Hovnanian Enterprises (NYSE:HOV) Downgraded to “Sell” Rating by Wall Street Zen

Wall Street Zen cut shares of Hovnanian Enterprises (NYSE:HOV) from a hold rating to a sell rating in a research note published on Saturday.

Several other research firms have also issued reports on HOV. Weiss Ratings reissued a “hold (c)” rating on shares of Hovnanian Enterprises in a research note on Wednesday, October 8th. Zacks Research upgraded Hovnanian Enterprises from a “strong sell” rating to a “hold” rating in a research note on Monday, November 10th. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $120.00.

Hovnanian Enterprises Stock Performance

Shares of NYSE:HOV opened at $101.34 on Friday. The firm has a market cap of $596.89 million, a PE ratio of 13.53 and a beta of 2.10. Hovnanian Enterprises has a one year low of $81.15 and a one year high of $162.05. The firm’s 50 day simple moving average is $117.21 and its 200-day simple moving average is $123.48. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.36 and a current ratio of 1.58.

Hovnanian Enterprises (NYSE:HOV) last posted its earnings results on Thursday, December 4th. The construction company reported ($0.51) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.63 by ($1.14). Hovnanian Enterprises had a net margin of 2.14% and a return on equity of 15.33%. The firm had revenue of $817.90 million during the quarter, compared to analyst estimates of $814.50 million. During the same quarter in the prior year, the firm earned $13.84 earnings per share. The business’s revenue for the quarter was down 16.5% on a year-over-year basis.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Nuveen LLC acquired a new stake in Hovnanian Enterprises in the 1st quarter worth about $1,605,000. Russell Investments Group Ltd. lifted its position in shares of Hovnanian Enterprises by 2,009.9% in the first quarter. Russell Investments Group Ltd. now owns 1,920 shares of the construction company’s stock valued at $201,000 after acquiring an additional 1,829 shares in the last quarter. Panagora Asset Management Inc. acquired a new stake in shares of Hovnanian Enterprises in the first quarter worth approximately $1,373,000. Steamboat Capital Partners LLC acquired a new stake in shares of Hovnanian Enterprises in the first quarter worth approximately $1,286,000. Finally, PDT Partners LLC purchased a new stake in shares of Hovnanian Enterprises during the first quarter worth approximately $208,000. Institutional investors and hedge funds own 65.40% of the company’s stock.

Hovnanian Enterprises Company 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.