Hovnanian Enterprises (HOV) Trading Down 5.6%

Hovnanian Enterprises, Inc. (NYSE:HOV)’s share price fell 5.6% on Wednesday . The company traded as low as $2.03 and last traded at $2.04. 2,099,293 shares were traded during trading, a decline of 12% from the average session volume of 2,383,586 shares. The stock had previously closed at $2.16.

A number of brokerages have recently weighed in on HOV. MKM Partners lowered Hovnanian Enterprises from a “neutral” rating to a “sell” rating and set a $1.75 target price on the stock. in a research report on Saturday, December 30th. ValuEngine raised Hovnanian Enterprises from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Three analysts have rated the stock with a sell rating and one has issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $1.53.

The company has a quick ratio of 0.33, a current ratio of 0.79 and a debt-to-equity ratio of -0.10. The company has a market capitalization of $301.09, a PE ratio of -0.81 and a beta of 1.57.

Hovnanian Enterprises (NYSE:HOV) last issued its earnings results on Thursday, March 8th. The construction company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.13). The firm had revenue of $417.17 million for the quarter, compared to analyst estimates of $461.60 million. Hovnanian Enterprises had a negative return on equity of 1.29% and a negative net margin of 15.66%. The firm’s revenue for the quarter was down 24.4% compared to the same quarter last year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HOV. Blackstone Group L.P. purchased a new stake in Hovnanian Enterprises in the 3rd quarter valued at $6,015,000. Renaissance Technologies LLC raised its position in Hovnanian Enterprises by 50.9% in the 4th quarter. Renaissance Technologies LLC now owns 6,697,714 shares of the construction company’s stock valued at $22,437,000 after buying an additional 2,257,812 shares during the last quarter. Two Sigma Investments LP purchased a new stake in Hovnanian Enterprises in the 4th quarter valued at $1,369,000. Tricadia Capital Management LLC purchased a new stake in Hovnanian Enterprises in the 4th quarter valued at $1,351,000. Finally, Acadian Asset Management LLC purchased a new stake in Hovnanian Enterprises in the 4th quarter valued at $1,234,000. 41.64% of the stock is owned by institutional investors and hedge funds.

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Hovnanian Enterprises Company Profile

Hovnanian Enterprises, Inc is a builder of residential homes. The Company designs, constructs, markets and sells single-family detached homes, attached townhomes and condominiums, urban infill and active lifestyle homes in planned residential developments. The Company has two distinct operations: homebuilding and financial services.

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