Towle & Co. Lowers Stake in Hovnanian Enterprises Inc $HOV

Towle & Co. lessened its position in Hovnanian Enterprises Inc (NYSE:HOV) by 5.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 65,721 shares of the construction company’s stock after selling 3,983 shares during the period. Hovnanian Enterprises comprises 2.1% of Towle & Co.’s portfolio, making the stock its 23rd largest holding. Towle & Co. owned approximately 1.12% of Hovnanian Enterprises worth $8,444,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC raised its holdings in Hovnanian Enterprises by 9.8% in the 3rd quarter. GAMMA Investing LLC now owns 1,091 shares of the construction company’s stock valued at $140,000 after acquiring an additional 97 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Hovnanian Enterprises by 1.6% during the third quarter. JPMorgan Chase & Co. now owns 9,283 shares of the construction company’s stock worth $1,193,000 after purchasing an additional 144 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Hovnanian Enterprises by 5.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,979 shares of the construction company’s stock valued at $312,000 after purchasing an additional 156 shares during the period. Osaic Holdings Inc. grew its position in shares of Hovnanian Enterprises by 72.1% in the second quarter. Osaic Holdings Inc. now owns 432 shares of the construction company’s stock valued at $45,000 after purchasing an additional 181 shares during the period. Finally, State of Alaska Department of Revenue acquired a new position in Hovnanian Enterprises in the third quarter valued at $35,000. Institutional investors and hedge funds own 65.40% of the company’s stock.

Hovnanian Enterprises Stock Performance

Hovnanian Enterprises stock opened at $129.45 on Friday. The company has a market cap of $770.25 million, a price-to-earnings ratio of 17.28 and a beta of 2.31. Hovnanian Enterprises Inc has a 12 month low of $81.15 and a 12 month high of $162.05. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.58 and a quick ratio of 0.40. The stock’s 50-day moving average is $114.73 and its 200-day moving average is $125.31.

Hovnanian Enterprises (NYSE:HOV) last issued its earnings results on Thursday, December 4th. The construction company reported ($0.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.63 by ($1.14). Hovnanian Enterprises had a return on equity of 15.33% and a net margin of 2.14%.The firm had revenue of $817.90 million for the quarter, compared to analysts’ expectations of $814.50 million. During the same quarter in the previous year, the firm posted $13.84 EPS. The firm’s revenue for the quarter was down 16.5% compared to the same quarter last year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on HOV. Wall Street Zen lowered Hovnanian Enterprises from a “hold” rating to a “sell” rating in a research note on Saturday, December 27th. Weiss Ratings reissued a “hold (c)” rating on shares of Hovnanian Enterprises in a research report on Thursday, January 22nd. Finally, Zacks Research upgraded shares of Hovnanian Enterprises from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $120.00.

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.