Hovnanian Enterprises (NYSE:HOV) Upgraded to “Buy” at StockNews.com

StockNews.com upgraded shares of Hovnanian Enterprises (NYSE:HOV) from a hold rating to a buy rating in a report published on Monday.

Separately, Zelman & Associates upgraded shares of Hovnanian Enterprises from an underperform rating to a neutral rating and set a $155.00 price target for the company in a report on Thursday, May 23rd.

Hovnanian Enterprises Stock Performance

Hovnanian Enterprises stock opened at $177.89 on Monday. The company has a quick ratio of 0.32, a current ratio of 1.35 and a debt-to-equity ratio of 0.17. The stock has a market cap of $1.07 billion, a PE ratio of 5.93 and a beta of 2.58. Hovnanian Enterprises has a 12-month low of $65.22 and a 12-month high of $224.52. The business’s 50-day moving average price is $162.42 and its two-hundred day moving average price is $156.38.

Hovnanian Enterprises (NYSE:HOV) last announced its quarterly earnings results on Wednesday, May 22nd. The construction company reported $6.66 earnings per share (EPS) for the quarter. The company had revenue of $708.38 million for the quarter. Hovnanian Enterprises had a net margin of 8.02% and a return on equity of 54.85%. As a group, analysts expect that Hovnanian Enterprises will post 27 earnings per share for the current fiscal year.

Insider Transactions at Hovnanian Enterprises

In related news, Director Robin Stone Sellers sold 1,459 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $154.20, for a total value of $224,977.80. Following the completion of the transaction, the director now owns 22,716 shares in the company, valued at approximately $3,502,807.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Hovnanian Enterprises news, CEO Ara K. Hovnanian sold 1,123 shares of Hovnanian Enterprises stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $140.05, for a total transaction of $157,276.15. Following the transaction, the chief executive officer now directly owns 59,859 shares of the company’s stock, valued at approximately $8,383,252.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robin Stone Sellers sold 1,459 shares of the company’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $154.20, for a total value of $224,977.80. Following the completion of the sale, the director now owns 22,716 shares in the company, valued at approximately $3,502,807.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 47,816 shares of company stock worth $6,966,617. Insiders own 17.67% of the company’s stock.

Hedge Funds Weigh In On Hovnanian Enterprises

Hedge funds have recently made changes to their positions in the stock. Foundry Partners LLC bought a new position in Hovnanian Enterprises during the 1st quarter worth approximately $4,259,000. Dynamic Technology Lab Private Ltd bought a new position in Hovnanian Enterprises during the fourth quarter worth $1,460,000. Vanguard Group Inc. lifted its holdings in Hovnanian Enterprises by 4.4% in the third quarter. Vanguard Group Inc. now owns 260,791 shares of the construction company’s stock valued at $26,512,000 after buying an additional 10,967 shares during the period. Principal Financial Group Inc. boosted its position in Hovnanian Enterprises by 19.0% during the fourth quarter. Principal Financial Group Inc. now owns 2,658 shares of the construction company’s stock valued at $414,000 after acquiring an additional 425 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Hovnanian Enterprises by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 181,338 shares of the construction company’s stock worth $28,221,000 after acquiring an additional 1,433 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.