17,105 Hovnanian Enterprises Inc $HOV Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Hovnanian Enterprises stake by 83.6% in the third quarter, selling 17,105 shares and retaining 3,346 shares valued at approximately $372,000.
• Institutional investors and hedge funds own 65.4% of Hovnanian’s stock, while analyst sentiment remains cautious: the shares carry an average “Reduce” rating and a $74 price target.
• Hovnanian’s latest quarterly results fell short of expectations, with a $0.70 per-share loss versus the projected $0.56 loss and revenue of $705.75 million versus the $723.50 million consensus estimate.

Assenagon Asset Management S.A. decreased its stake in shares of Hovnanian Enterprises Inc (NYSE:HOV - Free Report) by 83.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,346 shares of the construction company's stock after selling 17,105 shares during the period. Assenagon Asset Management S.A. owned about 0.06% of Hovnanian Enterprises worth $372,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Public Employees Retirement System of Ohio bought a new position in shares of Hovnanian Enterprises during the second quarter worth about $43,000. GAMMA Investing LLC grew its stake in shares of Hovnanian Enterprises by 24.8% in the third quarter. GAMMA Investing LLC now owns 473 shares of the construction company's stock worth $53,000 after purchasing an additional 94 shares in the last quarter. State of Wyoming bought a new position in shares of Hovnanian Enterprises in the first quarter worth $62,000. Squarepoint Ops LLC bought a new position in Hovnanian Enterprises in the 2nd quarter valued at about $301,000. Finally, Sterling Capital Management LLC grew its position in Hovnanian Enterprises by 733.1% in the 1st quarter. Sterling Capital Management LLC now owns 2,291 shares of the construction company's stock valued at $254,000 after buying an additional 2,016 shares in the last quarter. 65.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on HOV. Weiss Ratings lowered shares of Hovnanian Enterprises from a "hold (c)" rating to a "hold (c-)" rating in a research note on Monday, August 31st. Citigroup reiterated a "market underperform" rating on shares of Hovnanian Enterprises in a research report on Friday, August 21st. Two investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Reduce" and an average price target of $74.00.

Hovnanian Enterprises Stock Down 0.0%

Shares of HOV stock opened at $101.28 on Friday. Hovnanian Enterprises Inc has a one year low of $90.17 and a one year high of $148.48. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.46 and a quick ratio of 0.36. The stock has a fifty day moving average price of $114.61 and a 200 day moving average price of $118.68. The stock has a market cap of $603.65 million, a P/E ratio of 106.62 and a beta of 1.82.

Hovnanian Enterprises (NYSE:HOV - Get Free Report) last announced its quarterly earnings results on Thursday, August 20th. The construction company reported ($0.70) EPS for the quarter, missing analysts' consensus estimates of ($0.56) by ($0.14). The business 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 8.64% and a net margin of 0.64%. During the same quarter in the prior year, the business earned $1.99 EPS.

Hovnanian Enterprises Company Profile

Hovnanian Enterprises, Inc is a residential homebuilder that designs, constructs and sells single-family homes, townhomes and condominiums. The company markets homes under the K. Hovnanian's brand and develops communities for a range of buyers, including first-time, move-up and active-adult purchasers.

Through its K. Hovnanian's Four Seasons business, the company also develops age-qualified communities featuring amenities and home designs intended for active-adult lifestyles. Its communities generally include planned features such as clubhouses, recreational facilities and other neighborhood amenities.

Founded in 1959 by Kevork S.

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