Hovnanian Enterprises (NYSE:HOV) Hits New 52-Week Low – Here’s Why

Hovnanian Enterprises, Inc. (NYSE:HOV)’s share price reached a new 52-week low on Thursday . The stock traded as low as $94.75 and last traded at $95.57, with a volume of 39558 shares trading hands. The stock had previously closed at $106.53.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on HOV. StockNews.com cut Hovnanian Enterprises from a “hold” rating to a “sell” rating in a research note on Tuesday, March 18th. Wedbush reissued a “neutral” rating and set a $155.00 price target on shares of Hovnanian Enterprises in a research report on Monday, December 16th. Finally, Zelman & Associates restated an “underperform” rating on shares of Hovnanian Enterprises in a report on Wednesday, February 12th.

Hovnanian Enterprises Trading Up 10.0 %

The company has a market capitalization of $614.88 million, a PE ratio of 3.23 and a beta of 2.85. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.52 and a quick ratio of 0.34. The company’s fifty day moving average is $116.03 and its 200-day moving average is $151.79.

Hovnanian Enterprises (NYSE:HOV) last announced its earnings results on Thursday, February 27th. The construction company reported $3.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.71 by $0.87. The business had revenue of $673.62 million for the quarter, compared to analysts’ expectations of $705.80 million. Hovnanian Enterprises had a return on equity of 43.47% and a net margin of 8.05%.

Hedge Funds Weigh In On Hovnanian Enterprises

A number of large investors have recently added to or reduced their stakes in HOV. Quantbot Technologies LP bought a new stake in shares of Hovnanian Enterprises in the 4th quarter valued at about $25,000. FMR LLC lifted its position in Hovnanian Enterprises by 20.6% during the third quarter. FMR LLC now owns 346 shares of the construction company’s stock valued at $71,000 after acquiring an additional 59 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in Hovnanian Enterprises in the fourth quarter valued at approximately $120,000. Brevan Howard Capital Management LP purchased a new position in Hovnanian Enterprises in the fourth quarter worth $204,000. Finally, B. Riley Wealth Advisors Inc. acquired a new position in shares of Hovnanian Enterprises during the third quarter worth $205,000. 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.