Allianz Asset Management GmbH Purchases New Position in Hovnanian Enterprises Inc (NYSE:HOV)

Key Points

• Allianz Asset Management GmbH acquired 3,671 shares of Hovnanian Enterprises, valued at approximately $384,000, during the first quarter, representing about 0.06% of the company's total ownership.
• Despite an increase in institutional investment, Hovnanian's stock price fell short of earnings estimates, posting earnings per share of $2.43 against expectations of $2.45.
• Hovnanian Enterprises' stock is currently valued at $124.51 and shows a significant fluctuation in the past year, with a high of $240.34 and a low of $81.15.

Allianz Asset Management GmbH purchased a new position in Hovnanian Enterprises Inc (NYSE:HOV - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,671 shares of the construction company's stock, valued at approximately $384,000. Allianz Asset Management GmbH owned about 0.06% of Hovnanian Enterprises as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Forager Capital Management LLC lifted its stake in shares of Hovnanian Enterprises by 61.6% in the 4th quarter. Forager Capital Management LLC now owns 189,068 shares of the construction company's stock worth $25,301,000 after purchasing an additional 72,068 shares during the period. Cubist Systematic Strategies LLC raised its position in Hovnanian Enterprises by 3,566.3% in the fourth quarter. Cubist Systematic Strategies LLC now owns 21,741 shares of the construction company's stock worth $2,909,000 after acquiring an additional 21,148 shares during the period. First Trust Advisors LP purchased a new stake in shares of Hovnanian Enterprises in the 4th quarter worth $2,772,000. GAMMA Investing LLC raised its holdings in Hovnanian Enterprises by 12,432.3% in the 1st quarter. GAMMA Investing LLC now owns 15,916 shares of the construction company's stock worth $16,670,000 after purchasing an additional 15,789 shares during the period. Finally, D. E. Shaw & Co. Inc. lifted its position in Hovnanian Enterprises by 8.4% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 121,239 shares of the construction company's stock valued at $16,224,000 after purchasing an additional 9,407 shares in the last quarter. Institutional investors own 65.40% of the company's stock.

Insider Transactions at Hovnanian Enterprises

In other news, Director Edward A. Kangas sold 5,500 shares of the stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $107.12, for a total transaction of $589,160.00. Following the completion of the transaction, the director directly owned 5,338 shares in the company, valued at approximately $571,806.56. This represents a 50.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 19.77% of the stock is currently owned by insiders.

Hovnanian Enterprises Price Performance

Shares of NYSE:HOV traded down $1.36 during trading on Wednesday, hitting $132.74. 48,749 shares of the company's stock were exchanged, compared to its average volume of 111,275. The business's 50-day simple moving average is $107.89 and its 200 day simple moving average is $108.94. The company has a market cap of $785.82 million, a price-to-earnings ratio of 4.65 and a beta of 2.19. Hovnanian Enterprises Inc has a 52-week low of $81.15 and a 52-week high of $240.34. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.58 and a quick ratio of 0.28.

Hovnanian Enterprises (NYSE:HOV - Get Free Report) last announced its quarterly earnings data on Tuesday, May 20th. The construction company reported $2.43 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.45 by ($0.02). Hovnanian Enterprises had a net margin of 7.03% and a return on equity of 33.18%. The company had revenue of $686.47 million for the quarter, compared to analysts' expectations of $733.20 million. The firm's quarterly revenue was down 3.1% on a year-over-year basis.

Wall Street Analysts Forecast Growth

HOV has been the subject of a number of recent research reports. Wedbush reiterated a "neutral" rating and set a $120.00 price objective on shares of Hovnanian Enterprises in a research note on Wednesday, June 11th. Wall Street Zen lowered shares of Hovnanian Enterprises from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st.

Hovnanian Enterprises Company Profile

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.