Kazazian Asset Management LLC Buys New Stake 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 bought a new position in shares of Hovnanian Enterprises Inc (NYSE:HOV - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 3,600 shares of the construction company's stock, valued at approximately $377,000. Kazazian Asset Management LLC owned approximately 0.06% of Hovnanian Enterprises at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Forager Capital Management LLC grew its position in shares of Hovnanian Enterprises by 61.6% during the 4th quarter. Forager Capital Management LLC now owns 189,068 shares of the construction company's stock valued at $25,301,000 after acquiring an additional 72,068 shares during the period. Cubist Systematic Strategies LLC lifted its stake in Hovnanian Enterprises by 3,566.3% in the 4th quarter. Cubist Systematic Strategies LLC now owns 21,741 shares of the construction company's stock worth $2,909,000 after purchasing an additional 21,148 shares in the last quarter. First Trust Advisors LP purchased a new stake in Hovnanian Enterprises in the 4th quarter worth approximately $2,772,000. GAMMA Investing LLC lifted its stake in Hovnanian Enterprises by 12,432.3% in the 1st quarter. GAMMA Investing LLC now owns 15,916 shares of the construction company's stock worth $16,670,000 after purchasing an additional 15,789 shares in the last quarter. Finally, Foundry Partners LLC raised its position in shares of Hovnanian Enterprises by 24.3% during the 4th quarter. Foundry Partners LLC now owns 65,623 shares of the construction company's stock valued at $8,782,000 after buying an additional 12,814 shares in the last quarter. 65.40% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on HOV. Wall Street Zen lowered shares of Hovnanian Enterprises from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Wedbush restated a "neutral" rating and issued a $120.00 price objective on shares of Hovnanian Enterprises in a research report on Wednesday, June 11th.

Insider Activity at Hovnanian Enterprises

In other news, Director Edward A. Kangas sold 5,500 shares of the business's stock in a transaction dated 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 owned 5,338 shares in the company, valued at approximately $571,806.56. The trade was a 50.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 19.77% of the company's stock.

Hovnanian Enterprises Price Performance

Shares of NYSE:HOV traded up $9.47 on Monday, reaching $133.46. The company's stock had a trading volume of 79,660 shares, compared to its average volume of 111,284. Hovnanian Enterprises Inc has a 52-week low of $81.15 and a 52-week high of $240.34. The company has a market cap of $790.05 million, a P/E ratio of 4.68 and a beta of 2.19. The company has a 50-day simple moving average of $106.27 and a 200 day simple moving average of $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 (NYSE:HOV - Get Free Report) last released its earnings results 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). The firm had revenue of $686.47 million during the quarter, compared to the consensus estimate of $733.20 million. Hovnanian Enterprises had a return on equity of 33.18% and a net margin of 7.03%. The business's revenue was down 3.1% on a year-over-year basis.

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.