Hovnanian Enterprises Inc (NYSE:HOV) was downgraded by research analysts at TheStreet from a “c-” rating to a “d” rating in a note issued to investors on Thursday.

A number of other equities research analysts have also recently issued reports on the company. MKM Partners reiterated a “neutral” rating on shares of Hovnanian Enterprises in a research note on Tuesday, September 5th. BidaskClub cut Hovnanian Enterprises from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 5th. Two investment analysts have rated the stock with a sell rating and two have given a hold rating to the company. Hovnanian Enterprises currently has a consensus rating of “Hold” and an average target price of $1.62.

Shares of Hovnanian Enterprises (NYSE HOV) traded down 0.58% during trading on Thursday, reaching $1.72. 1,950,644 shares of the company traded hands. The stock has a market cap of $253.47 million, a P/E ratio of 17.20 and a beta of 1.66. The stock’s 50 day moving average price is $2.09 and its 200-day moving average price is $2.31. Hovnanian Enterprises has a 12 month low of $1.52 and a 12 month high of $2.98.

Hovnanian Enterprises (NYSE:HOV) last announced its quarterly earnings data on Thursday, September 7th. The construction company reported ($2.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by $2.27. Hovnanian Enterprises had a negative return on equity of 7.10% and a negative net margin of 12.69%. The company had revenue of $592 million for the quarter, compared to the consensus estimate of $584.50 million. The company’s quarterly revenue was down 17.4% on a year-over-year basis. On average, equities research analysts expect that Hovnanian Enterprises will post $0.04 EPS for the current fiscal year.

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Several institutional investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company raised its stake in shares of Hovnanian Enterprises by 6.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 105,246 shares of the construction company’s stock worth $294,000 after purchasing an additional 5,912 shares in the last quarter. State Street Corp raised its stake in Hovnanian Enterprises by 8.4% in the 2nd quarter. State Street Corp now owns 2,294,919 shares of the construction company’s stock valued at $6,428,000 after acquiring an additional 177,582 shares during the period. Cornerstone Capital Management Holdings LLC. raised its stake in Hovnanian Enterprises by 53.7% in the 2nd quarter. Cornerstone Capital Management Holdings LLC. now owns 856,132 shares of the construction company’s stock valued at $2,396,000 after acquiring an additional 299,200 shares during the period. Stifel Financial Corp raised its stake in Hovnanian Enterprises by 5.5% in the 2nd quarter. Stifel Financial Corp now owns 38,050 shares of the construction company’s stock valued at $107,000 after acquiring an additional 1,975 shares during the period. Finally, Voya Investment Management LLC raised its stake in Hovnanian Enterprises by 15.5% in the 2nd quarter. Voya Investment Management LLC now owns 71,713 shares of the construction company’s stock valued at $201,000 after acquiring an additional 9,650 shares during the period. Institutional investors own 31.04% of the company’s stock.

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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