Allianz Asset Management GmbH Acquires Shares of 3,671 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 shares of Hovnanian Enterprises Inc (NYSE:HOV - Free Report) during the first quarter, according to the company in its most recent Form 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 approximately 0.06% of Hovnanian Enterprises at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Creative Financial Designs Inc. ADV acquired a new stake in shares of Hovnanian Enterprises during the first quarter worth about $80,000. Harbor Capital Advisors Inc. boosted its stake in shares of 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 worth $107,000 after acquiring an additional 960 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Hovnanian Enterprises in the fourth quarter worth approximately $120,000. Brevan Howard Capital Management LP acquired a new position in Hovnanian Enterprises during the fourth quarter worth $204,000. Finally, Exchange Traded Concepts LLC boosted its stake in Hovnanian Enterprises by 10.1% during the first quarter. Exchange Traded Concepts LLC now owns 2,350 shares of the construction company's stock worth $246,000 after buying an additional 215 shares during the last quarter. Institutional investors own 65.40% of the company's stock.

Insider Buying and Selling

In other Hovnanian Enterprises news, Director Edward A. Kangas sold 5,500 shares of the firm's stock in a transaction on Monday, June 30th. The shares were sold at an average price of $107.12, for a total transaction of $589,160.00. Following the transaction, 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. 19.77% of the stock is currently owned by company insiders.

Hovnanian Enterprises Stock Performance

Shares of HOV stock traded up $9.80 during mid-day trading on Monday, hitting $133.79. 120,186 shares of the stock were exchanged, compared to its average volume of 111,596. The stock's fifty day simple moving average is $106.27 and its two-hundred day simple moving average is $108.80. 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 Inc has a 12-month low of $81.15 and a 12-month high of $240.34. The stock has a market capitalization of $792.04 million, a price-to-earnings ratio of 4.69 and a beta of 2.19.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Wedbush reaffirmed a "neutral" rating and issued a $120.00 price target on shares of Hovnanian Enterprises in a research note on Wednesday, June 11th. Wall Street Zen cut shares of Hovnanian Enterprises from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st.

Hovnanian Enterprises 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.