Hovnanian Enterprises (NYSE:HOV) Announces Earnings Results

Hovnanian Enterprises (NYSE:HOV) posted its quarterly earnings results on Thursday. The construction company reported ($0.51) EPS for the quarter, missing the consensus estimate of $0.63 by ($1.14), Briefing.com reports. Hovnanian Enterprises had a return on equity of 23.31% and a net margin of 5.06%.The business’s quarterly revenue was down 16.5% on a year-over-year basis.

Hovnanian Enterprises Stock Performance

NYSE:HOV traded down $26.17 during trading hours on Thursday, reaching $107.81. The company had a trading volume of 137,266 shares, compared to its average volume of 109,329. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.62 and a quick ratio of 0.36. Hovnanian Enterprises has a 1-year low of $81.15 and a 1-year high of $202.00. The business’s 50 day moving average price is $125.07 and its 200-day moving average price is $122.47. The firm has a market cap of $635.02 million, a PE ratio of 5.22 and a beta of 2.10.

Institutional Trading of Hovnanian Enterprises

Hedge funds have recently added to or reduced their stakes in the company. Osaic Holdings Inc. increased its holdings in Hovnanian Enterprises by 72.1% in 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 in the last quarter. Tower Research Capital LLC TRC grew its position in shares of Hovnanian Enterprises by 614.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 557 shares of the construction company’s stock valued at $58,000 after acquiring an additional 479 shares during the period. Intech Investment Management LLC increased its stake in shares of Hovnanian Enterprises by 13.2% in the 3rd quarter. Intech Investment Management LLC now owns 2,198 shares of the construction company’s stock valued at $282,000 after purchasing an additional 257 shares in the last quarter. Concentric Capital Strategies LP acquired a new position in Hovnanian Enterprises in the 3rd quarter worth about $295,000. Finally, Russell Investments Group Ltd. boosted its position in Hovnanian Enterprises by 26.1% during the second quarter. Russell Investments Group Ltd. now owns 2,422 shares of the construction company’s stock worth $253,000 after purchasing an additional 502 shares in the last quarter. 65.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Wedbush reiterated a “neutral” rating and issued a $120.00 target price on shares of Hovnanian Enterprises in a report on Wednesday, August 27th. Zacks Research upgraded Hovnanian Enterprises from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. Wall Street Zen upgraded shares of Hovnanian Enterprises from a “sell” rating to a “hold” rating in a research note on Sunday, September 7th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Hovnanian Enterprises in a research report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Hovnanian Enterprises currently has a consensus rating of “Reduce” and an average target price of $120.00.

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.