Hovnanian Enterprises (NYSE:HOV) Shares Up 6.8% – Still a Buy?

Hovnanian Enterprises Inc (NYSE:HOV)’s share price was up 6.8% on Thursday. The company traded as high as $100.96 and last traded at $102.1670. 10,930 shares were traded during mid-day trading, a decline of 91% from the average session volume of 117,564 shares. The stock had previously closed at $95.63.

Analysts Set New Price Targets

A number of research firms have weighed in on HOV. Weiss Ratings lowered Hovnanian Enterprises from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, August 31st. Citigroup restated a “market underperform” rating on shares of Hovnanian Enterprises in a research note on Friday, August 21st. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $74.00.

Hovnanian Enterprises Trading Up 7.7%

The company’s fifty day moving average is $119.98 and its two-hundred day moving average is $119.38. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.36 and a current ratio of 1.46. The company has a market cap of $613.75 million, a price-to-earnings ratio of 108.67 and a beta of 1.82.

Hovnanian Enterprises (NYSE:HOV) last posted its quarterly earnings results on Thursday, August 20th. The construction company reported ($0.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.14). Hovnanian Enterprises had a return on equity of 8.64% and a net margin of 0.64%. The business had revenue of $705.75 million for the quarter, compared to analysts’ expectations of $723.50 million. During the same period in the prior year, the business posted $1.99 earnings per share.

Hedge Funds Weigh In On Hovnanian Enterprises

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew its position in shares of Hovnanian Enterprises by 24.8% in the third quarter. GAMMA Investing LLC now owns 473 shares of the construction company’s stock valued at $53,000 after purchasing an additional 94 shares during the period. Engineers Gate Manager LP purchased a new stake in shares of Hovnanian Enterprises during the second quarter worth about $986,000. Squarepoint Ops LLC purchased a new stake in shares of Hovnanian Enterprises during the second quarter worth about $301,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Hovnanian Enterprises during the 2nd quarter worth about $1,225,000. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Hovnanian Enterprises during the 2nd quarter worth about $43,000. 65.40% of the stock is owned by hedge funds and other institutional investors.

About Hovnanian Enterprises

Hovnanian Enterprises, Inc is a residential homebuilder that operates under the K. Hovnanian Homes brand. The company designs, constructs and markets new homes, including single-family detached houses, townhomes, condominiums and active-adult communities. Its homes are offered in a range of sizes, styles and price points to serve first-time buyers, move-up buyers and customers seeking age-restricted housing.

The company also provides related services that support its homebuilding operations, including mortgage financing and title and settlement services, where available.