Millennium Management LLC Takes $523,000 Position in Hovnanian Enterprises, Inc. (NYSE:HOV)

Millennium Management LLC purchased a new stake in Hovnanian Enterprises, Inc. (NYSE:HOV - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 3,908 shares of the construction company's stock, valued at approximately $523,000. Millennium Management LLC owned about 0.06% of Hovnanian Enterprises at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in HOV. Empowered Funds LLC increased its holdings in Hovnanian Enterprises by 5.0% in the 4th quarter. Empowered Funds LLC now owns 30,667 shares of the construction company's stock worth $4,104,000 after purchasing an additional 1,461 shares in the last quarter. Rhumbline Advisers lifted its stake in Hovnanian Enterprises by 1.0% during the 4th quarter. Rhumbline Advisers now owns 8,850 shares of the construction company's stock valued at $1,184,000 after acquiring an additional 85 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Hovnanian Enterprises by 7.2% in the fourth quarter. Principal Financial Group Inc. now owns 2,383 shares of the construction company's stock valued at $319,000 after acquiring an additional 161 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Hovnanian Enterprises by 23.0% during the 4th quarter. Victory Capital Management Inc. now owns 4,199 shares of the construction company's stock valued at $562,000 after acquiring an additional 785 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Hovnanian Enterprises by 0.9% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 8,860 shares of the construction company's stock valued at $1,186,000 after purchasing an additional 81 shares during the period. 65.40% of the stock is owned by institutional investors and hedge funds.

Hovnanian Enterprises Price Performance

HOV stock traded up $1.66 during trading on Thursday, hitting $99.38. 112,780 shares of the company's stock traded hands, compared to its average volume of 81,628. The stock has a market capitalization of $588.83 million, a price-to-earnings ratio of 3.09 and a beta of 2.15. The business has a fifty day simple moving average of $96.89 and a 200 day simple moving average of $119.81. Hovnanian Enterprises, Inc. has a 52 week low of $81.15 and a 52 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.

Hovnanian Enterprises (NYSE:HOV - Get Free Report) last posted its quarterly earnings results on Tuesday, May 20th. The construction company reported $2.43 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.45 by ($0.02). Hovnanian Enterprises had a return on equity of 43.47% and a net margin of 8.05%. The firm had revenue of $686.47 million for the quarter, compared to the consensus estimate of $733.20 million. Hovnanian Enterprises's revenue for the quarter was down 3.1% on a year-over-year basis.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on HOV. Zelman & Associates reaffirmed an "underperform" rating on shares of Hovnanian Enterprises in a report on Wednesday, February 12th. Wall Street Zen lowered Hovnanian Enterprises from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Finally, Wedbush reissued a "neutral" rating and issued a $120.00 price target on shares of Hovnanian Enterprises in a research report on Wednesday.

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.