Hovnanian Enterprises (NYSE:HOV) Trading 5.7% Higher - Time to Buy?

Hovnanian Enterprises Inc (NYSE:HOV - Get Free Report) rose 5.7% on Tuesday . The company 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

HOV has been the subject of several research analyst reports. Wall Street Zen downgraded shares of Hovnanian Enterprises from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Wedbush restated a "neutral" rating and set a $120.00 price objective on shares of Hovnanian Enterprises in a research report on Wednesday, June 11th.

Hovnanian Enterprises Price Performance

The company has a 50 day moving average price of $99.51 and a 200-day moving average price of $111.32. 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 $671.48 million, a price-to-earnings ratio of 3.97 and a beta of 2.13.

Hovnanian Enterprises (NYSE:HOV - Get Free Report) last posted its earnings results on Tuesday, May 20th. The construction company reported $2.43 earnings per share for the quarter, missing analysts' consensus estimates of $2.45 by ($0.02). Hovnanian Enterprises had a return on equity of 33.18% and a net margin of 7.03%. The business had revenue of $686.47 million for the quarter, compared to the consensus estimate of $733.20 million. Hovnanian Enterprises's revenue for the quarter was down 3.1% on a year-over-year basis.

Insider Buying and Selling at Hovnanian Enterprises

In related news, Director Edward A. Kangas sold 5,500 shares of the firm's stock in a transaction on Monday, June 30th. The stock was 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 of the company's stock, valued at $571,806.56. This trade represents a 50.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 19.77% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Hovnanian Enterprises

A number of institutional investors have recently made changes to their positions in HOV. Quantbot Technologies LP bought a new position in shares of Hovnanian Enterprises during the fourth quarter worth about $25,000. Creative Financial Designs Inc. ADV acquired a new stake in Hovnanian Enterprises during the 1st quarter valued at approximately $80,000. Harbor Capital Advisors Inc. raised its holdings in Hovnanian Enterprises by 1,655.2% during the 1st quarter. Harbor Capital Advisors Inc. now owns 1,018 shares of the construction company's stock worth $107,000 after purchasing an additional 960 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Hovnanian Enterprises in the 1st quarter worth approximately $109,000. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Hovnanian Enterprises in the 4th quarter worth approximately $120,000. 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.