ValuEngine upgraded shares of Hovnanian Enterprises (NYSE:HOV) from a strong sell rating to a sell rating in a research note released on Friday morning.

Separately, JMP Securities upgraded shares of Hovnanian Enterprises from an underperform rating to a market perform rating and set a $1.30 price target on the stock in a research report on Tuesday, October 9th.

Shares of NYSE HOV traded down $0.01 during midday trading on Friday, reaching $1.17. The stock had a trading volume of 1,277,284 shares, compared to its average volume of 864,536. Hovnanian Enterprises has a twelve month low of $1.09 and a twelve month high of $3.41.

Hovnanian Enterprises (NYSE:HOV) last issued its quarterly earnings results on Thursday, December 6th. The construction company reported $0.29 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.10. The firm had revenue of $614.81 million for the quarter, compared to the consensus estimate of $638.80 million. Hovnanian Enterprises had a net margin of 0.23% and a negative return on equity of 0.71%. The company’s revenue for the quarter was down 14.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.08 EPS.

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Hovnanian Enterprises by 3.8% in the 3rd quarter. Vanguard Group Inc. now owns 6,508,198 shares of the construction company’s stock valued at $10,414,000 after acquiring an additional 236,087 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Hovnanian Enterprises by 0.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,895,184 shares of the construction company’s stock valued at $9,432,000 after acquiring an additional 50,138 shares in the last quarter. Millennium Management LLC increased its stake in shares of Hovnanian Enterprises by 444.7% in the 1st quarter. Millennium Management LLC now owns 501,400 shares of the construction company’s stock valued at $918,000 after acquiring an additional 409,349 shares in the last quarter. Bridgeway Capital Management Inc. increased its stake in shares of Hovnanian Enterprises by 65.1% in the 3rd quarter. Bridgeway Capital Management Inc. now owns 436,900 shares of the construction company’s stock valued at $699,000 after acquiring an additional 172,200 shares in the last quarter. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new stake in shares of Hovnanian Enterprises in the 3rd quarter valued at $527,000. Hedge funds and other institutional investors own 35.98% of the company’s stock.

Hovnanian Enterprises Company Profile

Hovnanian Enterprises, Inc designs, constructs, markets, and sells residential homes in the United States. It constructs single-family detached homes, attached townhomes and condominiums, urban infill, and active lifestyle homes. The company markets its build homes for first-time buyers, first-time and second-time move-up buyers, luxury buyers, active lifestyle buyers, and empty nesters in 130 communities in 24 markets.

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