Hovnanian Enterprises (NYSE:HOV) Shares Down 5.1% – Here’s Why

Hovnanian Enterprises, Inc. (NYSE:HOV) shares dropped 5.1% during mid-day trading on Thursday . The company traded as low as $126.52 and last traded at $127.03. Approximately 46,480 shares traded hands during trading, a decline of 43% from the average daily volume of 81,266 shares. The stock had previously closed at $133.82.

Wall Street Analysts Forecast Growth

Separately, Wedbush reissued a “neutral” rating and issued a $155.00 target price on shares of Hovnanian Enterprises in a report on Monday, December 16th.

Hovnanian Enterprises Stock Performance

The company has a market capitalization of $785.70 million, a P/E ratio of 4.04 and a beta of 2.70. The business has a 50 day moving average of $165.41 and a 200 day moving average of $179.58. The company has a quick ratio of 0.27, a current ratio of 1.45 and a debt-to-equity ratio of 0.20.

Insider Activity

In other Hovnanian Enterprises news, CEO Ara K. Hovnanian sold 644 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $194.99, for a total transaction of $125,573.56. Following the completion of the transaction, the chief executive officer now owns 45,635 shares in the company, valued at $8,898,368.65. The trade was a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Edward A. Kangas sold 1,500 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $188.86, for a total value of $283,290.00. Following the completion of the sale, the director now owns 13,290 shares in the company, valued at approximately $2,509,949.40. The trade was a 10.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 17.67% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of HOV. Philadelphia Financial Management of San Francisco LLC acquired a new position in shares of Hovnanian Enterprises during the third quarter worth $17,449,000. Brightline Capital Management LLC boosted its holdings in Hovnanian Enterprises by 68.8% in the third quarter. Brightline Capital Management LLC now owns 81,000 shares of the construction company’s stock worth $16,554,000 after acquiring an additional 33,000 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Hovnanian Enterprises by 92.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 49,967 shares of the construction company’s stock worth $10,212,000 after acquiring an additional 23,990 shares during the last quarter. Bank of Montreal Can increased its holdings in shares of Hovnanian Enterprises by 72.3% during the second quarter. Bank of Montreal Can now owns 45,363 shares of the construction company’s stock valued at $6,438,000 after acquiring an additional 19,031 shares in the last quarter. Finally, American Century Companies Inc. raised its position in shares of Hovnanian Enterprises by 16.1% in the 2nd quarter. American Century Companies Inc. now owns 133,933 shares of the construction company’s stock valued at $19,008,000 after purchasing an additional 18,622 shares during the last quarter. 65.40% of the stock is currently owned by hedge funds and other institutional investors.

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.