Lazard Asset Management LLC Reduces Position in Hovnanian Enterprises, Inc. (NYSE:HOV)

Lazard Asset Management LLC reduced its stake in shares of Hovnanian Enterprises, Inc. (NYSE:HOV - Free Report) by 61.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,774 shares of the construction company's stock after selling 6,050 shares during the period. Lazard Asset Management LLC owned approximately 0.06% of Hovnanian Enterprises worth $505,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in HOV. Forager Capital Management LLC lifted its stake in shares of Hovnanian Enterprises by 61.6% during the fourth quarter. Forager Capital Management LLC now owns 189,068 shares of the construction company's stock worth $25,301,000 after buying an additional 72,068 shares during the period. Cubist Systematic Strategies LLC lifted its position in Hovnanian Enterprises by 3,566.3% during the fourth quarter. Cubist Systematic Strategies LLC now owns 21,741 shares of the construction company's stock valued at $2,909,000 after purchasing an additional 21,148 shares during the period. First Trust Advisors LP acquired a new position in Hovnanian Enterprises during the fourth quarter valued at $2,772,000. Foundry Partners LLC lifted its position in Hovnanian Enterprises by 24.3% during the fourth quarter. Foundry Partners LLC now owns 65,623 shares of the construction company's stock valued at $8,782,000 after purchasing an additional 12,814 shares during the period. Finally, D. E. Shaw & Co. Inc. lifted its position in Hovnanian Enterprises by 8.4% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 121,239 shares of the construction company's stock valued at $16,224,000 after purchasing an additional 9,407 shares during the period. 65.40% of the stock is currently owned by institutional investors and hedge funds.

Hovnanian Enterprises Stock Performance

NYSE HOV traded up $6.27 on Tuesday, reaching $97.18. 78,445 shares of the company's stock traded hands, compared to its average volume of 80,772. Hovnanian Enterprises, Inc. has a fifty-two week low of $81.15 and a fifty-two week high of $240.34. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.34 and a current ratio of 1.52. The stock has a 50 day moving average price of $99.24 and a 200-day moving average price of $125.41. The firm has a market cap of $575.78 million, a price-to-earnings ratio of 3.03 and a beta of 2.28.

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). Hovnanian Enterprises had a net margin of 8.05% and a return on equity of 43.47%. The firm had revenue of $686.47 million during the quarter, compared to analysts' expectations of $733.20 million. The firm's revenue for the quarter was down 3.1% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

HOV has been the subject of a number of research reports. Wall Street Zen downgraded shares of Hovnanian Enterprises from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Zelman & Associates restated an "underperform" rating on shares of Hovnanian Enterprises in a research report on Wednesday, February 12th. Finally, Wedbush restated a "neutral" rating and set a $120.00 target price on shares of Hovnanian Enterprises in a research report on Tuesday, May 20th.

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.