Hovnanian Enterprises (NYSE:HOV) Director J Larry Sorsby Sells 1,032 Shares

Hovnanian Enterprises Inc (NYSE:HOV) 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 transaction of $147,132.24. Following the sale, the director owned 187,416 shares of the company’s stock, valued at approximately $26,719,899.12. The trade was a 0.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Hovnanian Enterprises Stock Performance

Shares of NYSE:HOV traded up $5.67 on Friday, reaching $147.56. 212,848 shares of the company’s stock were exchanged, compared to its average volume of 112,652. The firm has a market capitalization of $864.67 million, a price-to-earnings ratio of 40.54 and a beta of 1.84. Hovnanian Enterprises Inc has a fifty-two week low of $91.52 and a fifty-two week high of $162.05. The business’s 50-day moving average is $113.71 and its two-hundred day moving average is $113.26. The company has a quick ratio of 0.40, a current ratio of 1.50 and a debt-to-equity ratio of 0.05.

Hovnanian Enterprises (NYSE:HOV) last posted its quarterly 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 business had revenue of $667.65 million during the quarter, compared to analyst estimates of $626.40 million.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Weiss Ratings cut Hovnanian Enterprises from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, May 8th. Wall Street Zen upgraded Hovnanian Enterprises from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Finally, Citizens Jmp began coverage on Hovnanian Enterprises in a research note on Thursday, April 9th. They set a “market underperform” rating and a $74.00 price objective for the company. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $97.00.

Institutional Trading of Hovnanian Enterprises

Several hedge funds have recently bought and sold shares of the company. Osaic Holdings Inc. increased its stake in shares of 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 purchasing an additional 181 shares during the period. Tower Research Capital LLC TRC boosted 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 buying an additional 479 shares during the period. State of Wyoming bought a new position in Hovnanian Enterprises in the 1st quarter worth approximately $62,000. International Assets Investment Management LLC acquired a new stake in Hovnanian Enterprises in the 4th quarter valued at approximately $117,000. Finally, Harbor Capital Advisors Inc. increased its position in Hovnanian Enterprises by 38.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 1,369 shares of the construction company’s stock valued at $134,000 after acquiring an additional 378 shares during the period. 65.40% of the stock is currently owned by institutional investors.

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.