Hovnanian Enterprises Inc (NYSE:HOV) Position Raised by XTX Topco Ltd

Key Points

• XTX Topco Ltd increased its stake in Hovnanian Enterprises by 60.6%, owning 6,166 shares valued at approximately $646,000.
• Shares of Hovnanian Enterprises have received mixed reviews from analysts, with Wall Street Zen downgrading the stock from "hold" to "sell" while Wedbush maintained a "neutral" stance with a price target of $120.00.
• Hovnanian reported a quarterly earnings miss, with earnings per share of $2.43 falling short of analyst estimates and a year-over-year revenue decline of 3.1%.

XTX Topco Ltd boosted its position in Hovnanian Enterprises Inc (NYSE:HOV - Free Report) by 60.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,166 shares of the construction company's stock after buying an additional 2,327 shares during the quarter. XTX Topco Ltd owned approximately 0.10% of Hovnanian Enterprises worth $646,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Creative Financial Designs Inc. ADV acquired a new position in Hovnanian Enterprises in the first quarter valued at approximately $80,000. Harbor Capital Advisors Inc. boosted its stake in Hovnanian Enterprises by 1,655.2% in the first quarter. Harbor Capital Advisors Inc. now owns 1,018 shares of the construction company's stock valued at $107,000 after acquiring an additional 960 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Hovnanian Enterprises in the first quarter valued at approximately $109,000. KLP Kapitalforvaltning AS acquired a new position in Hovnanian Enterprises in the fourth quarter valued at approximately $120,000. Finally, Brevan Howard Capital Management LP acquired a new position in Hovnanian Enterprises in the fourth quarter valued at approximately $204,000. 65.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Edward A. Kangas sold 5,500 shares of the business's stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $107.12, for a total transaction of $589,160.00. Following the completion of the transaction, the director directly owned 5,338 shares in the company, valued at approximately $571,806.56. The trade was a 50.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 19.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Wedbush restated a "neutral" rating and issued a $120.00 target price on shares of Hovnanian Enterprises in a research note on Wednesday, June 11th. Wall Street Zen downgraded Hovnanian Enterprises from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st.

Hovnanian Enterprises Stock Performance

Shares of NYSE HOV traded up $0.64 during midday trading on Friday, hitting $132.82. 79,710 shares of the company's stock were exchanged, compared to its average volume of 134,220. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.58 and a quick ratio of 0.28. The stock's 50 day moving average price is $110.34 and its 200-day moving average price is $109.02. The firm has a market cap of $786.29 million, a P/E ratio of 4.65 and a beta of 2.19. Hovnanian Enterprises Inc has a twelve month low of $81.15 and a twelve month high of $240.34.

Hovnanian Enterprises (NYSE:HOV - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $686.47 million for the quarter, compared to analyst estimates of $733.20 million. Hovnanian Enterprises had a return on equity of 33.18% and a net margin of 7.03%. The company's revenue was down 3.1% compared to the same quarter last year.

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.