Key Points
- Hovnanian CEO Ara Hovnanian sold 12,880 shares on June 22 at an average price of $125.78, totaling about $1.62 million. The sale was disclosed in an SEC filing.
- HOV shares were up 11.1% and opened at $141.64, trading near the top of their 52-week range of $91.52 to $162.05. The stock also sits well above its 50-day and 200-day moving averages, both around $113.
- Analysts remain cautious on the stock, with a consensus rating of “Reduce” and an average price target of $97.00. Recent coverage included a downgrade from Weiss Ratings and a $74 target from Citizens JMP.
Hovnanian Enterprises Inc (NYSE:HOV - Get Free Report) CEO Ara Hovnanian sold 12,880 shares of the company's stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $125.78, for a total value of $1,620,046.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
Hovnanian Enterprises Stock Up 11.1%
HOV stock opened at $141.64 on Thursday. Hovnanian Enterprises Inc has a twelve month low of $91.52 and a twelve month high of $162.05. The company has a current ratio of 1.50, a quick ratio of 0.40 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $830.03 million, a P/E ratio of 38.91 and a beta of 1.84. The firm has a 50 day simple moving average of $113.09 and a 200-day simple moving average of $113.00.
Hovnanian Enterprises (NYSE:HOV - Get Free Report) last issued its quarterly earnings results on Thursday, May 21st. The construction company reported ($0.46) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($2.04) by $1.58. The business had revenue of $667.65 million during the quarter, compared to analyst estimates of $626.40 million. Hovnanian Enterprises had a net margin of 1.25% and a return on equity of 11.23%.
Institutional Investors Weigh In On Hovnanian Enterprises
Several institutional investors and hedge funds have recently made changes to their positions in the company. Marshall Wace LLP boosted its holdings in Hovnanian Enterprises by 686.3% in the fourth quarter. Marshall Wace LLP now owns 42,460 shares of the construction company's stock worth $4,142,000 after purchasing an additional 37,060 shares during the period. Towle & Co. lifted its position in shares of Hovnanian Enterprises by 51.2% in the 4th quarter. Towle & Co. now owns 99,402 shares of the construction company's stock worth $9,696,000 after buying an additional 33,681 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Hovnanian Enterprises by 46.5% in the 1st quarter. Empowered Funds LLC now owns 73,146 shares of the construction company's stock valued at $8,113,000 after buying an additional 23,234 shares during the period. State Street Corp boosted its holdings in shares of Hovnanian Enterprises by 8.6% in the 4th quarter. State Street Corp now owns 228,613 shares of the construction company's stock valued at $22,299,000 after buying an additional 18,086 shares during the period. Finally, Sei Investments Co. grew its position in shares of Hovnanian Enterprises by 101.9% during the 1st quarter. Sei Investments Co. now owns 35,288 shares of the construction company's stock valued at $3,914,000 after buying an additional 17,811 shares during the last quarter. 65.40% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several equities research analysts have recently weighed in on HOV shares. Weiss Ratings downgraded shares of Hovnanian Enterprises from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, May 8th. Wall Street Zen raised shares of Hovnanian Enterprises from a "sell" rating to a "hold" rating in a research report on Saturday, February 28th. Finally, Citizens Jmp started coverage on Hovnanian Enterprises in a research note on Thursday, April 9th. They issued a "market underperform" rating and a $74.00 price target for the company. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Hovnanian Enterprises currently has a consensus rating of "Reduce" and a consensus price target of $97.00.
View Our Latest Report on HOV
About Hovnanian Enterprises
(
Get Free Report)
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.
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