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

Hovnanian Enterprises Inc (NYSE:HOV - Get Free Report) saw an uptick in trading volume on Monday . 283,335 shares traded hands during trading, an increase of 193% from the previous session's volume of 96,615 shares.The stock last traded at $117.06 and had previously closed at $119.35.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on HOV. Wall Street Zen cut Hovnanian Enterprises from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Wedbush reiterated a "neutral" rating and set a $120.00 price objective on shares of Hovnanian Enterprises in a research note on Wednesday, June 11th.

Hovnanian Enterprises Stock Up 0.4%

The company has a 50 day moving average price of $102.50 and a two-hundred day moving average price of $109.84. 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 has a market cap of $647.45 million, a PE ratio of 3.83 and a beta of 2.13.

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

Insider Buying and Selling at Hovnanian Enterprises

In other news, Director Edward A. Kangas sold 5,500 shares of the business's stock in a transaction on Monday, June 30th. The stock was sold at an average price of $107.12, for a total value of $589,160.00. Following the completion of the transaction, the director owned 5,338 shares in the company, valued at $571,806.56. The trade was a 50.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 19.77% of the stock is owned by corporate insiders.

Institutional Trading of Hovnanian Enterprises

Several large investors have recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Hovnanian Enterprises by 0.9% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 8,860 shares of the construction company's stock worth $1,186,000 after acquiring an additional 81 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Hovnanian Enterprises by 4.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,823 shares of the construction company's stock worth $378,000 after acquiring an additional 117 shares during the period. California State Teachers Retirement System grew its holdings in shares of Hovnanian Enterprises by 4.0% in the fourth quarter. California State Teachers Retirement System now owns 4,724 shares of the construction company's stock worth $632,000 after acquiring an additional 182 shares during the period. Quantbot Technologies LP bought a new stake in shares of Hovnanian Enterprises in the fourth quarter worth $25,000. Finally, Peapack Gladstone Financial Corp grew its holdings in shares of Hovnanian Enterprises by 1.9% in the fourth quarter. Peapack Gladstone Financial Corp now owns 10,863 shares of the construction company's stock worth $1,454,000 after acquiring an additional 201 shares during the period. Institutional investors own 65.40% of the company's stock.

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.