Hovnanian Enterprises (NYSE:HOV) Rating Increased to Sell at ValuEngine

Hovnanian Enterprises (NYSE:HOV) was upgraded by equities research analysts at ValuEngine from a “strong sell” rating to a “sell” rating in a report released on Thursday, ValuEngine reports.

Shares of NYSE HOV traded down $0.29 during midday trading on Thursday, hitting $5.82. The company had a trading volume of 337,908 shares, compared to its average volume of 179,171. Hovnanian Enterprises has a twelve month low of $5.52 and a twelve month high of $44.00. The firm has a 50-day simple moving average of $7.45. The firm has a market cap of $35.63 million, a price-to-earnings ratio of 7.76 and a beta of 1.79.

Hovnanian Enterprises (NYSE:HOV) last announced its quarterly earnings data on Thursday, June 6th. The construction company reported ($2.56) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.77) by ($0.79). The company had revenue of $440.69 million during the quarter. Hovnanian Enterprises had a net margin of 0.66% and a negative return on equity of 2.03%. On average, research analysts anticipate that Hovnanian Enterprises will post 0.05 earnings per share for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in HOV. D. E. Shaw & Co. Inc. raised its position in Hovnanian Enterprises by 850.9% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 165,457 shares of the construction company’s stock worth $113,000 after acquiring an additional 148,057 shares during the last quarter. Geode Capital Management LLC raised its position in Hovnanian Enterprises by 5.5% during the fourth quarter. Geode Capital Management LLC now owns 1,223,803 shares of the construction company’s stock worth $836,000 after acquiring an additional 64,190 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in Hovnanian Enterprises during the first quarter worth about $669,000. Bank of America Corp DE raised its position in Hovnanian Enterprises by 11.3% during the fourth quarter. Bank of America Corp DE now owns 513,268 shares of the construction company’s stock worth $351,000 after acquiring an additional 52,147 shares during the last quarter. Finally, California Public Employees Retirement System raised its position in Hovnanian Enterprises by 11.3% during the fourth quarter. California Public Employees Retirement System now owns 408,264 shares of the construction company’s stock worth $279,000 after acquiring an additional 41,346 shares during the last quarter. Institutional investors own 27.64% of the company’s stock.

Hovnanian Enterprises Company Profile

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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