Hovnanian Enterprises (NYSE:HOV) Shares Down 5.5% – Here’s What Happened

Hovnanian Enterprises Inc (NYSE:HOV) shares were down 5.5% on Monday. The stock traded as low as $93.16 and last traded at $91.9360. Approximately 32,185 shares traded hands during trading, a decline of 73% from the average session volume of 117,978 shares. The stock had previously closed at $97.27.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on HOV shares. Citigroup reaffirmed a “market underperform” rating on shares of Hovnanian Enterprises in a research report on Friday, August 21st. Weiss Ratings lowered shares of Hovnanian Enterprises from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, August 31st. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $74.00.

Hovnanian Enterprises Stock Down 3.4%

The company has a quick ratio of 0.36, a current ratio of 1.46 and a debt-to-equity ratio of 0.05. The stock has a 50-day simple moving average of $118.52 and a two-hundred day simple moving average of $119.27. The firm has a market cap of $560.07 million, a PE ratio of 99.03 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 the consensus estimate of ($0.56) by ($0.14). The company had revenue of $705.75 million for the quarter, compared to the consensus estimate of $723.50 million. Hovnanian Enterprises had a return on equity of 8.64% and a net margin of 0.64%. During the same quarter in the previous year, the business earned $1.99 earnings per share.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Empowered Funds LLC raised its holdings in Hovnanian Enterprises by 46.5% during the 1st quarter. Empowered Funds LLC now owns 73,146 shares of the construction company’s stock valued at $8,113,000 after buying an additional 23,234 shares during the last quarter. Sei Investments Co. grew its holdings in Hovnanian Enterprises by 101.9% in the 1st quarter. Sei Investments Co. now owns 35,288 shares of the construction company’s stock worth $3,914,000 after acquiring an additional 17,811 shares during the last quarter. Globeflex Capital L P bought a new stake in Hovnanian Enterprises in the 2nd quarter worth $2,497,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Hovnanian Enterprises in the 2nd quarter worth $1,225,000. Finally, Pacer Advisors Inc. grew its holdings in Hovnanian Enterprises by 21.2% in the 4th quarter. Pacer Advisors Inc. now owns 42,063 shares of the construction company’s stock worth $4,103,000 after acquiring an additional 7,353 shares during the last quarter. Institutional investors own 65.40% of the company’s stock.

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.