Short Interest in Hovnanian Enterprises Inc (NYSE:HOV) Declines By 14.5%

Hovnanian Enterprises Inc (NYSE:HOV) was the recipient of a large decrease in short interest during the month of March. As of March 13th, there was short interest totaling 277,364 shares, a decrease of 14.5% from the February 26th total of 324,282 shares. Based on an average daily volume of 85,924 shares, the days-to-cover ratio is presently 3.2 days. Approximately 6.0% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on HOV shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Hovnanian Enterprises in a research note on Thursday, January 22nd. Wall Street Zen raised shares of Hovnanian Enterprises from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Three equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $120.00.

Hovnanian Enterprises Price Performance

Shares of NYSE:HOV traded up $3.03 during midday trading on Tuesday, hitting $110.37. The company had a trading volume of 127,416 shares, compared to its average volume of 102,945. Hovnanian Enterprises has a twelve month low of $81.15 and a twelve month high of $162.05. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.50 and a quick ratio of 0.43. The stock has a market cap of $655.57 million, a price-to-earnings ratio of 16.94 and a beta of 2.28. The business’s 50-day simple moving average is $117.59 and its 200-day simple moving average is $119.33.

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

Institutional Investors Weigh In On Hovnanian Enterprises

Hedge funds have recently modified their holdings of the company. Allianz Asset Management GmbH lifted its stake in shares of Hovnanian Enterprises by 82.6% in the 3rd quarter. Allianz Asset Management GmbH now owns 10,844 shares of the construction company’s stock valued at $1,393,000 after purchasing an additional 4,906 shares during the last quarter. Teacher Retirement System of Texas grew its holdings in shares of Hovnanian Enterprises by 292.2% during the 3rd quarter. Teacher Retirement System of Texas now owns 59,080 shares of the construction company’s stock worth $7,591,000 after purchasing an additional 44,017 shares during the period. Pacer Advisors Inc. acquired a new stake in shares of Hovnanian Enterprises during the 3rd quarter worth about $4,460,000. Cadent Capital Advisors LLC purchased a new stake in Hovnanian Enterprises in the 3rd quarter valued at about $1,145,000. Finally, Penn Capital Management Company LLC purchased a new stake in Hovnanian Enterprises in the 3rd quarter valued at about $683,000. Hedge funds and other institutional investors own 65.40% of the company’s stock.

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.