Hovnanian Enterprises (NYSE:HOV) Trading Up 5.7% - Here's What Happened

Hovnanian Enterprises Inc (NYSE:HOV - Get Free Report)'s share price rose 5.7% on Tuesday . The stock traded as high as $108.71 and last traded at $110.47. Approximately 44,942 shares traded hands during trading, a decline of 50% from the average daily volume of 89,849 shares. The stock had previously closed at $104.55.

Wall Street Analysts Forecast Growth

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

Hovnanian Enterprises Stock Up 10.6%

The stock has a 50 day moving average price of $98.49 and a 200 day moving average price of $111.50. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.28 and a current ratio of 1.58. The company has a market capitalization of $684.68 million, a P/E ratio of 4.04 and a beta of 2.15.

Hovnanian Enterprises (NYSE:HOV - Get Free Report) last announced 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 return on equity of 33.18% and a net margin of 7.03%. The company had revenue of $686.47 million during the quarter, compared to the consensus estimate of $733.20 million. The firm's revenue for the quarter was down 3.1% compared to the same quarter last year.

Institutional Investors Weigh In On Hovnanian Enterprises

Several large investors have recently added to or reduced their stakes in the company. Rhumbline Advisers increased its stake in shares of 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 in the last quarter. Principal Financial Group Inc. lifted its position in shares of Hovnanian Enterprises by 7.2% during the fourth quarter. Principal Financial Group Inc. now owns 2,383 shares of the construction company's stock worth $319,000 after acquiring an additional 161 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of 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 acquiring an additional 785 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted 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. Finally, Swiss National Bank boosted its holdings in shares of Hovnanian Enterprises by 5.3% in the fourth quarter. Swiss National Bank now owns 9,900 shares of the construction company's stock worth $1,325,000 after acquiring an additional 500 shares during the period. Hedge funds and other 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.

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