Hovnanian Enterprises (NYSE:HOV) Trading 7.9% Higher Following Strong Earnings

by · The Cerbat Gem

Hovnanian Enterprises Inc (NYSE:HOV – Get Free Report)’s share price shot up 7.9% on Thursday following a stronger than expected earnings report. The company traded as high as $106.01 and last traded at $105.7980. 20,531 shares traded hands during trading, a decline of 81% from the average session volume of 106,545 shares. The stock had previously closed at $98.01.

The construction company reported ($0.46) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.04) by $1.58. Hovnanian Enterprises had a return on equity of 14.14% and a net margin of 1.92%.

Analysts Set New Price Targets

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

Read Our Latest Analysis on Hovnanian Enterprises

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. State of Alaska Department of Revenue bought a new stake in shares of Hovnanian Enterprises during the 3rd quarter valued at about $35,000. Osaic Holdings Inc. grew its stake in Hovnanian Enterprises by 72.1% during the second quarter. Osaic Holdings Inc. now owns 432 shares of the construction company’s stock worth $45,000 after purchasing an additional 181 shares during the period. Tower Research Capital LLC TRC increased its holdings in Hovnanian Enterprises by 614.1% in the second quarter. Tower Research Capital LLC TRC now owns 557 shares of the construction company’s stock worth $58,000 after purchasing an additional 479 shares in the last quarter. State of Wyoming acquired a new position in Hovnanian Enterprises in the first quarter valued at approximately $62,000. Finally, International Assets Investment Management LLC acquired a new position in Hovnanian Enterprises in the fourth quarter valued at approximately $117,000. 65.40% of the stock is owned by institutional investors.

Hovnanian Enterprises Price Performance

The stock has a market capitalization of $614.11 million, a P/E ratio of 15.73 and a beta of 1.87. The business has a fifty day simple moving average of $109.02 and a 200-day simple moving average of $113.85. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.43 and a current ratio of 1.50.

Hovnanian Enterprises Company Profile

(Get Free Report)

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.

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