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 the stock in a transaction dated 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 SEC, which is available at this hyperlink.

Hovnanian Enterprises Stock Performance

Shares of NYSE HOV traded up $16.71 during midday trading on Wednesday, hitting $144.20. The company’s stock had a trading volume of 78,245 shares, compared to its average volume of 110,047. The firm has a market capitalization of $845.01 million, a price-to-earnings ratio of 39.22 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. The stock has a fifty day moving average price of $112.43 and a 200 day moving average price of $112.73. Hovnanian Enterprises Inc has a one year low of $91.52 and a one year high of $162.05.

Hovnanian Enterprises (NYSE:HOV) last released its quarterly earnings data on Thursday, May 21st. The construction company reported ($0.46) EPS for the quarter, topping the consensus estimate of ($2.04) by $1.58. Hovnanian Enterprises had a net margin of 1.25% and a return on equity of 11.23%. The company had revenue of $667.65 million during the quarter, compared to the consensus estimate of $626.40 million.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Hovnanian Enterprises by 5.5% during 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 last quarter. Jane Street Group LLC increased its holdings in shares of Hovnanian Enterprises by 436.3% in the 1st quarter. Jane Street Group LLC now owns 9,106 shares of the construction company’s stock worth $953,000 after buying an additional 7,408 shares during the last quarter. Cetera Investment Advisers bought a new position in shares of Hovnanian Enterprises in the 2nd quarter worth $506,000. Legal & General Group Plc raised its position in shares of Hovnanian Enterprises by 6.9% during the 2nd quarter. Legal & General Group Plc now owns 5,239 shares of the construction company’s stock valued at $548,000 after buying an additional 337 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Hovnanian Enterprises by 26.1% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,422 shares of the construction company’s stock worth $253,000 after acquiring an additional 502 shares during the last quarter. Hedge funds and other institutional investors own 65.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on HOV shares. Wall Street Zen raised Hovnanian Enterprises from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Weiss Ratings lowered Hovnanian Enterprises from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 8th. Finally, Citizens Jmp began coverage on 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. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $97.00.

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.