Hovnanian Enterprises (NYSE:HOV) Receives Neutral Rating from Wedbush

Hovnanian Enterprises (NYSE:HOV)‘s stock had its “neutral” rating restated by research analysts at Wedbush in a research note issued on Tuesday,RTT News reports. They currently have a $120.00 price target on the construction company’s stock. Wedbush’s target price suggests a potential upside of 33.93% from the company’s current price.

A number of other research analysts have also recently commented on the stock. Zelman & Associates reissued an “underperform” rating on shares of Hovnanian Enterprises in a research report on Wednesday, February 12th. StockNews.com cut shares of Hovnanian Enterprises from a “hold” rating to a “sell” rating in a research report on Tuesday, March 18th.

Hovnanian Enterprises Trading Down 6.8%

NYSE HOV opened at $89.60 on Tuesday. The company’s fifty day simple moving average is $100.76 and its 200-day simple moving average is $128.31. Hovnanian Enterprises has a 52 week low of $81.15 and a 52 week high of $240.34. The company has a current ratio of 1.52, a quick ratio of 0.34 and a debt-to-equity ratio of 0.14. The stock has a market cap of $530.86 million, a P/E ratio of 2.79 and a beta of 2.28.

Hovnanian Enterprises (NYSE:HOV) last posted its earnings results on Tuesday, May 20th. The construction company reported $2.43 EPS for the quarter, missing analysts’ consensus estimates of $2.45 by ($0.02). Hovnanian Enterprises had a return on equity of 43.47% and a net margin of 8.05%. The firm had revenue of $686.47 million for the quarter, compared to analyst estimates of $733.20 million. Hovnanian Enterprises’s quarterly revenue was down 3.1% compared to the same quarter last year.

Institutional Trading of Hovnanian Enterprises

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Forager Capital Management LLC increased its stake in Hovnanian Enterprises by 61.6% during the fourth quarter. Forager Capital Management LLC now owns 189,068 shares of the construction company’s stock valued at $25,301,000 after purchasing an additional 72,068 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Hovnanian Enterprises by 0.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 180,913 shares of the construction company’s stock valued at $24,210,000 after purchasing an additional 602 shares during the last quarter. D. E. Shaw & Co. Inc. increased its stake in Hovnanian Enterprises by 8.4% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 121,239 shares of the construction company’s stock valued at $16,224,000 after purchasing an additional 9,407 shares during the last quarter. GW&K Investment Management LLC increased its stake in Hovnanian Enterprises by 2.9% during the first quarter. GW&K Investment Management LLC now owns 117,739 shares of the construction company’s stock valued at $12,328,000 after purchasing an additional 3,270 shares during the last quarter. Finally, Bridgeway Capital Management LLC increased its stake in Hovnanian Enterprises by 1.7% during the fourth quarter. Bridgeway Capital Management LLC now owns 85,956 shares of the construction company’s stock valued at $11,503,000 after purchasing an additional 1,461 shares during 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.