Hovnanian Enterprises (NYSE:HOV) Trading Down 3.4% - Here's What Happened

Hovnanian Enterprises Inc (NYSE:HOV - Get Free Report)'s stock price fell 3.4% during mid-day trading on Thursday . The stock traded as low as $114.94 and last traded at $113.40. 59,262 shares changed hands during trading, a decline of 35% from the average session volume of 91,795 shares. The stock had previously closed at $117.41.

Analyst Ratings Changes

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

Hovnanian Enterprises Stock Down 3.5%

The firm's 50-day simple moving average is $99.84 and its 200 day simple moving average is $110.81. The company has a market cap of $670.91 million, a P/E ratio of 3.97 and a beta of 2.13. 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 released its quarterly earnings data on Tuesday, May 20th. The construction company reported $2.43 EPS for the quarter, missing analysts' consensus estimates of $2.45 by ($0.02). Hovnanian Enterprises had a net margin of 7.03% and a return on equity of 33.18%. The firm had revenue of $686.47 million during the quarter, compared to the consensus estimate of $733.20 million. The business's quarterly revenue was down 3.1% on a year-over-year basis.

Insider Activity at Hovnanian Enterprises

In other news, Director Edward A. Kangas sold 5,500 shares of the stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $107.12, for a total transaction of $589,160.00. Following the completion of the transaction, the director directly owned 5,338 shares in the company, valued at $571,806.56. This represents a 50.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 19.77% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Hovnanian Enterprises

Several hedge funds have recently bought and sold shares of the company. Quantbot Technologies LP bought a new position in Hovnanian Enterprises in the 4th quarter valued at about $25,000. Creative Financial Designs Inc. ADV bought a new position in Hovnanian Enterprises in the 1st quarter valued at about $80,000. Harbor Capital Advisors Inc. raised its holdings in Hovnanian Enterprises by 1,655.2% in the 1st quarter. Harbor Capital Advisors Inc. now owns 1,018 shares of the construction company's stock valued at $107,000 after acquiring an additional 960 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Hovnanian Enterprises in the 1st quarter valued at about $109,000. Finally, KLP Kapitalforvaltning AS bought a new position in Hovnanian Enterprises in the 4th quarter valued at about $120,000. 65.40% of the stock is currently owned by institutional investors and hedge funds.

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.