Hovnanian Enterprises (NYSE:HOV) Trading 4.6% Higher – Time to Buy?

Shares of Hovnanian Enterprises Inc (NYSE:HOV) were up 4.6% during mid-day trading on Monday . The company traded as high as $99.53 and last traded at $99.66. Approximately 164,295 shares were traded during mid-day trading, an increase of 93% from the average daily volume of 84,931 shares. The stock had previously closed at $95.27.

Wall Street Analyst Weigh In

HOV has been the topic of several analyst reports. Wall Street Zen cut Hovnanian Enterprises from a “hold” rating to a “sell” rating in a research report on Wednesday, May 21st. Wedbush reissued a “neutral” rating and set a $120.00 price target on shares of Hovnanian Enterprises in a report on Wednesday, June 11th.

Hovnanian Enterprises Trading Up 7.8%

The business’s 50 day moving average price is $97.28 and its two-hundred day moving average price is $114.06. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.28 and a current ratio of 1.58. The company has a market capitalization of $607.90 million, a price-to-earnings ratio of 3.61 and a beta of 2.15.

Hovnanian Enterprises (NYSE:HOV) last issued its earnings results on Tuesday, May 20th. The construction company reported $2.43 earnings per share for the quarter, missing analysts’ consensus estimates of $2.45 by ($0.02). Hovnanian Enterprises had a return on equity of 33.18% and a net margin of 7.03%. The business had revenue of $686.47 million for the quarter, compared to the consensus estimate of $733.20 million. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year.

Institutional Investors Weigh In On Hovnanian Enterprises

Several hedge funds and other institutional investors have recently modified their holdings of HOV. Quantbot Technologies LP acquired a new stake in Hovnanian Enterprises in the 4th quarter worth $25,000. Creative Financial Designs Inc. ADV bought a new stake in shares of Hovnanian Enterprises during the first quarter valued at approximately $80,000. KLP Kapitalforvaltning AS acquired a new position in shares of Hovnanian Enterprises in the fourth quarter valued at $120,000. Harbor Capital Advisors Inc. raised its stake in shares of Hovnanian Enterprises by 1,655.2% in the first quarter. Harbor Capital Advisors Inc. now owns 1,018 shares of the construction company’s stock valued at $107,000 after purchasing an additional 960 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Hovnanian Enterprises during the first quarter worth $109,000. Institutional investors and hedge funds own 65.40% of the company’s stock.

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.