Hovnanian Enterprises (NYSE:HOV) Trading Down 4.2% – What’s Next?

Hovnanian Enterprises Inc (NYSE:HOV)’s share price was down 4.2% during mid-day trading on Friday . The stock traded as low as $101.22 and last traded at $101.6050. Approximately 28,375 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 110,649 shares. The stock had previously closed at $106.03.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on HOV. Zacks Research upgraded Hovnanian Enterprises from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. Wall Street Zen raised Hovnanian Enterprises from a “sell” rating to a “hold” rating in a research note on Sunday, September 7th. Wedbush restated a “neutral” rating and issued a $120.00 price objective on shares of Hovnanian Enterprises in a report on Wednesday, August 27th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Hovnanian Enterprises in a research note on Wednesday, October 8th. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Hovnanian Enterprises currently has a consensus rating of “Reduce” and a consensus price target of $120.00.

Hovnanian Enterprises Stock Down 4.2%

The stock has a fifty day moving average of $120.00 and a 200-day moving average of $123.09. The firm has a market capitalization of $598.48 million, a price-to-earnings ratio of 13.57 and a beta of 2.10. The company has a current ratio of 1.62, a quick ratio of 0.36 and a debt-to-equity ratio of 0.08.

Institutional Trading of Hovnanian Enterprises

Institutional investors and hedge funds have recently bought and sold shares of the stock. Forager Capital Management LLC lifted its stake in Hovnanian Enterprises by 18.2% during the second quarter. Forager Capital Management LLC now owns 239,500 shares of the construction company’s stock valued at $25,040,000 after buying an additional 36,828 shares in the last quarter. Teacher Retirement System of Texas lifted its position in shares of Hovnanian Enterprises by 292.2% in the 3rd quarter. Teacher Retirement System of Texas now owns 59,080 shares of the construction company’s stock valued at $7,591,000 after acquiring an additional 44,017 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Hovnanian Enterprises by 20.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 55,067 shares of the construction company’s stock valued at $5,766,000 after acquiring an additional 9,445 shares in the last quarter. Two Sigma Investments LP boosted its stake in Hovnanian Enterprises by 46.2% in the 3rd quarter. Two Sigma Investments LP now owns 47,574 shares of the construction company’s stock worth $6,113,000 after purchasing an additional 15,041 shares during the period. Finally, Millennium Management LLC grew its position in Hovnanian Enterprises by 20.9% during the 3rd quarter. Millennium Management LLC now owns 43,543 shares of the construction company’s stock worth $5,595,000 after purchasing an additional 7,525 shares in the last quarter. Institutional investors and hedge funds 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.