Hovnanian Enterprises (NYSE:HOV) Sees Large Volume Increase - Here's What Happened

Key Points

• Hovnanian saw unusually high trading volume on Friday — about 113,821 shares, a 15% increase from the prior session’s 99,038 — and the stock last traded at $104.3860 versus a prior close of $107.43.
• The company reported quarterly EPS of $2.62, beating the consensus estimate of (−$0.98) by $3.60, with revenue of $631.95 million also slightly above estimates.
• Analysts hold an average Hold rating with a consensus price target of $120.00; the firm has a market cap of about $616.5 million and a PE ratio of 16.0.

Hovnanian Enterprises Inc (NYSE:HOV - Get Free Report) saw unusually-high trading volume on Friday . Approximately 113,821 shares were traded during trading, an increase of 15% from the previous session's volume of 99,038 shares.The stock last traded at $104.3860 and had previously closed at $107.43.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Weiss Ratings restated a "hold (c)" rating on shares of Hovnanian Enterprises in a research note on Thursday, January 22nd. Wall Street Zen raised shares of Hovnanian Enterprises from a "sell" rating to a "hold" rating in a report on Saturday, February 28th. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $120.00.

Hovnanian Enterprises Price Performance

The firm has a 50-day simple moving average of $119.64 and a 200-day simple moving average of $121.55. The firm has a market capitalization of $616.49 million, a PE ratio of 16.00 and a beta of 2.28. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.50 and a quick ratio of 0.43.

Hovnanian Enterprises (NYSE:HOV - Get Free Report) last released its quarterly earnings results on Wednesday, February 25th. The construction company reported $2.62 EPS for the quarter, beating the consensus estimate of ($0.98) by $3.60. The firm had revenue of $631.95 million during the quarter, compared to analyst estimates of $628.50 million. Hovnanian Enterprises had a net margin of 1.92% and a return on equity of 14.14%.

Institutional Investors Weigh In On Hovnanian Enterprises

A number of hedge funds have recently modified their holdings of the business. GAMMA Investing LLC raised its holdings in Hovnanian Enterprises by 9.8% in the 3rd quarter. GAMMA Investing LLC now owns 1,091 shares of the construction company's stock worth $140,000 after purchasing an additional 97 shares during the period. Intech Investment Management LLC raised its stake in shares of Hovnanian Enterprises by 6.5% in the fourth quarter. Intech Investment Management LLC now owns 2,340 shares of the construction company's stock worth $228,000 after buying an additional 142 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Hovnanian Enterprises by 1.6% in the third quarter. JPMorgan Chase & Co. now owns 9,283 shares of the construction company's stock worth $1,193,000 after buying an additional 144 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Hovnanian Enterprises by 5.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,979 shares of the construction company's stock valued at $312,000 after buying an additional 156 shares in the last quarter. Finally, Deutsche Bank AG grew its stake in shares of Hovnanian Enterprises by 4.1% during the 4th quarter. Deutsche Bank AG now owns 4,134 shares of the construction company's stock valued at $403,000 after acquiring an additional 163 shares during the period. Institutional investors own 65.40% of the company's stock.

About Hovnanian Enterprises

Hovnanian Enterprises, Inc is a publicly traded homebuilding company primarily engaged in the acquisition, development and construction of residential properties. Headquartered in Red Bank, New Jersey, the company operates through a network of regional homebuilding divisions that design and deliver a range of housing solutions, including single-family detached homes, townhomes and condominiums. Hovnanian combines land development, architectural design and construction services with in-house mortgage and insurance offerings to provide a comprehensive homebuying experience.

The company markets its communities under several branded product lines tailored to different buyer segments and price points.

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