Hovnanian Enterprises (NYSE:HOV) Sees Large Volume Increase – What’s Next?

Shares of Hovnanian Enterprises Inc (NYSE:HOV) saw unusually-high trading volume on Monday . 49,278 shares changed hands during trading, a decline of 59% from the previous session’s volume of 119,006 shares.The stock last traded at $127.5030 and had previously closed at $129.77.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Weiss Ratings raised shares of Hovnanian Enterprises from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, July 16th. Citigroup reaffirmed a “market underperform” rating on shares of Hovnanian Enterprises in a research report on Friday, August 21st. Two research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Hovnanian Enterprises has an average rating of “Reduce” and an average price target of $74.00.

Hovnanian Enterprises Stock Performance

The company has a market capitalization of $743.17 million, a price-to-earnings ratio of 133.50 and a beta of 1.83. The stock’s 50 day moving average price is $131.84 and its 200 day moving average price is $120.13. 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 released its earnings results on Thursday, August 20th. The construction company reported ($0.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by ($0.14). The company had revenue of $705.75 million for the quarter, compared to the consensus estimate of $723.50 million. Hovnanian Enterprises had a return on equity of 8.60% and a net margin of 0.64%.During the same quarter in the previous year, the company posted $1.99 EPS.

Insiders Place Their Bets

In other Hovnanian Enterprises news, CEO Ara K. Hovnanian sold 12,880 shares of the company’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $125.78, for a total transaction of $1,620,046.40. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director J Larry Sorsby sold 1,032 shares of Hovnanian Enterprises 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 trade represents a 0.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 22.67% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Hovnanian Enterprises

Several institutional investors and hedge funds have recently made changes to their positions in the company. Public Employees Retirement System of Ohio bought a new position in shares of Hovnanian Enterprises during the second quarter worth approximately $43,000. Osaic Holdings Inc. increased its position in Hovnanian Enterprises by 72.1% during the 2nd quarter. Osaic Holdings Inc. now owns 432 shares of the construction company’s stock worth $45,000 after buying an additional 181 shares during the period. Tower Research Capital LLC TRC lifted its holdings in shares of Hovnanian Enterprises by 614.1% during the second quarter. Tower Research Capital LLC TRC now owns 557 shares of the construction company’s stock worth $58,000 after buying an additional 479 shares in the last quarter. State of Wyoming bought a new stake in shares of Hovnanian Enterprises in the first quarter valued at about $62,000. Finally, International Assets Investment Management LLC acquired a new position in shares of Hovnanian Enterprises in the fourth quarter valued at about $117,000. Institutional investors and hedge funds 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.