Zelman & Associates Reiterates Underperform Rating for Hovnanian Enterprises (NYSE:HOV)

Hovnanian Enterprises (NYSE:HOV)‘s stock had its “underperform” rating restated by investment analysts at Zelman & Associates in a report released on Friday, Benzinga reports.

A number of other brokerages have also recently commented on HOV. StockNews.com cut Hovnanian Enterprises from a “buy” rating to a “hold” rating in a research report on Sunday, March 3rd. TheStreet raised Hovnanian Enterprises from a “c+” rating to a “b-” rating in a research report on Friday, February 16th.

Hovnanian Enterprises Stock Performance

NYSE:HOV traded down $0.62 during trading on Friday, reaching $145.47. The company’s stock had a trading volume of 23,448 shares, compared to its average volume of 82,060. The firm has a market cap of $887.37 million, a price-to-earnings ratio of 5.24 and a beta of 2.61. The company has a debt-to-equity ratio of 2.19, a quick ratio of 0.86 and a current ratio of 4.07. The firm has a 50 day moving average of $151.95 and a 200-day moving average of $128.35. Hovnanian Enterprises has a 12 month low of $63.39 and a 12 month high of $183.60.

Hovnanian Enterprises (NYSE:HOV) last announced its quarterly earnings data on Thursday, February 22nd. The construction company reported $2.75 earnings per share (EPS) for the quarter. The firm had revenue of $594.20 million during the quarter. Hovnanian Enterprises had a return on equity of 58.22% and a net margin of 7.45%.

Insider Buying and Selling

In related news, CEO Ara K. Hovnanian sold 1,000 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $157.82, for a total transaction of $157,820.00. Following the sale, the chief executive officer now owns 51,475 shares of the company’s stock, valued at approximately $8,123,784.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 17.67% of the stock is currently owned by insiders.

Institutional Trading of Hovnanian Enterprises

A number of large investors have recently modified their holdings of the stock. Swiss National Bank increased its holdings in Hovnanian Enterprises by 8.2% in the first quarter. Swiss National Bank now owns 11,900 shares of the construction company’s stock valued at $703,000 after buying an additional 900 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Hovnanian Enterprises by 4.6% during the first quarter. Bank of New York Mellon Corp now owns 34,255 shares of the construction company’s stock worth $2,024,000 after purchasing an additional 1,496 shares during the last quarter. Bank of Montreal Can grew its holdings in shares of Hovnanian Enterprises by 189.1% during the first quarter. Bank of Montreal Can now owns 29,080 shares of the construction company’s stock worth $1,865,000 after purchasing an additional 19,020 shares during the last quarter. MetLife Investment Management LLC grew its holdings in shares of Hovnanian Enterprises by 58.5% during the first quarter. MetLife Investment Management LLC now owns 3,048 shares of the construction company’s stock worth $180,000 after purchasing an additional 1,125 shares during the last quarter. Finally, Rhumbline Advisers grew its holdings in shares of Hovnanian Enterprises by 8.4% during the first quarter. Rhumbline Advisers now owns 6,777 shares of the construction company’s stock worth $401,000 after purchasing an additional 526 shares during the last quarter. Hedge funds and other institutional investors own 65.40% of the company’s stock.

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.