Algert Global LLC Has $1.58 Million Stock Position in Hovnanian Enterprises Inc $HOV

Key Points

• Algert Global LLC increased its stake in Hovnanian Enterprises Inc by 150.5% in Q1 2023, owning 15,095 shares worth approximately $1.58 million.
• Hovnanian Enterprises reported an EPS of $1.99 for the last quarter, missing estimates by $1.52, while quarterly revenue increased by 10.8% compared to the previous year.
• Hedge funds and institutional investors collectively own 65.40% of Hovnanian's stock, indicating a strong interest from large financial entities.

Algert Global LLC lifted its stake in Hovnanian Enterprises Inc (NYSE:HOV - Free Report) by 150.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,095 shares of the construction company's stock after buying an additional 9,070 shares during the period. Algert Global LLC owned about 0.25% of Hovnanian Enterprises worth $1,581,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of HOV. Creative Financial Designs Inc. ADV bought a new stake in Hovnanian Enterprises in the first quarter valued at $80,000. Harbor Capital Advisors Inc. grew its position in Hovnanian Enterprises by 1,655.2% in the first quarter. Harbor Capital Advisors Inc. now owns 1,018 shares of the construction company's stock valued at $107,000 after acquiring an additional 960 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Hovnanian Enterprises in the first quarter valued at $109,000. Brevan Howard Capital Management LP bought a new stake in Hovnanian Enterprises in the fourth quarter valued at $204,000. Finally, Russell Investments Group Ltd. grew its position in Hovnanian Enterprises by 2,009.9% in the first quarter. Russell Investments Group Ltd. now owns 1,920 shares of the construction company's stock valued at $201,000 after acquiring an additional 1,829 shares during the period. Institutional investors own 65.40% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on HOV. Wedbush reiterated a "neutral" rating and issued a $120.00 price target on shares of Hovnanian Enterprises in a research report on Wednesday. Wall Street Zen lowered Hovnanian Enterprises from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Reduce" and an average target price of $120.00.

Insider Activity at Hovnanian Enterprises

In other news, Director Edward A. Kangas sold 5,500 shares of Hovnanian Enterprises stock in a transaction on Monday, June 30th. The stock was sold at an average price of $107.12, for a total value of $589,160.00. Following the completion of the sale, the director directly owned 5,338 shares of the company's stock, valued at approximately $571,806.56. This trade represents a 50.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 19.77% of the company's stock.

Hovnanian Enterprises Price Performance

NYSE HOV traded down $1.17 during trading hours on Wednesday, reaching $139.83. 28,779 shares of the company's stock were exchanged, compared to its average volume of 112,987. The stock has a market cap of $828.46 million, a PE ratio of 6.72 and a beta of 2.19. Hovnanian Enterprises Inc has a one year low of $81.15 and a one year high of $233.15. The firm has a fifty day moving average of $122.58 and a 200-day moving average of $109.89. The company has a current ratio of 1.58, a quick ratio of 0.28 and a debt-to-equity ratio of 0.11.

Hovnanian Enterprises (NYSE:HOV - Get Free Report) last released its quarterly earnings results on Thursday, August 21st. The construction company reported $1.99 EPS for the quarter, missing analysts' consensus estimates of $3.51 by ($1.52). The business had revenue of $800.58 million for the quarter, compared to the consensus estimate of $806.20 million. Hovnanian Enterprises had a return on equity of 23.52% and a net margin of 5.06%.The firm's revenue was up 10.8% on a year-over-year basis. During the same quarter last year, the company earned $9.75 earnings per share. Hovnanian Enterprises has set its Q4 2025 guidance at EPS.

About Hovnanian Enterprises

Hovnanian Enterprises, Inc, through its subsidiaries, designs, constructs, markets, and sells residential homes in the United States. It offers single-family detached homes, attached townhomes and condominiums, urban infill, and active lifestyle homes with amenities, such as clubhouses, swimming pools, tennis courts, tot lots, and open areas.