Hovnanian Enterprises (NYSE:HOV) Issues Quarterly Earnings Results, Misses Expectations By $1.14 EPS

Hovnanian Enterprises (NYSE:HOV) posted its quarterly earnings data on Thursday. The construction company reported ($0.51) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.63 by ($1.14), Briefing.com reports. Hovnanian Enterprises had a return on equity of 23.31% and a net margin of 5.06%.The company’s revenue for the quarter was down 16.5% compared to the same quarter last year.

Hovnanian Enterprises Stock Performance

HOV traded down $25.36 during midday trading on Thursday, reaching $108.62. The company had a trading volume of 146,425 shares, compared to its average volume of 109,329. The business has a 50-day moving average price of $125.07 and a two-hundred day moving average price of $122.47. Hovnanian Enterprises has a 12-month low of $81.15 and a 12-month high of $202.00. The stock has a market cap of $639.77 million, a PE ratio of 5.17 and a beta of 2.10. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.36 and a current ratio of 1.62.

Analyst Ratings Changes

HOV has been the subject of a number of recent analyst reports. Zacks Research upgraded shares of Hovnanian Enterprises from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. Weiss Ratings restated a “hold (c)” rating on shares of Hovnanian Enterprises in a report on Wednesday, October 8th. Wedbush reaffirmed a “neutral” rating and issued a $120.00 target price on shares of Hovnanian Enterprises in a research report on Wednesday, August 27th. Finally, Wall Street Zen raised shares of Hovnanian Enterprises from a “sell” rating to a “hold” rating in a report on Sunday, September 7th. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Hovnanian Enterprises presently has a consensus rating of “Reduce” and a consensus price target of $120.00.

Institutional Trading of Hovnanian Enterprises

Hedge funds have recently bought and sold shares of the company. Jane Street Group LLC lifted its holdings in Hovnanian Enterprises by 7.1% in the 2nd quarter. Jane Street Group LLC now owns 9,755 shares of the construction company’s stock worth $1,020,000 after buying an additional 649 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Hovnanian Enterprises by 1.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 9,283 shares of the construction company’s stock valued at $1,193,000 after buying an additional 144 shares during the period. Franklin Resources Inc. grew its position in Hovnanian Enterprises by 1.9% during the third quarter. Franklin Resources Inc. now owns 9,547 shares of the construction company’s stock valued at $1,227,000 after buying an additional 179 shares during the period. Russell Investments Group Ltd. lifted its position in shares of Hovnanian Enterprises by 390.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 11,881 shares of the construction company’s stock valued at $1,527,000 after buying an additional 9,459 shares in the last quarter. Finally, First Trust Advisors LP purchased a new stake in Hovnanian Enterprises in the 3rd quarter worth $1,825,000. 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.