Hovnanian Enterprises (NYSE:HOV) Shares Cross Above 200-Day Moving Average – What’s Next?

Hovnanian Enterprises Inc (NYSE:HOV)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $115.38 and traded as high as $127.27. Hovnanian Enterprises shares last traded at $125.5980, with a volume of 102,483 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on HOV. Weiss Ratings cut shares of Hovnanian Enterprises from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 8th. Citizens Jmp initiated coverage on shares of Hovnanian Enterprises in a research note on Thursday, April 9th. They set a “market underperform” rating and a $74.00 target price on the stock. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $97.00.

Hovnanian Enterprises Stock Performance

The stock has a market cap of $736.00 million, a P/E ratio of 34.51 and a beta of 1.81. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.50 and a quick ratio of 0.40. The firm’s 50-day moving average price is $117.37 and its 200-day moving average price is $115.38.

Hovnanian Enterprises (NYSE:HOV) last issued its earnings results on Thursday, May 21st. The construction company reported ($0.46) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.04) by $1.58. Hovnanian Enterprises had a net margin of 1.25% and a return on equity of 11.23%. The firm had revenue of $667.65 million during the quarter, compared to analyst estimates of $626.40 million.

Insider Buying and Selling at Hovnanian Enterprises

In other Hovnanian Enterprises news, Director J Larry Sorsby sold 1,032 shares of the business’s stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $142.57, for a total value of $147,132.24. Following the sale, the director owned 187,416 shares in the company, valued at $26,719,899.12. The trade was a 0.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ara K. Hovnanian sold 12,880 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $125.78, for a total transaction of $1,620,046.40. The SEC filing for this sale provides additional information. 22.67% of the stock is owned by insiders.

Hedge Funds Weigh In On Hovnanian Enterprises

Several institutional investors have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. increased its position in Hovnanian Enterprises by 39.4% in the second quarter. Assenagon Asset Management S.A. now owns 20,451 shares of the construction company’s stock worth $2,912,000 after purchasing an additional 5,777 shares during the last quarter. Empowered Funds LLC lifted its position in Hovnanian Enterprises by 46.5% during the first quarter. Empowered Funds LLC now owns 73,146 shares of the construction company’s stock valued at $8,113,000 after purchasing an additional 23,234 shares during the last quarter. Quantinno Capital Management LP grew its stake in shares of Hovnanian Enterprises by 62.4% in the 1st quarter. Quantinno Capital Management LP now owns 6,319 shares of the construction company’s stock worth $701,000 after buying an additional 2,429 shares in the last quarter. Union Square Park Capital Management LLC purchased a new position in shares of Hovnanian Enterprises in the 1st quarter worth $555,000. Finally, Sei Investments Co. increased its holdings in shares of Hovnanian Enterprises by 101.9% in the 1st quarter. Sei Investments Co. now owns 35,288 shares of the construction company’s stock worth $3,914,000 after buying an additional 17,811 shares during the last quarter. Hedge funds and other institutional investors own 65.40% of the company’s stock.

Hovnanian Enterprises Company Profile

Hovnanian Enterprises, Inc is a publicly traded homebuilding company primarily engaged in the acquisition, development and construction of residential properties. Headquartered in Red Bank, New Jersey, the company operates through a network of regional homebuilding divisions that design and deliver a range of housing solutions, including single-family detached homes, townhomes and condominiums. Hovnanian combines land development, architectural design and construction services with in-house mortgage and insurance offerings to provide a comprehensive homebuying experience.

The company markets its communities under several branded product lines tailored to different buyer segments and price points.