VIRGINIA RETIREMENT SYSTEMS ET Al Makes New $1.23 Million Investment in Hovnanian Enterprises Inc $HOV

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Hovnanian Enterprises Inc (NYSE:HOV) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 8,600 shares of the construction company’s stock, valued at approximately $1,225,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.15% of Hovnanian Enterprises as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in HOV. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Hovnanian Enterprises by 5.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,979 shares of the construction company’s stock worth $312,000 after buying an additional 156 shares during the period. Jane Street Group LLC increased its position in shares of Hovnanian Enterprises by 436.3% in the first quarter. Jane Street Group LLC now owns 9,106 shares of the construction company’s stock valued at $953,000 after acquiring an additional 7,408 shares during the period. Cetera Investment Advisers purchased a new position in shares of Hovnanian Enterprises in the second quarter valued at about $506,000. Legal & General Group Plc raised its stake in shares of Hovnanian Enterprises by 6.9% during the second quarter. Legal & General Group Plc now owns 5,239 shares of the construction company’s stock valued at $548,000 after acquiring an additional 337 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its stake in shares of Hovnanian Enterprises by 26.1% during the second quarter. Russell Investments Group Ltd. now owns 2,422 shares of the construction company’s stock valued at $253,000 after acquiring an additional 502 shares during the last quarter. Hedge funds and other institutional investors own 65.40% of the company’s stock.

Hovnanian Enterprises Price Performance

Shares of HOV stock opened at $116.20 on Friday. The business’s fifty day moving average is $128.19 and its 200 day moving average is $119.49. The company has a quick ratio of 0.36, a current ratio of 1.46 and a debt-to-equity ratio of 0.05. The stock has a market cap of $692.55 million, a price-to-earnings ratio of 122.32 and a beta of 1.83. Hovnanian Enterprises Inc has a twelve month low of $91.52 and a twelve month high of $162.05.

Hovnanian Enterprises (NYSE:HOV) last announced its earnings results on Thursday, August 20th. The construction company reported ($0.70) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.14). Hovnanian Enterprises had a net margin of 0.64% and a return on equity of 8.64%. The business had revenue of $705.75 million for the quarter, compared to the consensus estimate of $723.50 million. During the same quarter last year, the firm posted $1.99 EPS.

Wall Street Analysts Forecast Growth

HOV has been the topic of several recent analyst reports. Weiss Ratings cut Hovnanian Enterprises from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, August 31st. Citigroup reiterated a “market underperform” rating on shares of Hovnanian Enterprises in a research report on Friday, August 21st. Two research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $74.00.

Insider Transactions at Hovnanian Enterprises

In related news, CEO Ara K. Hovnanian sold 12,880 shares of Hovnanian Enterprises stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $125.78, for a total transaction of $1,620,046.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director J Larry Sorsby sold 1,032 shares of the business’s stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $142.57, for a total transaction of $147,132.24. Following the sale, the director directly owned 187,416 shares in the company, valued at $26,719,899.12. The trade was a 0.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 22.67% of the company’s stock.

About Hovnanian Enterprises

Hovnanian Enterprises, Inc is a publicly traded homebuilding company primarily engaged in the acquisition, development and construction of residential properties. Headquartered in Red Bank, New Jersey, the company operates through a network of regional homebuilding divisions that design and deliver a range of housing solutions, including single-family detached homes, townhomes and condominiums. Hovnanian combines land development, architectural design and construction services with in-house mortgage and insurance offerings to provide a comprehensive homebuying experience.

The company markets its communities under several branded product lines tailored to different buyer segments and price points.