Kazazian Asset Management LLC Purchases New Shares in Hovnanian Enterprises Inc (NYSE:HOV)

Key Points

• Kazazian Asset Management LLC has invested approximately $377,000 in Hovnanian Enterprises, acquiring 3,600 shares during the first quarter.
• Hovnanian Enterprises has faced a recent downgrade from Wall Street Zen, changing its rating from "hold" to "sell," while Wedbush set a target price of $120.00 with a "neutral" rating.
• In a recent earnings report, Hovnanian Enterprises reported $2.43 earnings per share, missing estimates, and experienced a 3.1% decline in revenue year-over-year.

Kazazian Asset Management LLC purchased a new stake in shares of Hovnanian Enterprises Inc (NYSE:HOV - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 3,600 shares of the construction company's stock, valued at approximately $377,000. Kazazian Asset Management LLC owned 0.06% of Hovnanian Enterprises as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in HOV. Creative Financial Designs Inc. ADV purchased a new stake in shares of Hovnanian Enterprises in the 1st quarter worth about $80,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Hovnanian Enterprises in the 4th quarter worth about $120,000. Harbor Capital Advisors Inc. lifted its position in shares of Hovnanian Enterprises by 1,655.2% in the 1st quarter. Harbor Capital Advisors Inc. now owns 1,018 shares of the construction company's stock worth $107,000 after purchasing an additional 960 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Hovnanian Enterprises in the 1st quarter worth about $109,000. Finally, Brevan Howard Capital Management LP purchased a new stake in shares of Hovnanian Enterprises in the 4th quarter worth about $204,000. Hedge funds and other institutional investors own 65.40% of the company's stock.

Hovnanian Enterprises Stock Up 2.6%

Shares of Hovnanian Enterprises stock traded up $3.48 during trading on Tuesday, hitting $137.07. The company's stock had a trading volume of 53,812 shares, compared to its average volume of 111,180. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.28 and a current ratio of 1.58. The company has a fifty day simple moving average of $107.13 and a two-hundred day simple moving average of $108.76. The company has a market capitalization of $812.14 million, a PE ratio of 4.80 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.

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 for the quarter, missing analysts' consensus estimates of $2.45 by ($0.02). The firm had revenue of $686.47 million for the quarter, compared to the consensus estimate of $733.20 million. Hovnanian Enterprises had a net margin of 7.03% and a return on equity of 33.18%. The business's quarterly revenue was down 3.1% on a year-over-year basis.

Insider Activity at Hovnanian Enterprises

In other news, Director Edward A. Kangas sold 5,500 shares of Hovnanian Enterprises stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $107.12, for a total value of $589,160.00. Following the completion of the sale, the director directly owned 5,338 shares in the company, valued at $571,806.56. The trade was a 50.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 19.77% of the stock is owned by corporate insiders.

Analyst Ratings Changes

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

About Hovnanian Enterprises

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.