Hovnanian Enterprises (NYSE:HOV) Shares Down 3.7% - Time to Sell?

Shares of Hovnanian Enterprises, Inc. (NYSE:HOV - Get Free Report) were down 3.7% on Wednesday . The company traded as low as $102.00 and last traded at $101.63. Approximately 29,623 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 80,895 shares. The stock had previously closed at $105.56.

Analyst Ratings Changes

HOV has been the subject of several analyst reports. Wall Street Zen lowered Hovnanian Enterprises from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Zelman & Associates restated an "underperform" rating on shares of Hovnanian Enterprises in a research note on Wednesday, February 12th. Finally, Wedbush reaffirmed a "neutral" rating and set a $120.00 price objective on shares of Hovnanian Enterprises in a report on Wednesday.

Hovnanian Enterprises Stock Up 1.7%

The firm has a 50-day moving average of $96.89 and a two-hundred day moving average of $119.81. The firm has a market cap of $588.83 million, a price-to-earnings ratio of 3.09 and a beta of 2.15. The company has a current ratio of 1.52, a quick ratio of 0.34 and a debt-to-equity ratio of 0.14.

Hovnanian Enterprises (NYSE:HOV - Get Free Report) last announced its quarterly earnings data on Tuesday, May 20th. The construction company reported $2.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.45 by ($0.02). The company had revenue of $686.47 million during the quarter, compared to analyst estimates of $733.20 million. Hovnanian Enterprises had a return on equity of 43.47% and a net margin of 8.05%. The business's revenue for the quarter was down 3.1% compared to the same quarter last year.

Hedge Funds Weigh In On Hovnanian Enterprises

Several institutional investors and hedge funds have recently added to or reduced their stakes in HOV. Empowered Funds LLC grew its holdings in shares of Hovnanian Enterprises by 5.0% during the 4th quarter. Empowered Funds LLC now owns 30,667 shares of the construction company's stock worth $4,104,000 after purchasing an additional 1,461 shares in the last quarter. Rhumbline Advisers lifted its position in Hovnanian Enterprises by 1.0% in the fourth quarter. Rhumbline Advisers now owns 8,850 shares of the construction company's stock worth $1,184,000 after purchasing an additional 85 shares during the period. Principal Financial Group Inc. lifted its position in Hovnanian Enterprises by 7.2% in the fourth quarter. Principal Financial Group Inc. now owns 2,383 shares of the construction company's stock worth $319,000 after purchasing an additional 161 shares during the period. Victory Capital Management Inc. boosted its stake in Hovnanian Enterprises by 23.0% during the fourth quarter. Victory Capital Management Inc. now owns 4,199 shares of the construction company's stock worth $562,000 after buying an additional 785 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in 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 valued at $1,186,000 after buying an additional 81 shares during the period. 65.40% of the stock is currently owned by 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.