Hovnanian Enterprises (NYSE:HOV) Releases Quarterly Earnings Results

Hovnanian Enterprises (NYSE:HOV) announced its earnings results on Thursday. The construction company reported ($0.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.14), RTT News reports. Hovnanian Enterprises had a return on equity of 11.23% and a net margin of 1.25%.During the same quarter last year, the business posted $1.99 EPS.

Hovnanian Enterprises Stock Down 12.1%

Shares of HOV traded down $15.48 on Thursday, reaching $112.19. The company’s stock had a trading volume of 31,088 shares, compared to its average volume of 117,094. Hovnanian Enterprises has a twelve month low of $91.52 and a twelve month high of $162.05. The stock has a market capitalization of $657.43 million, a PE ratio of 30.69 and a beta of 1.83. The firm has a fifty day moving average of $131.40 and a 200-day moving average of $119.79. The company has a current ratio of 1.50, a quick ratio of 0.40 and a debt-to-equity ratio of 0.05.

Insider Buying and Selling

In other news, Director J Larry Sorsby sold 1,032 shares of the company’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $142.57, for a total transaction of $147,132.24. Following the completion of the transaction, the director directly owned 187,416 shares of the company’s stock, valued at approximately $26,719,899.12. This represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Ara K. Hovnanian sold 12,880 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $125.78, for a total value of $1,620,046.40. The disclosure for this sale is available in the SEC filing. Insiders own 22.67% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Osaic Holdings Inc. increased its stake in shares of Hovnanian Enterprises by 72.1% in the 2nd quarter. Osaic Holdings Inc. now owns 432 shares of the construction company’s stock valued at $45,000 after purchasing an additional 181 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in Hovnanian Enterprises by 614.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 557 shares of the construction company’s stock valued at $58,000 after acquiring an additional 479 shares during the period. Walleye Capital LLC purchased a new position in shares of Hovnanian Enterprises in the 4th quarter valued at about $213,000. Intech Investment Management LLC lifted its holdings in Hovnanian Enterprises by 6.5% during the 4th quarter. Intech Investment Management LLC now owns 2,340 shares of the construction company’s stock worth $228,000 after buying an additional 142 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in Hovnanian Enterprises by 26.1% during the second quarter. Russell Investments Group Ltd. now owns 2,422 shares of the construction company’s stock worth $253,000 after purchasing an additional 502 shares in the last quarter. 65.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings raised shares of Hovnanian Enterprises from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, July 16th. Three analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $97.00.

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.