Hovnanian Enterprises (NYSE:HOV) Director Sells $147,132.24 in Stock

Hovnanian Enterprises Inc (NYSE:HOV) Director J Larry Sorsby sold 1,032 shares of the stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $142.57, for a total value of $147,132.24. Following the completion of the transaction, the director directly owned 187,416 shares in the company, valued at $26,719,899.12. This trade represents a 0.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Hovnanian Enterprises Price Performance

Shares of HOV opened at $147.56 on Monday. The firm has a fifty day moving average price of $114.54 and a 200 day moving average price of $113.62. The stock has a market cap of $864.67 million, a PE ratio of 40.54 and a beta of 1.84. Hovnanian Enterprises Inc has a 1-year low of $91.52 and a 1-year 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.

Hovnanian Enterprises (NYSE:HOV) last posted its quarterly earnings data on Thursday, May 21st. The construction company reported ($0.46) earnings per share for the quarter, beating 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.

Hedge Funds Weigh In On Hovnanian Enterprises

Hedge funds have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Hovnanian Enterprises by 5.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,979 shares of the construction company’s stock worth $312,000 after purchasing an additional 156 shares during the period. Jane Street Group LLC increased its stake in Hovnanian Enterprises by 436.3% in the first quarter. Jane Street Group LLC now owns 9,106 shares of the construction company’s stock valued at $953,000 after purchasing an additional 7,408 shares during the last quarter. Cetera Investment Advisers purchased a new position in Hovnanian Enterprises during the second quarter worth about $506,000. Legal & General Group Plc lifted its position in Hovnanian Enterprises by 6.9% during the second quarter. Legal & General Group Plc now owns 5,239 shares of the construction company’s stock worth $548,000 after buying an additional 337 shares during the period. Finally, Russell Investments Group Ltd. boosted its stake in Hovnanian Enterprises by 26.1% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,422 shares of the construction company’s stock worth $253,000 after buying an additional 502 shares during the last quarter. 65.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on HOV. Citizens Jmp assumed coverage on shares of Hovnanian Enterprises in a research note on Thursday, April 9th. They issued a “market underperform” rating and a $74.00 target price for the company. Weiss Ratings lowered shares of Hovnanian Enterprises from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 8th. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Hovnanian Enterprises has a consensus rating of “Reduce” and an average target price of $97.00.

Hovnanian Enterprises Company Profile

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.