Hsbc Holdings PLC Purchases New Stake in Hovnanian Enterprises Inc $HOV

Hsbc Holdings PLC purchased a new stake in shares of Hovnanian Enterprises Inc (NYSE:HOV) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 5,054 shares of the construction company’s stock, valued at approximately $559,000. Hsbc Holdings PLC owned approximately 0.09% of Hovnanian Enterprises at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Osaic Holdings Inc. grew its holdings in shares of Hovnanian Enterprises by 72.1% during the second quarter. Osaic Holdings Inc. now owns 432 shares of the construction company’s stock valued at $45,000 after buying an additional 181 shares during the last quarter. Tower Research Capital LLC TRC increased its position in shares of Hovnanian Enterprises by 614.1% during the second quarter. Tower Research Capital LLC TRC now owns 557 shares of the construction company’s stock worth $58,000 after acquiring an additional 479 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Hovnanian Enterprises in the 4th quarter worth about $117,000. Harbor Capital Advisors Inc. raised its holdings in shares of Hovnanian Enterprises by 38.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 1,369 shares of the construction company’s stock worth $134,000 after acquiring an additional 378 shares during the last quarter. Finally, Walleye Capital LLC bought a new position in Hovnanian Enterprises in the 4th quarter valued at about $213,000. Institutional investors and hedge funds own 65.40% of the company’s stock.

Hovnanian Enterprises Price Performance

HOV opened at $123.65 on Friday. Hovnanian Enterprises Inc has a 1 year low of $91.52 and a 1 year high of $162.05. 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 company has a market capitalization of $724.57 million, a price-to-earnings ratio of 33.97 and a beta of 1.81. The firm’s fifty day moving average price is $125.60 and its two-hundred day moving average price is $118.59.

Hovnanian Enterprises (NYSE:HOV) last announced its earnings results on Thursday, May 21st. The construction company reported ($0.46) EPS for the quarter, beating the consensus estimate of ($2.04) by $1.58. Hovnanian Enterprises had a net margin of 1.25% and a return on equity of 11.23%. The company had revenue of $667.65 million during the quarter, compared to the consensus estimate of $626.40 million.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on HOV shares. Weiss Ratings upgraded Hovnanian Enterprises from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, July 16th. Citizens Jmp began coverage on Hovnanian Enterprises in a research note on Thursday, April 9th. They issued a “market underperform” rating and a $74.00 price objective for the company. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Hovnanian Enterprises has an average rating of “Reduce” and a consensus price target of $97.00.

Insider Transactions at Hovnanian Enterprises

In other Hovnanian Enterprises news, Director J Larry Sorsby sold 1,032 shares of the stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $142.57, for a total value of $147,132.24. Following the completion of the sale, the director owned 187,416 shares in the company, valued at approximately $26,719,899.12. This trade represents a 0.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ara K. Hovnanian sold 12,880 shares of Hovnanian Enterprises stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $125.78, for a total transaction of $1,620,046.40. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 22.67% of the company’s stock.

About Hovnanian Enterprises

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.