Connor Clark & Lunn Investment Management Ltd. Has $665,000 Stock Holdings in Hovnanian Enterprises Inc $HOV

Key Points

• Connor Clark & Lunn Investment Management Ltd. significantly reduced its stake in Hovnanian Enterprises by 28.3%, now holding approximately $665,000 worth of stock.
• Hovnanian Enterprises missed analysts' earnings expectations for the recent quarter, reporting $2.43 EPS against a projected $2.45, with revenue declining 3.1% year-over-year.
• Institutional ownership of Hovnanian stock stands at 65.40%, with multiple firms either acquiring new positions or increasing their holdings during the first quarter.

Connor Clark & Lunn Investment Management Ltd. lowered its stake in shares of Hovnanian Enterprises Inc (NYSE:HOV - Free Report) by 28.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,353 shares of the construction company's stock after selling 2,507 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.11% of Hovnanian Enterprises worth $665,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in HOV. Cerity Partners LLC boosted its position in Hovnanian Enterprises by 60.9% during the fourth quarter. Cerity Partners LLC now owns 4,223 shares of the construction company's stock worth $572,000 after purchasing an additional 1,599 shares during the period. Legal & General Group Plc boosted its position in shares of Hovnanian Enterprises by 5.5% in the fourth quarter. Legal & General Group Plc now owns 5,045 shares of the construction company's stock valued at $675,000 after acquiring an additional 265 shares during the period. Barclays PLC boosted its position in shares of Hovnanian Enterprises by 12.5% in the fourth quarter. Barclays PLC now owns 9,306 shares of the construction company's stock valued at $1,246,000 after acquiring an additional 1,032 shares during the period. XTX Topco Ltd bought a new stake in shares of Hovnanian Enterprises in the fourth quarter valued at approximately $514,000. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Hovnanian Enterprises in the fourth quarter valued at approximately $883,000. Institutional investors own 65.40% of the company's stock.

Insider Transactions at Hovnanian Enterprises

In other Hovnanian Enterprises news, Director Edward A. Kangas sold 5,500 shares of the stock in a transaction 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 $571,806.56. This represents a 50.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 19.77% of the stock is owned by corporate insiders.

Analyst Ratings Changes

HOV has been the subject of several research reports. Wall Street Zen cut Hovnanian Enterprises from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Wedbush reissued a "neutral" rating and issued a $120.00 price objective on shares of Hovnanian Enterprises in a research report on Monday. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Reduce" and a consensus price target of $120.00.

Hovnanian Enterprises Price Performance

Hovnanian Enterprises stock traded down $7.2460 during mid-day trading on Wednesday, hitting $148.1140. 109,690 shares of the company were exchanged, compared to its average volume of 109,504. The company has a quick ratio of 0.28, a current ratio of 1.58 and a debt-to-equity ratio of 0.11. The business has a fifty day moving average of $119.06 and a 200 day moving average of $109.78. Hovnanian Enterprises Inc has a 1-year low of $81.15 and a 1-year high of $240.34. The company has a market capitalization of $876.83 million, a PE ratio of 5.19 and a beta of 2.19.

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

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.