Hovnanian Enterprises Inc $HOV Shares Sold by Teacher Retirement System of Texas

Key Points

• Teacher Retirement System of Texas cut its Hovnanian stake by 50.6% in Q4, selling 29,892 shares and retaining 29,188 shares (about 0.49% of the company) valued at roughly $2.85 million.
• Hovnanian posted a notable quarterly beat with EPS $2.62 versus a consensus of ($0.98) and revenue of $631.95M; the company has a market cap of about $692M and a P/E of 17.85.
• Analyst sentiment is mixed-to-negative — the average rating is "Reduce" with a consensus price target of $97 — while institutional investors own roughly 65.4% of the stock and several funds recently adjusted their positions.

Teacher Retirement System of Texas trimmed its holdings in Hovnanian Enterprises Inc (NYSE:HOV - Free Report) by 50.6% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 29,188 shares of the construction company's stock after selling 29,892 shares during the period. Teacher Retirement System of Texas owned approximately 0.49% of Hovnanian Enterprises worth $2,847,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pacer Advisors Inc. acquired a new position in shares of Hovnanian Enterprises in the 3rd quarter valued at $4,460,000. Two Sigma Investments LP increased its position in shares of Hovnanian Enterprises by 46.2% during the 3rd quarter. Two Sigma Investments LP now owns 47,574 shares of the construction company's stock worth $6,113,000 after purchasing an additional 15,041 shares during the last quarter. First Trust Advisors LP acquired a new stake in shares of Hovnanian Enterprises during the 3rd quarter worth about $1,825,000. BNP Paribas Financial Markets raised its holdings in Hovnanian Enterprises by 65.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 29,683 shares of the construction company's stock valued at $3,814,000 after buying an additional 11,741 shares during the period. Finally, Russell Investments Group Ltd. raised its holdings in Hovnanian Enterprises by 390.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 11,881 shares of the construction company's stock valued at $1,527,000 after buying an additional 9,459 shares during the period. Institutional investors and hedge funds own 65.40% of the company's stock.

Hovnanian Enterprises Stock Performance

NYSE HOV opened at $116.59 on Tuesday. The company has a market cap of $692.28 million, a P/E ratio of 17.85 and a beta of 2.08. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.50 and a quick ratio of 0.43. The stock has a 50-day moving average of $114.34 and a two-hundred day moving average of $116.21. Hovnanian Enterprises Inc has a 1-year low of $85.69 and a 1-year high of $162.05.

Hovnanian Enterprises (NYSE:HOV - Get Free Report) last issued its quarterly earnings results on Wednesday, February 25th. The construction company reported $2.62 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.98) by $3.60. Hovnanian Enterprises had a net margin of 1.92% and a return on equity of 14.14%. The business had revenue of $631.95 million for the quarter, compared to analysts' expectations of $628.50 million.

Analysts Set New Price Targets

HOV has been the subject of several research analyst reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Hovnanian Enterprises in a research note on Thursday, January 22nd. Citizens Jmp assumed coverage on shares of Hovnanian Enterprises in a research note on Thursday, April 9th. They issued a "market underperform" rating and a $74.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Hovnanian Enterprises from a "sell" rating to a "hold" rating in a report on Saturday, February 28th. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Reduce" and a consensus price target of $97.00.

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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