Hovnanian Enterprises (NYSE:HOV) Sees Strong Trading Volume - Here's Why

Shares of Hovnanian Enterprises Inc (NYSE:HOV - Get Free Report) saw unusually-strong trading volume on Tuesday . Approximately 209,730 shares were traded during trading, an increase of 144% from the previous session's volume of 85,780 shares.The stock last traded at $104.10 and had previously closed at $103.37.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on HOV shares. Wall Street Zen downgraded shares of Hovnanian Enterprises from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Wedbush restated a "neutral" rating and set a $120.00 price objective on shares of Hovnanian Enterprises in a research report on Wednesday, June 11th.

Hovnanian Enterprises Stock Down 2.1%

The stock has a market capitalization of $601.47 million, a P/E ratio of 3.56 and a beta of 2.14. The company's 50-day moving average price is $97.84 and its 200 day moving average price is $113.45. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.28 and a current ratio of 1.58.

Hovnanian Enterprises (NYSE:HOV - Get Free Report) last announced its quarterly earnings data on Tuesday, May 20th. The construction company reported $2.43 EPS for the quarter, missing the consensus estimate of $2.45 by ($0.02). The firm had revenue of $686.47 million for the quarter, compared to the consensus estimate of $733.20 million. Hovnanian Enterprises had a net margin of 7.03% and a return on equity of 33.18%. The business's revenue for the quarter was down 3.1% on a year-over-year basis.

Hedge Funds Weigh In On Hovnanian Enterprises

Several institutional investors have recently bought and sold shares of the stock. Forager Capital Management LLC grew its stake in Hovnanian Enterprises by 61.6% during the fourth quarter. Forager Capital Management LLC now owns 189,068 shares of the construction company's stock valued at $25,301,000 after acquiring an additional 72,068 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Hovnanian Enterprises by 0.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 180,913 shares of the construction company's stock worth $24,210,000 after buying an additional 602 shares in the last quarter. D. E. Shaw & Co. Inc. grew its stake in shares of Hovnanian Enterprises by 8.4% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 121,239 shares of the construction company's stock worth $16,224,000 after buying an additional 9,407 shares in the last quarter. GW&K Investment Management LLC grew its stake in shares of Hovnanian Enterprises by 2.9% in the 1st quarter. GW&K Investment Management LLC now owns 117,739 shares of the construction company's stock worth $12,328,000 after buying an additional 3,270 shares in the last quarter. Finally, Bridgeway Capital Management LLC grew its stake in shares of Hovnanian Enterprises by 1.7% in the 4th quarter. Bridgeway Capital Management LLC now owns 85,956 shares of the construction company's stock worth $11,503,000 after buying an additional 1,461 shares in the last quarter. 65.40% of the stock is owned by hedge funds and other institutional investors.

About Hovnanian Enterprises

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.