Hovnanian Enterprises (NYSE:HOV) Posts Earnings Results

Hovnanian Enterprises (NYSE:HOV) posted its earnings results on Thursday. The construction company reported $9.75 earnings per share for the quarter, Zacks reports. Hovnanian Enterprises had a net margin of 8.02% and a return on equity of 54.85%. The firm had revenue of $722.70 million for the quarter. During the same quarter last year, the firm earned $7.38 earnings per share. Hovnanian Enterprises updated its FY 2024 guidance to 29.000-31.000 EPS.

Hovnanian Enterprises Trading Up 14.8 %

Shares of NYSE HOV opened at $238.36 on Friday. Hovnanian Enterprises has a fifty-two week low of $65.22 and a fifty-two week high of $240.34. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.32 and a current ratio of 1.35. The company has a market cap of $1.43 billion, a price-to-earnings ratio of 7.95 and a beta of 2.58. The business’s 50 day moving average price is $169.70 and its 200-day moving average price is $157.95.

Insider Buying and Selling

In other Hovnanian Enterprises news, CEO Ara K. Hovnanian sold 4,548 shares of the stock in a transaction on Monday, June 24th. The stock was sold at an average price of $146.66, for a total value of $667,009.68. Following the sale, the chief executive officer now owns 60,982 shares in the company, valued at $8,943,620.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Hovnanian Enterprises news, CEO Ara K. Hovnanian sold 4,548 shares of the business’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $146.66, for a total value of $667,009.68. Following the completion of the sale, the chief executive officer now directly owns 60,982 shares of the company’s stock, valued at approximately $8,943,620.12. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Robin Stone Sellers sold 1,459 shares of the company’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $154.20, for a total transaction of $224,977.80. Following the completion of the transaction, the director now owns 22,716 shares in the company, valued at $3,502,807.20. The disclosure for this sale can be found here. In the last three months, insiders sold 47,816 shares of company stock valued at $6,966,617. Insiders own 17.67% of the company’s stock.

Analyst Upgrades and Downgrades

HOV has been the subject of a number of recent research reports. Zelman & Associates upgraded Hovnanian Enterprises from an “underperform” rating to a “neutral” rating and set a $155.00 target price for the company in a report on Thursday, May 23rd. StockNews.com lowered shares of Hovnanian Enterprises from a “buy” rating to a “hold” rating in a research note on Tuesday, August 13th.

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.