Hovnanian Enterprises’ (HOV) “Neutral” Rating Reiterated at Wedbush

Wedbush reaffirmed their neutral rating on shares of Hovnanian Enterprises (NYSE:HOV) in a research note released on Monday,Benzinga reports. Wedbush currently has a $120.00 target price on the construction company’s stock. Wedbush also issued estimates for Hovnanian Enterprises’ FY2027 earnings at $9.60 EPS.

Separately, Wall Street Zen cut Hovnanian Enterprises from a “hold” rating to a “sell” rating in a research report on Wednesday, May 21st. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $120.00.

Hovnanian Enterprises Trading Down 4.7%

NYSE:HOV opened at $148.1140 on Monday. The stock’s 50 day moving average price is $119.06 and its 200 day moving average price is $109.78. The company has a market capitalization of $877.58 million, a PE ratio of 5.19 and a beta of 2.19. The company has a quick ratio of 0.28, a current ratio of 1.58 and a debt-to-equity ratio of 0.11. Hovnanian Enterprises has a 52-week low of $81.15 and a 52-week high of $240.34.

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

Insider Activity at Hovnanian Enterprises

In other news, Director Edward A. Kangas sold 5,500 shares of the firm’s stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $107.12, for a total value of $589,160.00. Following the completion of the sale, the director directly owned 5,338 shares of the company’s stock, valued at $571,806.56. This trade represents a 50.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 19.77% of the stock is owned by corporate insiders.

Institutional Trading of Hovnanian Enterprises

Several hedge funds have recently modified their holdings of HOV. Tower Research Capital LLC TRC lifted its holdings in shares of Hovnanian Enterprises by 614.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 557 shares of the construction company’s stock valued at $58,000 after buying an additional 479 shares during the period. Creative Financial Designs Inc. ADV acquired a new stake in shares of Hovnanian Enterprises in the 1st quarter valued at approximately $80,000. GAMMA Investing LLC lifted its holdings in shares of Hovnanian Enterprises by 553.9% in the 2nd quarter. GAMMA Investing LLC now owns 994 shares of the construction company’s stock valued at $104,000 after buying an additional 842 shares during the period. Harbor Capital Advisors Inc. lifted its holdings in shares of Hovnanian Enterprises by 1,655.2% in the 1st quarter. Harbor Capital Advisors Inc. now owns 1,018 shares of the construction company’s stock valued at $107,000 after buying an additional 960 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Hovnanian Enterprises in the 1st quarter valued at approximately $109,000. 65.40% of the stock is owned by institutional investors and hedge funds.

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.