. Hovnanian Enterprises has a 52 week low of $65.22 and a 52 week high of $224.52. The stock has a 50 day moving average of $165.04 and a 200-day moving average of $157.09.

Hovnanian Enterprises (NYSE:HOV) last issued its earnings results 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 firm had revenue of $708.38 million for the quarter. On average, analysts expect that Hovnanian Enterprises will post 27 EPS for the current fiscal year.

Insider Activity

In other Hovnanian Enterprises news, Director Edward A. Kangas sold 2,000 shares of Hovnanian Enterprises stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $144.72, for a total transaction of $289,440.00. Following the transaction, the director now directly owns 21,743 shares in the company, valued at approximately $3,146,646.96. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Robin Stone Sellers sold 1,459 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $154.20, for a total transaction of $224,977.80. Following the transaction, the director now directly owns 22,716 shares in the company, valued at approximately $3,502,807.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Edward A. Kangas sold 2,000 shares of the business’s stock in a transaction on Friday, May 31st. The shares were 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 $3,146,646.96. The disclosure for this sale can be found here. Insiders sold a total of 47,816 shares of company stock valued at $6,966,617 over the last three months. Insiders own 17.67% of the company’s stock.

Hedge Funds Weigh In On Hovnanian Enterprises

Several institutional investors and hedge funds have recently modified their holdings of the stock. Innealta Capital LLC acquired a new stake in shares of Hovnanian Enterprises in the second quarter valued at about $37,000. CWM LLC grew its position in shares of Hovnanian Enterprises by 3,541.7% in the first quarter. CWM LLC now owns 437 shares of the construction company’s stock valued at $69,000 after purchasing an additional 425 shares during the last quarter. AJOVista LLC acquired a new stake in shares of Hovnanian Enterprises in the fourth quarter valued at about $97,000. Russell Investments Group Ltd. grew its position in shares of Hovnanian Enterprises by 27.4% in the fourth quarter. Russell Investments Group Ltd. now owns 791 shares of the construction company’s stock valued at $123,000 after purchasing an additional 170 shares during the last quarter. Finally, EntryPoint Capital LLC grew its position in shares of Hovnanian Enterprises by 309.9% in the first quarter. EntryPoint Capital LLC now owns 828 shares of the construction company’s stock valued at $130,000 after purchasing an additional 626 shares during the last quarter. 65.40% of the stock is currently owned by hedge funds and other institutional investors.

About Hovnanian Enterprises

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.