Hovnanian Enterprises (NYSE:HOV) Stock Price Down 5.6%

Shares of Hovnanian Enterprises, Inc. (NYSE:HOV) dropped 5.6% during trading on Wednesday . The stock traded as low as $159.70 and last traded at $159.70. Approximately 8,997 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 76,072 shares. The stock had previously closed at $169.10.

Analyst Ratings Changes

Several equities analysts recently commented on HOV shares. Zelman & Associates upgraded Hovnanian Enterprises from an “underperform” rating to a “neutral” rating and set a $155.00 price objective on the stock in a research note on Thursday. StockNews.com downgraded Hovnanian Enterprises from a “buy” rating to a “hold” rating in a research note on Sunday, March 3rd. Finally, TheStreet raised Hovnanian Enterprises from a “c+” rating to a “b-” rating in a report on Friday, February 16th.

Hovnanian Enterprises Stock Performance

The company’s 50-day moving average is $151.50 and its two-hundred day moving average is $143.27. The company has a market capitalization of $863.58 million, a P/E ratio of 4.72 and a beta of 2.62. The company has a quick ratio of 0.86, a current ratio of 4.07 and a debt-to-equity ratio of 2.19.

Hovnanian Enterprises (NYSE:HOV) last announced its quarterly earnings data on Thursday, February 22nd. The construction company reported $2.75 EPS for the quarter. The firm had revenue of $594.20 million for the quarter. Hovnanian Enterprises had a return on equity of 57.78% and a net margin of 8.02%.

Insider Buying and Selling

In other news, CEO Ara K. Hovnanian sold 1,000 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $157.82, for a total transaction of $157,820.00. Following the completion of the transaction, the chief executive officer now directly owns 51,475 shares of the company’s stock, valued at $8,123,784.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 17.67% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HOV. Russell Investments Group Ltd. increased its holdings in shares of Hovnanian Enterprises by 27.4% during the fourth quarter. Russell Investments Group Ltd. now owns 791 shares of the construction company’s stock valued at $123,000 after acquiring an additional 170 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Hovnanian Enterprises by 2.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,917 shares of the construction company’s stock valued at $1,243,000 after purchasing an additional 188 shares during the last quarter. Principal Financial Group Inc. increased its stake in Hovnanian Enterprises by 11.8% during the 1st quarter. Principal Financial Group Inc. now owns 2,971 shares of the construction company’s stock valued at $466,000 after purchasing an additional 313 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Hovnanian Enterprises by 1.0% in the third quarter. Bank of New York Mellon Corp now owns 35,316 shares of the construction company’s stock worth $3,590,000 after buying an additional 351 shares during the last quarter. Finally, CWM LLC lifted its stake in shares of Hovnanian Enterprises by 3,541.7% in the first quarter. CWM LLC now owns 437 shares of the construction company’s stock worth $69,000 after buying an additional 425 shares in the last quarter. 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.