Hovnanian Enterprises (NYSE:HOV) Stock Price Up 8.9% – What’s Next?

Hovnanian Enterprises, Inc. (NYSE:HOV) rose 8.9% during mid-day trading on Monday . The company traded as high as $197.99 and last traded at $197.95. Approximately 24,546 shares were traded during trading, a decline of 69% from the average daily volume of 78,958 shares. The stock had previously closed at $181.74.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of Hovnanian Enterprises from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd.

Hovnanian Enterprises Trading Down 1.3 %

The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of 5.92 and a beta of 2.60. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.27 and a current ratio of 1.45. The company has a 50 day moving average price of $189.87 and a two-hundred day moving average price of $179.77.

Insider Activity

In related news, Director Edward A. Kangas sold 1,500 shares of Hovnanian Enterprises stock in a transaction that occurred on Monday, October 14th. The shares were 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. This trade represents a 10.14 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ara K. Hovnanian sold 9,124 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $219.61, for a total value of $2,003,721.64. Following the transaction, the chief executive officer now owns 24,951 shares of the company’s stock, valued at $5,479,489.11. This trade represents a 26.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,413 shares of company stock worth $7,162,517 over the last 90 days. 17.67% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Hovnanian Enterprises

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. lifted its stake in Hovnanian Enterprises by 4.7% in the third quarter. Franklin Resources Inc. now owns 14,912 shares of the construction company’s stock worth $2,926,000 after acquiring an additional 669 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in Hovnanian Enterprises in the third quarter valued at $647,000. Virtu Financial LLC acquired a new position in Hovnanian Enterprises during the third quarter worth about $347,000. Barclays PLC increased its holdings in Hovnanian Enterprises by 352.6% in the third quarter. Barclays PLC now owns 8,274 shares of the construction company’s stock valued at $1,691,000 after buying an additional 6,446 shares in the last quarter. Finally, Forager Capital Management LLC lifted its position in shares of Hovnanian Enterprises by 3.5% during the 3rd quarter. Forager Capital Management LLC now owns 117,000 shares of the construction company’s stock valued at $23,911,000 after acquiring an additional 4,000 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.