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Hovnanian Enterprises (NYSE:HOV) Stock Price Up 8% - Here's What Happened

Hovnanian Enterprises logo with Construction background

Hovnanian Enterprises Inc (NYSE:HOV - Get Free Report)'s stock price rose 8% during trading on Tuesday . The company traded as high as $117.00 and last traded at $116.17. Approximately 22,968 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 97,240 shares. The stock had previously closed at $107.61.

Analysts Set New Price Targets

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

Read Our Latest Research Report on HOV

Hovnanian Enterprises Trading Up 13.5%

The firm's 50-day moving average price is $102.60 and its 200-day moving average price is $109.36. The company has a quick ratio of 0.28, a current ratio of 1.58 and a debt-to-equity ratio of 0.11. The company has a market cap of $723.07 million, a P/E ratio of 4.29 and a beta of 2.13.

Hovnanian Enterprises (NYSE:HOV - Get Free Report) last issued 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). 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 for the quarter, compared to analysts' expectations of $733.20 million. The firm'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 that occurred on Monday, June 30th. The shares were sold at an average price of $107.12, for a total value of $589,160.00. Following the completion of the sale, the director directly owned 5,338 shares in the company, valued at approximately $571,806.56. The trade was a 50.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 19.77% of the company's stock.

Institutional Investors Weigh In On Hovnanian Enterprises

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its position in Hovnanian Enterprises by 46.5% during the 1st quarter. Farther Finance Advisors LLC now owns 2,913 shares of the construction company's stock valued at $305,000 after purchasing an additional 925 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Hovnanian Enterprises by 64.7% in 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 worth $1,325,000 after buying an additional 3,891 shares during the period. Exchange Traded Concepts LLC grew its position in shares of Hovnanian Enterprises by 10.1% in the 1st quarter. Exchange Traded Concepts LLC now owns 2,350 shares of the construction company's stock worth $246,000 after buying an additional 215 shares during the period. BNP Paribas Financial Markets grew its position in shares of Hovnanian Enterprises by 147.7% in the 4th quarter. BNP Paribas Financial Markets now owns 2,598 shares of the construction company's stock worth $348,000 after buying an additional 1,549 shares during the period. Finally, Cerity Partners LLC grew its position in shares of Hovnanian Enterprises by 60.9% in the 4th quarter. Cerity Partners LLC now owns 4,223 shares of the construction company's stock worth $572,000 after buying an additional 1,599 shares during the period. 65.40% of the stock is currently owned by institutional investors.

Hovnanian Enterprises Company Profile

(Get Free Report)

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.

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