Hovnanian Enterprises (NYSE:HOV) Stock Price Down 5.5% – Here’s What Happened

Hovnanian Enterprises Inc (NYSE:HOV) shares traded down 5.5% on Monday. The company traded as low as $93.16 and last traded at $91.9360. Approximately 32,185 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 117,978 shares. The stock had previously closed at $97.27.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on HOV. Weiss Ratings downgraded Hovnanian Enterprises from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, August 31st. Citigroup reiterated a “market underperform” rating on shares of Hovnanian Enterprises in a research report on Friday, August 21st. Two research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $74.00.

Hovnanian Enterprises Stock Up 4.8%

The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.36 and a current ratio of 1.46. The firm’s 50-day moving average is $116.84 and its 200 day moving average is $119.01. The firm has a market capitalization of $566.92 million, a PE ratio of 100.13 and a beta of 1.82.

Hovnanian Enterprises (NYSE:HOV) last issued its quarterly earnings data on Thursday, August 20th. The construction company reported ($0.70) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.14). Hovnanian Enterprises had a net margin of 0.64% and a return on equity of 8.64%. The business had revenue of $705.75 million during the quarter, compared to analyst estimates of $723.50 million. During the same period in the previous year, the company posted $1.99 earnings per share.

Institutional Trading of Hovnanian Enterprises

Several large investors have recently modified their holdings of HOV. Empowered Funds LLC grew its holdings in Hovnanian Enterprises by 46.5% during the 1st quarter. Empowered Funds LLC now owns 73,146 shares of the construction company’s stock valued at $8,113,000 after buying an additional 23,234 shares during the last quarter. Pacer Advisors Inc. raised its holdings in shares of Hovnanian Enterprises by 21.2% in the fourth quarter. Pacer Advisors Inc. now owns 42,063 shares of the construction company’s stock worth $4,103,000 after acquiring an additional 7,353 shares during the last quarter. Sei Investments Co. raised its holdings in shares of Hovnanian Enterprises by 101.9% in the first quarter. Sei Investments Co. now owns 35,288 shares of the construction company’s stock worth $3,914,000 after acquiring an additional 17,811 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of 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 acquiring an additional 5,777 shares during the last quarter. Finally, Globeflex Capital L P acquired a new position in shares of Hovnanian Enterprises in the second quarter worth $2,497,000. 65.40% of the stock is currently owned by institutional investors and hedge funds.

About Hovnanian Enterprises

Hovnanian Enterprises, Inc is a residential homebuilder that operates under the K. Hovnanian Homes brand. The company designs, constructs and markets new homes, including single-family detached houses, townhomes, condominiums and active-adult communities. Its homes are offered in a range of sizes, styles and price points to serve first-time buyers, move-up buyers and customers seeking age-restricted housing.

The company also provides related services that support its homebuilding operations, including mortgage financing and title and settlement services, where available.