Empowered Funds LLC Raises Stake in Hovnanian Enterprises Inc $HOV

Key Points

• Empowered Funds LLC increased its Hovnanian Enterprises stake by 46.5% in the first quarter, owning 73,146 shares worth approximately $8.1 million. Institutional investors and hedge funds collectively own 65.4% of HOV.
• Company insiders recently sold shares, including CEO Ara K. Hovnanian’s sale of 12,880 shares for about $1.62 million. Insiders retain a 22.67% ownership stake.
• Analyst sentiment remains cautious: HOV carries an average “Reduce” rating and a $97 price target, despite reporting better-than-expected quarterly results with $667.65 million in revenue and an EPS loss of $0.46 versus estimates of $2.04.

Empowered Funds LLC increased its holdings in Hovnanian Enterprises Inc (NYSE:HOV - Free Report) by 46.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 73,146 shares of the construction company's stock after buying an additional 23,234 shares during the quarter. Empowered Funds LLC owned about 1.25% of Hovnanian Enterprises worth $8,113,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of HOV. State Street Corp grew its position in Hovnanian Enterprises by 8.6% during the 4th quarter. State Street Corp now owns 228,613 shares of the construction company's stock worth $22,299,000 after purchasing an additional 18,086 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Hovnanian Enterprises by 2.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 175,186 shares of the construction company's stock worth $17,089,000 after purchasing an additional 3,514 shares during the period. GW&K Investment Management LLC lifted its stake in shares of Hovnanian Enterprises by 7.6% in the 4th quarter. GW&K Investment Management LLC now owns 121,488 shares of the construction company's stock valued at $11,850,000 after purchasing an additional 8,571 shares during the period. Geode Capital Management LLC boosted its holdings in Hovnanian Enterprises by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 111,600 shares of the construction company's stock worth $10,888,000 after buying an additional 1,057 shares in the last quarter. Finally, Towle & Co. boosted its holdings in Hovnanian Enterprises by 51.2% during the fourth quarter. Towle & Co. now owns 99,402 shares of the construction company's stock worth $9,696,000 after buying an additional 33,681 shares in the last quarter. 65.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Hovnanian Enterprises

In other Hovnanian Enterprises news, Director J Larry Sorsby sold 1,032 shares of the stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $142.57, for a total transaction of $147,132.24. Following the transaction, the director directly owned 187,416 shares of the company's stock, valued at $26,719,899.12. This trade represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ara K. Hovnanian sold 12,880 shares of Hovnanian Enterprises stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $125.78, for a total transaction of $1,620,046.40. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 22.67% of the company's stock.

Analysts Set New Price Targets

Separately, Weiss Ratings raised shares of Hovnanian Enterprises from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, July 16th. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Hovnanian Enterprises currently has an average rating of "Reduce" and an average price target of $97.00.

Hovnanian Enterprises Stock Down 1.6%

Hovnanian Enterprises stock opened at $134.19 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.50 and a quick ratio of 0.40. The stock has a market capitalization of $786.38 million, a PE ratio of 36.87 and a beta of 1.83. The business has a 50 day simple moving average of $130.45 and a 200-day simple moving average of $119.46. Hovnanian Enterprises Inc has a 12 month low of $91.52 and a 12 month high of $162.05.

Hovnanian Enterprises (NYSE:HOV - Get Free Report) last announced its earnings results on Thursday, May 21st. The construction company reported ($0.46) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($2.04) by $1.58. Hovnanian Enterprises had a return on equity of 11.23% and a net margin of 1.25%.The firm had revenue of $667.65 million for the quarter, compared to analyst estimates of $626.40 million.

Hovnanian Enterprises Company Profile

Hovnanian Enterprises, Inc is a publicly traded homebuilding company primarily engaged in the acquisition, development and construction of residential properties. Headquartered in Red Bank, New Jersey, the company operates through a network of regional homebuilding divisions that design and deliver a range of housing solutions, including single-family detached homes, townhomes and condominiums. Hovnanian combines land development, architectural design and construction services with in-house mortgage and insurance offerings to provide a comprehensive homebuying experience.

The company markets its communities under several branded product lines tailored to different buyer segments and price points.

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