Insider Selling: Hovnanian Enterprises (NYSE:HOV) CEO Sells $1,620,046.40 in Stock

Hovnanian Enterprises Inc (NYSE:HOV) CEO Ara Hovnanian sold 12,880 shares of Hovnanian Enterprises stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $125.78, for a total transaction of $1,620,046.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Hovnanian Enterprises Trading Up 4.0%

Shares of Hovnanian Enterprises stock opened at $147.56 on Friday. Hovnanian Enterprises Inc has a 1 year low of $91.52 and a 1 year high of $162.05. The company’s fifty day simple moving average is $114.54 and its 200-day simple moving average is $113.50. The company has a market cap of $864.67 million, a price-to-earnings ratio of 40.54 and a beta of 1.84. The company has a current ratio of 1.50, a quick ratio of 0.40 and a debt-to-equity ratio of 0.05.

Hovnanian Enterprises (NYSE:HOV) last posted its quarterly earnings results on Thursday, May 21st. The construction company reported ($0.46) EPS 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 firm had revenue of $667.65 million during the quarter, compared to analysts’ expectations of $626.40 million.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on HOV shares. Weiss Ratings cut Hovnanian Enterprises from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, May 8th. Wall Street Zen raised Hovnanian Enterprises from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Finally, Citizens Jmp assumed coverage on shares of Hovnanian Enterprises in a research report on Thursday, April 9th. They set a “market underperform” rating and a $74.00 price target on the stock. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Hovnanian Enterprises has a consensus rating of “Reduce” and a consensus price target of $97.00.

Institutional Investors Weigh In On Hovnanian Enterprises

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. raised its position in shares of Hovnanian Enterprises by 72.1% during the second quarter. Osaic Holdings Inc. now owns 432 shares of the construction company’s stock worth $45,000 after purchasing an additional 181 shares during the period. Tower Research Capital LLC TRC grew its position in shares of Hovnanian Enterprises by 614.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 557 shares of the construction company’s stock valued at $58,000 after purchasing an additional 479 shares during the period. State of Wyoming bought a new stake in Hovnanian Enterprises during the 1st quarter worth approximately $62,000. International Assets Investment Management LLC bought a new stake in Hovnanian Enterprises during the 4th quarter worth approximately $117,000. Finally, Harbor Capital Advisors Inc. increased its stake in Hovnanian Enterprises by 38.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 1,369 shares of the construction company’s stock worth $134,000 after purchasing an additional 378 shares in the last quarter. Institutional investors own 65.40% of the company’s stock.

About Hovnanian Enterprises

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.