Union Square Park Capital Management LLC Invests $555,000 in Hovnanian Enterprises Inc $HOV

Union Square Park Capital Management LLC bought a new stake in Hovnanian Enterprises Inc (NYSE:HOV) in the first quarter, HoldingsChannel reports. The fund bought 5,000 shares of the construction company’s stock, valued at approximately $555,000.

Several other hedge funds have also modified their holdings of the stock. Intech Investment Management LLC grew its position in Hovnanian Enterprises by 6.5% in the fourth quarter. Intech Investment Management LLC now owns 2,340 shares of the construction company’s stock valued at $228,000 after acquiring an additional 142 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Hovnanian Enterprises by 1.6% during the third quarter. JPMorgan Chase & Co. now owns 9,283 shares of the construction company’s stock worth $1,193,000 after purchasing an additional 144 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Hovnanian Enterprises by 5.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,979 shares of the construction company’s stock valued at $312,000 after purchasing an additional 156 shares during the period. Deutsche Bank AG boosted its stake in shares of Hovnanian Enterprises by 4.1% in the fourth quarter. Deutsche Bank AG now owns 4,134 shares of the construction company’s stock valued at $403,000 after purchasing an additional 163 shares during the period. Finally, First Trust Advisors LP grew its holdings in Hovnanian Enterprises by 1.2% during the 1st quarter. First Trust Advisors LP now owns 14,847 shares of the construction company’s stock valued at $1,647,000 after purchasing an additional 170 shares in the last quarter. 65.40% of the stock is currently owned by hedge funds and other institutional investors.

Hovnanian Enterprises Stock Performance

Shares of HOV opened at $134.20 on Friday. The business’s 50 day moving average is $122.67 and its two-hundred day moving average is $117.67. Hovnanian Enterprises Inc has a 52-week low of $91.52 and a 52-week high of $162.05. The firm has a market cap of $786.42 million, a price-to-earnings ratio of 36.87 and a beta of 1.81. The company has a quick ratio of 0.40, a current ratio of 1.50 and a debt-to-equity ratio of 0.05.

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Weiss Ratings raised shares of Hovnanian Enterprises from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, July 16th. Citizens Jmp initiated coverage on shares of Hovnanian Enterprises in a research report on Thursday, April 9th. They issued a “market underperform” rating and a $74.00 price objective for the company. Three investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Hovnanian Enterprises presently has an average rating of “Reduce” and an average price target of $97.00.

Insiders Place Their Bets

In other Hovnanian Enterprises news, CEO Ara K. Hovnanian sold 12,880 shares of the firm’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $125.78, for a total transaction of $1,620,046.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director J Larry Sorsby sold 1,032 shares of the firm’s stock in a transaction on 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 directly owned 187,416 shares of the company’s stock, valued at approximately $26,719,899.12. This represents a 0.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 22.67% of the company’s stock.

Hovnanian Enterprises Profile

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.