Hovnanian Enterprises (NYSE:HOV) Shares Down 3.7% - What's Next?

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

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Wedbush reaffirmed a "neutral" rating and issued a $120.00 target price on shares of Hovnanian Enterprises in a report on Wednesday. Wall Street Zen cut Hovnanian Enterprises from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st.

Hovnanian Enterprises Trading Down 6.5%

The company has a market cap of $551.23 million, a price-to-earnings ratio of 2.90 and a beta of 2.15. The firm has a 50 day moving average price of $97.07 and a two-hundred day moving average price of $117.96. The company has a quick ratio of 0.34, a current ratio of 1.52 and a debt-to-equity ratio of 0.14.

Hovnanian Enterprises (NYSE:HOV - Get Free Report) last issued 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). The company had revenue of $686.47 million during the quarter, compared to analyst estimates of $733.20 million. Hovnanian Enterprises had a net margin of 8.05% and a return on equity of 43.47%. Hovnanian Enterprises's revenue for the quarter was down 3.1% compared to the same quarter last year.

Institutional Investors Weigh In On Hovnanian Enterprises

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. boosted its position in shares of Hovnanian Enterprises by 7.2% during the 4th quarter. Principal Financial Group Inc. now owns 2,383 shares of the construction company's stock valued at $319,000 after purchasing an additional 161 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Hovnanian Enterprises by 64.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,905 shares of the construction company's stock valued at $1,325,000 after purchasing an additional 3,891 shares in the last quarter. BNP Paribas Financial Markets boosted its position in shares of Hovnanian Enterprises by 147.7% during the 4th quarter. BNP Paribas Financial Markets now owns 2,598 shares of the construction company's stock valued at $348,000 after purchasing an additional 1,549 shares in the last quarter. Cerity Partners LLC boosted its position in shares of Hovnanian Enterprises by 60.9% during the 4th quarter. Cerity Partners LLC now owns 4,223 shares of the construction company's stock valued at $572,000 after purchasing an additional 1,599 shares in the last quarter. Finally, Swiss National Bank boosted its position in shares of Hovnanian Enterprises by 5.3% during the 4th quarter. Swiss National Bank now owns 9,900 shares of the construction company's stock valued at $1,325,000 after purchasing an additional 500 shares in the last quarter. Institutional investors and hedge funds own 65.40% of the company's stock.

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.