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

Shares of Hovnanian Enterprises, Inc. (NYSE:HOV - Get Free Report) saw an uptick in trading volume on Tuesday . 191,047 shares traded hands during mid-day trading, an increase of 130% from the previous session's volume of 83,029 shares.The stock last traded at $96.28 and had previously closed at $97.68.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on HOV. Wall Street Zen cut Hovnanian Enterprises from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Wedbush restated a "neutral" rating and set a $120.00 target price on shares of Hovnanian Enterprises in a research note on Wednesday, June 11th.

Hovnanian Enterprises Trading Down 3.7%

The stock has a market cap of $557.52 million, a PE ratio of 2.94 and a beta of 2.14. The stock has a 50-day moving average price of $97.26 and a two-hundred day moving average price of $116.76. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.52 and a quick ratio of 0.34.

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 for the quarter, missing analysts' consensus estimates of $2.45 by ($0.02). The firm had revenue of $686.47 million for the quarter, compared to analysts' expectations of $733.20 million. Hovnanian Enterprises had a net margin of 8.05% and a return on equity of 43.47%. The business's revenue for the quarter was down 3.1% compared to the same quarter last year.

Institutional Trading of Hovnanian Enterprises

A number of large investors have recently made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Hovnanian Enterprises by 0.9% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 8,860 shares of the construction company's stock worth $1,186,000 after buying an additional 81 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Hovnanian Enterprises by 1.0% in the 4th quarter. Rhumbline Advisers now owns 8,850 shares of the construction company's stock worth $1,184,000 after buying an additional 85 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Hovnanian Enterprises by 4.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,823 shares of the construction company's stock worth $378,000 after buying an additional 117 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Hovnanian Enterprises by 7.2% in the 4th quarter. Principal Financial Group Inc. now owns 2,383 shares of the construction company's stock worth $319,000 after buying an additional 161 shares during the last quarter. Finally, California State Teachers Retirement System grew its holdings in Hovnanian Enterprises by 4.0% during the 4th quarter. California State Teachers Retirement System now owns 4,724 shares of the construction company's stock valued at $632,000 after purchasing an additional 182 shares during the last quarter. 65.40% of the stock is currently owned by 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.

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