Hovnanian Enterprises (NYSE:HOV) Rating Lowered to Hold at StockNews.com

Hovnanian Enterprises (NYSE:HOV) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Thursday.

Separately, Zelman & Associates upgraded shares of Hovnanian Enterprises from an “underperform” rating to a “neutral” rating and set a $155.00 price target on the stock in a report on Thursday, May 23rd.

Hovnanian Enterprises Stock Performance

Shares of Hovnanian Enterprises stock opened at $158.70 on Thursday. Hovnanian Enterprises has a fifty-two week low of $65.22 and a fifty-two week high of $184.42. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.35 and a quick ratio of 0.32. The firm has a market capitalization of $950.61 million, a P/E ratio of 5.29 and a beta of 2.58. The company’s 50 day moving average price is $150.90 and its two-hundred day moving average price is $151.81.

Hovnanian Enterprises (NYSE:HOV) last issued its earnings results on Wednesday, May 22nd. The construction company reported $6.66 earnings per share for the quarter. Hovnanian Enterprises had a net margin of 8.02% and a return on equity of 54.85%. The firm had revenue of $708.38 million for the quarter. On average, equities analysts forecast that Hovnanian Enterprises will post 27 earnings per share for the current fiscal year.

Insider Transactions at Hovnanian Enterprises

In related news, Director Edward A. Kangas sold 2,000 shares of Hovnanian Enterprises stock in a transaction on Friday, May 31st. The shares were sold at an average price of $144.72, for a total transaction of $289,440.00. Following the completion of the transaction, the director now owns 21,743 shares of the company’s stock, valued at $3,146,646.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Hovnanian Enterprises news, CEO Ara K. Hovnanian sold 24,686 shares of Hovnanian Enterprises stock in a transaction on Friday, June 28th. The shares were sold at an average price of $141.04, for a total value of $3,481,713.44. Following the completion of the sale, the chief executive officer now directly owns 32,890 shares of the company’s stock, valued at $4,638,805.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Edward A. Kangas sold 2,000 shares of Hovnanian Enterprises stock in a transaction on Friday, May 31st. The shares were sold at an average price of $144.72, for a total transaction of $289,440.00. Following the completion of the sale, the director now directly owns 21,743 shares of the company’s stock, valued at $3,146,646.96. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,816 shares of company stock worth $4,820,417. Company insiders own 17.67% of the company’s stock.

Institutional Investors Weigh In On Hovnanian Enterprises

Hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC increased its stake in Hovnanian Enterprises by 588.9% in the fourth quarter. SG Americas Securities LLC now owns 14,873 shares of the construction company’s stock valued at $2,315,000 after purchasing an additional 12,714 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Hovnanian Enterprises in the fourth quarter valued at $1,460,000. American Century Companies Inc. increased its stake in Hovnanian Enterprises by 25.5% in the third quarter. American Century Companies Inc. now owns 81,645 shares of the construction company’s stock valued at $8,300,000 after purchasing an additional 16,575 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Hovnanian Enterprises by 4.4% during the third quarter. Vanguard Group Inc. now owns 260,791 shares of the construction company’s stock worth $26,512,000 after acquiring an additional 10,967 shares in the last quarter. Finally, Wealthstar Advisors LLC bought a new stake in shares of Hovnanian Enterprises during the fourth quarter worth about $926,000. 65.40% of the stock is owned by institutional investors.

About Hovnanian Enterprises

Hovnanian Enterprises, Inc, through its subsidiaries, designs, constructs, markets, and sells residential homes in the United States. It offers single-family detached homes, attached townhomes and condominiums, urban infill, and active lifestyle homes with amenities, such as clubhouses, swimming pools, tennis courts, tot lots, and open areas.