Hovnanian Enterprises (NYSE:HOV) Shares Climb 6% – Here’s Why

Hovnanian Enterprises Inc (NYSE:HOV)’s stock price rose 6% during mid-day trading on Thursday. The company traded as high as $95.06 and last traded at $97.7620. 18,581 shares were traded during mid-day trading, a decline of 84% from the average session volume of 118,732 shares. The stock had previously closed at $92.20.

Analysts Set New Price Targets

HOV has been the subject of a number of analyst reports. Citigroup restated a “market underperform” rating on shares of Hovnanian Enterprises in a research note on Friday, August 21st. Weiss Ratings downgraded shares of Hovnanian Enterprises from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, August 31st. Two analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Hovnanian Enterprises presently has an average rating of “Reduce” and an average target price of $74.00.

Hovnanian Enterprises Trading Up 9.6%

The stock has a market cap of $602.26 million, a price-to-earnings ratio of 106.37 and a beta of 1.82. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.46 and a quick ratio of 0.36. The company’s fifty day moving average price is $115.97 and its 200-day moving average price is $118.88.

Hovnanian Enterprises (NYSE:HOV) last released its earnings results on Thursday, August 20th. The construction company reported ($0.70) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.14). Hovnanian Enterprises had a return on equity of 8.64% and a net margin of 0.64%. The company had revenue of $705.75 million for the quarter, compared to analysts’ expectations of $723.50 million. During the same period in the prior year, the firm posted $1.99 EPS.

Hedge Funds Weigh In On Hovnanian Enterprises

Institutional investors have recently bought and sold shares of the business. Public Employees Retirement System of Ohio purchased a new stake in shares of Hovnanian Enterprises in the 2nd quarter valued at $43,000. GAMMA Investing LLC lifted its position in Hovnanian Enterprises by 24.8% during the third quarter. GAMMA Investing LLC now owns 473 shares of the construction company’s stock valued at $53,000 after purchasing an additional 94 shares during the period. State of Wyoming purchased a new stake in Hovnanian Enterprises in the first quarter valued at $62,000. Nisa Investment Advisors LLC boosted its holdings in Hovnanian Enterprises by 112.3% in the third quarter. Nisa Investment Advisors LLC now owns 811 shares of the construction company’s stock valued at $90,000 after purchasing an additional 429 shares during the last quarter. Finally, Legal Advantage Investments Inc. purchased a new stake in Hovnanian Enterprises in the first quarter valued at $216,000. 65.40% of the stock is owned by hedge funds and other institutional investors.

About Hovnanian Enterprises

Hovnanian Enterprises, Inc is a residential homebuilder that designs, constructs and sells single-family homes, townhomes and condominiums. The company markets homes under the K. Hovnanian’s brand and develops communities for a range of buyers, including first-time, move-up and active-adult purchasers.

Through its K. Hovnanian’s Four Seasons business, the company also develops age-qualified communities featuring amenities and home designs intended for active-adult lifestyles. Its communities generally include planned features such as clubhouses, recreational facilities and other neighborhood amenities.

Founded in 1959 by Kevork S.