Hovnanian Enterprises (NYSE:HOV) Shares Pass Above 200 Day Moving Average – Time to Sell?

Hovnanian Enterprises Inc (NYSE:HOV)’s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $116.53 and traded as high as $138.04. Hovnanian Enterprises shares last traded at $131.4020, with a volume of 159,373 shares changing hands.

Analysts Set New Price Targets

HOV has been the subject of several research analyst reports. Weiss Ratings upgraded Hovnanian Enterprises from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday. Citizens Jmp started coverage on Hovnanian Enterprises in a research note on Thursday, April 9th. They set a “market underperform” rating and a $74.00 target price on the stock. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $97.00.

Hovnanian Enterprises Stock Performance

The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.40 and a current ratio of 1.50. The company has a market capitalization of $770.02 million, a P/E ratio of 36.10 and a beta of 1.81. The business’s fifty day simple moving average is $119.86 and its 200-day simple moving average is $116.53.

Hovnanian Enterprises (NYSE:HOV) last announced its quarterly earnings results on Thursday, May 21st. The construction company reported ($0.46) EPS for the quarter, topping the consensus estimate of ($2.04) by $1.58. The business had revenue of $667.65 million for the quarter, compared to analysts’ expectations of $626.40 million. Hovnanian Enterprises had a net margin of 1.25% and a return on equity of 11.23%.

Insider Transactions at Hovnanian Enterprises

In related news, CEO Ara K. Hovnanian sold 12,880 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $125.78, for a total value of $1,620,046.40. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director J Larry Sorsby sold 1,032 shares of the stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $142.57, for a total value of $147,132.24. Following the transaction, the director directly 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. 22.67% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of HOV. Osaic Holdings Inc. increased its position in Hovnanian Enterprises by 72.1% in the second quarter. Osaic Holdings Inc. now owns 432 shares of the construction company’s stock worth $45,000 after purchasing an additional 181 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in Hovnanian Enterprises by 614.1% during the second quarter. Tower Research Capital LLC TRC now owns 557 shares of the construction company’s stock valued at $58,000 after purchasing an additional 479 shares during the last quarter. State of Wyoming bought a new position in Hovnanian Enterprises during the first quarter valued at $62,000. International Assets Investment Management LLC purchased a new position in shares of Hovnanian Enterprises in the 4th quarter worth $117,000. Finally, Harbor Capital Advisors Inc. grew its stake in shares of Hovnanian Enterprises by 38.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 1,369 shares of the construction company’s stock worth $134,000 after buying an additional 378 shares in the last quarter. 65.40% of the stock is currently owned by institutional investors.

About Hovnanian Enterprises

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.