Key Points
- Hovnanian Enterprises director J. Larry Sorsby sold 1,032 shares on June 25 for about $147,132 at an average price of $142.57, trimming his ownership by 0.55%.
- The stock was trading up 4.0% and opened Friday at $147.56, near its 52-week high of $162.05, after a strong move above both its 50-day and 200-day moving averages.
- The company recently beat quarterly expectations, reporting a smaller-than-expected loss and revenue of $667.65 million, while analysts currently hold a generally cautious view with an average “Reduce” rating and $97 target price.
Hovnanian Enterprises Inc (NYSE:HOV - Get Free Report) Director J Larry Sorsby sold 1,032 shares of the business's stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $142.57, for a total transaction of $147,132.24. Following the transaction, the director owned 187,416 shares in the company, valued at $26,719,899.12. This represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
Hovnanian Enterprises Trading Up 4.0%
Hovnanian Enterprises stock opened at $147.56 on Friday. The stock has a 50-day simple moving average of $114.54 and a 200 day simple moving average of $113.50. The stock has a market capitalization of $864.67 million, a P/E ratio of 40.54 and a beta of 1.84. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.40 and a current ratio of 1.50. Hovnanian Enterprises Inc has a 52 week low of $91.52 and a 52 week high of $162.05.
Hovnanian Enterprises (NYSE:HOV - Get Free Report) last released its quarterly earnings data on Thursday, May 21st. The construction company reported ($0.46) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.04) by $1.58. Hovnanian Enterprises had a return on equity of 11.23% and a net margin of 1.25%.The firm had revenue of $667.65 million for the quarter, compared to analyst estimates of $626.40 million.
Institutional Trading of Hovnanian Enterprises
Several hedge funds have recently added to or reduced their stakes in HOV. Marshall Wace LLP boosted its stake in Hovnanian Enterprises by 686.3% in the 4th quarter. Marshall Wace LLP now owns 42,460 shares of the construction company's stock valued at $4,142,000 after purchasing an additional 37,060 shares during the period. Towle & Co. increased its position in Hovnanian Enterprises by 51.2% during 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 period. Empowered Funds LLC lifted its holdings in shares of Hovnanian Enterprises by 46.5% during the first quarter. Empowered Funds LLC now owns 73,146 shares of the construction company's stock worth $8,113,000 after buying an additional 23,234 shares in the last quarter. State Street Corp boosted its position in shares of Hovnanian Enterprises by 8.6% in the fourth quarter. State Street Corp now owns 228,613 shares of the construction company's stock valued at $22,299,000 after acquiring an additional 18,086 shares during the period. Finally, Sei Investments Co. grew its stake in shares of Hovnanian Enterprises by 101.9% in the first quarter. Sei Investments Co. now owns 35,288 shares of the construction company's stock valued at $3,914,000 after acquiring an additional 17,811 shares in the last quarter. 65.40% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of equities analysts have commented on the stock. Citizens Jmp began coverage on shares of Hovnanian Enterprises in a research report on Thursday, April 9th. They set a "market underperform" rating and a $74.00 price objective for the company. 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, Weiss Ratings cut shares of Hovnanian Enterprises from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, May 8th. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Reduce" and an average target price of $97.00.
Read Our Latest Stock Analysis on Hovnanian Enterprises
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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