Hovnanian Enterprises (NYSE:HOV) CEO Sells 12,880 Shares

Hovnanian Enterprises Inc (NYSE:HOV) CEO Ara Hovnanian sold 12,880 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $125.78, for a total value of $1,620,046.40. The sale was disclosed in a filing with the SEC, which is available through this link.

Hovnanian Enterprises Stock Up 13.1%

Shares of HOV stock traded up $16.71 during trading hours on Wednesday, reaching $144.20. The company had a trading volume of 78,245 shares, compared to its average volume of 110,047. Hovnanian Enterprises Inc has a 12 month low of $91.52 and a 12 month high of $162.05. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.50 and a quick ratio of 0.40. The business has a fifty day simple moving average of $112.43 and a 200-day simple moving average of $112.73. The company has a market cap of $845.01 million, a price-to-earnings ratio of 39.22 and a beta of 1.84.

Hovnanian Enterprises (NYSE:HOV) last announced its quarterly earnings results on Thursday, May 21st. The construction company reported ($0.46) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.04) by $1.58. Hovnanian Enterprises had a return on equity of 11.23% and a net margin of 1.25%.The business had revenue of $667.65 million during the quarter, compared to the consensus estimate of $626.40 million.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HOV. Osaic Holdings Inc. grew its holdings in Hovnanian Enterprises by 72.1% during the second quarter. Osaic Holdings Inc. now owns 432 shares of the construction company’s stock valued at $45,000 after purchasing an additional 181 shares during the period. Tower Research Capital LLC TRC lifted its position in shares of Hovnanian Enterprises by 614.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 557 shares of the construction company’s stock valued at $58,000 after buying an additional 479 shares during the last quarter. State of Wyoming purchased a new position in shares of Hovnanian Enterprises during the 1st quarter valued at $62,000. International Assets Investment Management LLC bought a new position in shares of Hovnanian Enterprises during the 4th quarter worth $117,000. Finally, Harbor Capital Advisors Inc. grew its stake in shares of Hovnanian Enterprises by 38.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 1,369 shares of the construction company’s stock worth $134,000 after acquiring an additional 378 shares during the period. 65.40% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on HOV shares. Weiss Ratings lowered shares of Hovnanian Enterprises from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, May 8th. Citizens Jmp began coverage on shares of Hovnanian Enterprises in a research report on Thursday, April 9th. They set a “market underperform” rating and a $74.00 target price on the stock. Finally, Wall Street Zen upgraded Hovnanian Enterprises from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Hovnanian Enterprises presently has an average rating of “Reduce” and a consensus price target of $97.00.

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.