Hovnanian Enterprises (NYSE:HOV) Earns Neutral Rating from Wedbush

Wedbush restated their neutral rating on shares of Hovnanian Enterprises (NYSE:HOV - Free Report) in a research report report published on Wednesday morning,Benzinga reports. They currently have a $120.00 price objective on the construction company's stock.

HOV has been the subject of several other reports. Zelman & Associates reiterated an "underperform" rating on shares of Hovnanian Enterprises in a report on Wednesday, February 12th. Wall Street Zen downgraded shares of Hovnanian Enterprises from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st.

Hovnanian Enterprises Stock Up 1.8%

Shares of HOV traded up $1.79 during trading hours on Wednesday, hitting $99.51. The company had a trading volume of 55,702 shares, compared to its average volume of 81,406. The stock has a market capitalization of $589.60 million, a price-to-earnings ratio of 3.10 and a beta of 2.15. The firm has a fifty day moving average price of $96.89 and a 200-day moving average price of $119.81. Hovnanian Enterprises 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 issued 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 analysts' expectations of $733.20 million. Hovnanian Enterprises had a return on equity of 43.47% and a net margin of 8.05%. The firm's revenue was down 3.1% compared to the same quarter last year.

Institutional Investors Weigh In On Hovnanian Enterprises

Hedge funds have recently added to or reduced their stakes in the stock. Quantbot Technologies LP purchased a new position in shares of Hovnanian Enterprises in the 4th quarter worth $25,000. Creative Financial Designs Inc. ADV bought a new position in Hovnanian Enterprises in the first quarter valued at about $80,000. Harbor Capital Advisors Inc. boosted its position 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 worth $107,000 after purchasing an additional 960 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Hovnanian Enterprises in the first quarter worth about $109,000. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Hovnanian Enterprises during the 4th quarter valued at about $120,000. 65.40% of the stock is currently owned by hedge funds and other institutional investors.

Hovnanian Enterprises Company 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.