Hovnanian Enterprises’ (HOV) “Neutral” Rating Reaffirmed at Wedbush

Wedbush reaffirmed their neutral rating on shares of Hovnanian Enterprises (NYSE:HOV) in a report released on Wednesday morning,Benzinga reports. The brokerage currently has a $120.00 target price on the construction company’s stock.

Several other research analysts also recently issued reports on HOV. Zelman & Associates reaffirmed an “underperform” rating on shares of Hovnanian Enterprises in a report on Wednesday, February 12th. Wall Street Zen downgraded Hovnanian Enterprises from a “hold” rating to a “sell” rating in a research note on Wednesday, May 21st.

Hovnanian Enterprises Stock Down 6.5%

NYSE:HOV opened at $93.04 on Wednesday. The stock’s fifty day moving average price is $97.07 and its two-hundred day moving average price is $118.46. Hovnanian Enterprises has a 52-week low of $81.15 and a 52-week high of $240.34. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.34 and a current ratio of 1.52. The company has a market cap of $551.23 million, a price-to-earnings ratio of 2.90 and a beta of 2.15.

Hovnanian Enterprises (NYSE:HOV) last posted its quarterly earnings data on Tuesday, May 20th. The construction company reported $2.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.45 by ($0.02). Hovnanian Enterprises had a return on equity of 43.47% and a net margin of 8.05%. The firm had revenue of $686.47 million for the quarter, compared to analyst estimates of $733.20 million. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in HOV. Empowered Funds LLC lifted its stake in shares of Hovnanian Enterprises by 5.0% in the 4th quarter. Empowered Funds LLC now owns 30,667 shares of the construction company’s stock valued at $4,104,000 after purchasing an additional 1,461 shares during the period. Rhumbline Advisers increased its position in shares of Hovnanian Enterprises by 1.0% in the 4th quarter. Rhumbline Advisers now owns 8,850 shares of the construction company’s stock valued at $1,184,000 after buying an additional 85 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Hovnanian Enterprises by 7.2% in the 4th quarter. Principal Financial Group Inc. now owns 2,383 shares of the construction company’s stock valued at $319,000 after buying an additional 161 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Hovnanian Enterprises by 23.0% in the 4th quarter. Victory Capital Management Inc. now owns 4,199 shares of the construction company’s stock valued at $562,000 after buying an additional 785 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Hovnanian Enterprises by 0.9% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 8,860 shares of the construction company’s stock valued at $1,186,000 after buying an additional 81 shares in the last quarter. 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.