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

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in HOV. Farther Finance Advisors LLC increased its stake in Hovnanian Enterprises by 46.5% in the 1st quarter. Farther Finance Advisors LLC now owns 2,913 shares of the construction company's stock worth $305,000 after acquiring an additional 925 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Hovnanian Enterprises by 64.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,905 shares of the construction company's stock valued at $1,325,000 after purchasing an additional 3,891 shares in the last quarter. Exchange Traded Concepts LLC increased its position in Hovnanian Enterprises by 10.1% in the first quarter. Exchange Traded Concepts LLC now owns 2,350 shares of the construction company's stock worth $246,000 after purchasing an additional 215 shares during the last quarter. Kazazian Asset Management LLC bought a new stake in Hovnanian Enterprises in the first quarter worth $377,000. Finally, New York State Common Retirement Fund raised its stake in Hovnanian Enterprises by 18.2% during the first quarter. New York State Common Retirement Fund now owns 5,841 shares of the construction company's stock valued at $612,000 after purchasing an additional 900 shares in the last quarter. 65.40% of the stock is owned by institutional investors.

Hovnanian Enterprises Trading Down 0.4%

HOV stock traded down $0.51 during midday trading on Thursday, reaching $139.22. The company's stock had a trading volume of 13,783 shares, compared to its average volume of 112,521. Hovnanian Enterprises Inc has a 1 year low of $81.15 and a 1 year high of $233.15. The firm has a market capitalization of $824.18 million, a price-to-earnings ratio of 6.70 and a beta of 2.19. The stock has a fifty day simple moving average of $123.54 and a two-hundred day simple moving average of $110.10. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.28 and a current ratio of 1.58.

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

Analysts Set New Price Targets

HOV has been the subject of a number of recent research reports. Wedbush reissued a "neutral" rating and issued a $120.00 price objective on shares of Hovnanian Enterprises in a research note on Wednesday. Wall Street Zen downgraded shares of Hovnanian Enterprises from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Hovnanian Enterprises presently has a consensus rating of "Reduce" and an average price target of $120.00.

Insider Buying and Selling at Hovnanian Enterprises

In related news, Director Edward A. Kangas sold 5,500 shares of the business's stock in a transaction that occurred 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 owned 5,338 shares in the company, valued at approximately $571,806.56. The trade was a 50.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 19.77% of the company's stock.

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.