Hovnanian Enterprises (HOV) Downgraded by ValuEngine to Strong Sell

ValuEngine lowered shares of Hovnanian Enterprises (NYSE:HOV) from a sell rating to a strong sell rating in a research report report published on Monday, February 4th.

Several other brokerages have also issued reports on HOV. JMP Securities upgraded Hovnanian Enterprises from an underperform rating to a market perform rating and set a $1.30 price target on the stock in a report on Tuesday, October 9th. Buckingham Research started coverage on Hovnanian Enterprises in a report on Friday, January 11th. They issued a neutral rating on the stock.

Shares of HOV stock traded down $0.03 on Monday, hitting $0.65. The company had a trading volume of 1,366,310 shares, compared to its average volume of 905,044. The stock has a market cap of $99.43 million, a price-to-earnings ratio of 21.67 and a beta of 1.91. Hovnanian Enterprises has a twelve month low of $0.57 and a twelve month high of $2.36.

Hovnanian Enterprises (NYSE:HOV) last issued its quarterly earnings results on Thursday, December 6th. The construction company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.10. Hovnanian Enterprises had a negative return on equity of 0.73% and a net margin of 0.23%. The company had revenue of $614.81 million during the quarter, compared to analysts’ expectations of $638.80 million. During the same quarter in the prior year, the firm posted $0.08 earnings per share. The business’s quarterly revenue was down 14.8% on a year-over-year basis. As a group, equities analysts forecast that Hovnanian Enterprises will post -0.05 earnings per share for the current year.

Institutional investors and hedge funds have recently modified their holdings of the stock. Wedbush Securities Inc. purchased a new stake in shares of Hovnanian Enterprises during the fourth quarter valued at approximately $26,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Hovnanian Enterprises in the fourth quarter worth $30,000. Acadian Asset Management LLC purchased a new stake in Hovnanian Enterprises in the fourth quarter worth $91,000. D. E. Shaw & Co. Inc. increased its position in Hovnanian Enterprises by 850.9% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 165,457 shares of the construction company’s stock worth $113,000 after buying an additional 148,057 shares during the last quarter. Finally, Rhumbline Advisers increased its position in Hovnanian Enterprises by 41.5% in the fourth quarter. Rhumbline Advisers now owns 167,611 shares of the construction company’s stock worth $115,000 after buying an additional 49,133 shares during the last quarter. 36.20% of the stock is owned by institutional investors.

About Hovnanian Enterprises

Hovnanian Enterprises, Inc designs, constructs, markets, and sells residential homes in the United States. It constructs single-family detached homes, attached townhomes and condominiums, urban infill, and active lifestyle homes. The company builds and markets homes for first-time buyers, first-time and second-time move-up buyers, luxury buyers, active lifestyle buyers, and empty nesters in 123 communities in 25 markets.

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