Hovnanian Enterprises (NYSE:HOV) Hits New 12-Month Low – Here’s What Happened

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

Analyst Upgrades and Downgrades

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

Hovnanian Enterprises Stock Performance

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 stock’s 50-day moving average is $117.55 and its 200 day moving average is $152.96. The stock has a market cap of $559.79 million, a price-to-earnings ratio of 2.94 and a beta of 2.85.

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in HOV. FMR LLC grew its holdings in shares of Hovnanian Enterprises by 20.6% in the 3rd quarter. FMR LLC now owns 346 shares of the construction company’s stock worth $71,000 after acquiring an additional 59 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Hovnanian Enterprises by 0.9% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 8,860 shares of the construction company’s stock valued at $1,186,000 after buying an additional 81 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Hovnanian Enterprises by 1.0% during the 4th quarter. Rhumbline Advisers now owns 8,850 shares of the construction company’s stock worth $1,184,000 after buying an additional 85 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Hovnanian Enterprises by 4.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,823 shares of the construction company’s stock worth $378,000 after buying an additional 117 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Hovnanian Enterprises by 7.2% in the 4th quarter. Principal Financial Group Inc. now owns 2,383 shares of the construction company’s stock worth $319,000 after buying an additional 161 shares in the last quarter. 65.40% of the stock is 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.