Hovnanian Enterprises (NYSE:HOV) Stock Price Down 8.1% – Here’s What Happened

Shares of Hovnanian Enterprises Inc (NYSE:HOV) traded down 8.1% during trading on Monday . The company traded as low as $102.81 and last traded at $101.52. 57,628 shares changed hands during trading, a decline of 45% from the average session volume of 105,313 shares. The stock had previously closed at $110.46.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Hovnanian Enterprises in a research note on Thursday, January 22nd. Citizens Jmp assumed coverage on shares of Hovnanian Enterprises in a research note on Thursday, April 9th. They set a “market underperform” rating and a $74.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Hovnanian Enterprises from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Hovnanian Enterprises has an average rating of “Reduce” and an average target price of $97.00.

Hovnanian Enterprises Stock Up 3.8%

The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.43 and a current ratio of 1.50. The firm has a market capitalization of $650.78 million, a PE ratio of 16.78 and a beta of 1.87. The company’s 50 day simple moving average is $112.54 and its 200-day simple moving average is $115.78.

Hovnanian Enterprises (NYSE:HOV) last posted its earnings results on Wednesday, February 25th. The construction company reported $2.62 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.98) by $3.60. Hovnanian Enterprises had a net margin of 1.92% and a return on equity of 14.14%. The business had revenue of $631.95 million for the quarter, compared to analysts’ expectations of $628.50 million.

Institutional Trading of Hovnanian Enterprises

Several institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp lifted its stake in Hovnanian Enterprises by 8.6% in the 4th quarter. State Street Corp now owns 228,613 shares of the construction company’s stock worth $22,299,000 after purchasing an additional 18,086 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Hovnanian Enterprises by 2.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 175,186 shares of the construction company’s stock valued at $17,089,000 after purchasing an additional 3,514 shares in the last quarter. GW&K Investment Management LLC raised its stake in Hovnanian Enterprises by 7.6% in the fourth quarter. GW&K Investment Management LLC now owns 121,488 shares of the construction company’s stock valued at $11,850,000 after purchasing an additional 8,571 shares in the last quarter. Geode Capital Management LLC lifted its position in Hovnanian Enterprises by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 111,600 shares of the construction company’s stock valued at $10,888,000 after purchasing an additional 1,057 shares during the last quarter. Finally, Towle & Co. lifted its position in Hovnanian Enterprises by 51.2% during the fourth quarter. Towle & Co. now owns 99,402 shares of the construction company’s stock valued at $9,696,000 after purchasing an additional 33,681 shares during the last quarter. 65.40% of the stock is currently owned by hedge funds and other 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.