Hovnanian Enterprises Inc (NYSE:HOV) shot up 1.8% on Wednesday . The stock traded as high as $2.25 and last traded at $2.28. 968,825 shares were traded during mid-day trading, a decline of 37% from the average session volume of 1,548,430 shares. The stock had previously closed at $2.24.
Several brokerages recently weighed in on HOV. TheStreet cut Hovnanian Enterprises from a “c-” rating to a “d” rating in a research note on Thursday, September 7th. MKM Partners reaffirmed a “neutral” rating on shares of Hovnanian Enterprises in a research note on Tuesday, September 5th. Finally, BidaskClub cut Hovnanian Enterprises from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 5th.
Hovnanian Enterprises (NYSE:HOV) last issued its earnings results on Thursday, September 7th. The construction company reported ($2.28) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.01) by ($2.27). The firm had revenue of $592.00 million for the quarter, compared to the consensus estimate of $584.50 million. Hovnanian Enterprises had a negative net margin of 12.69% and a negative return on equity of 7.10%. The firm’s revenue was down 17.4% on a year-over-year basis.
A number of hedge funds and other institutional investors have recently modified their holdings of HOV. Renaissance Technologies LLC raised its position in Hovnanian Enterprises by 91.8% during the 1st quarter. Renaissance Technologies LLC now owns 4,625,402 shares of the construction company’s stock valued at $10,500,000 after purchasing an additional 2,213,900 shares in the last quarter. Vanguard Group Inc. raised its position in Hovnanian Enterprises by 21.4% during the 1st quarter. Vanguard Group Inc. now owns 5,399,420 shares of the construction company’s stock valued at $12,257,000 after purchasing an additional 953,607 shares in the last quarter. Mckinley Capital Management LLC Delaware bought a new stake in Hovnanian Enterprises during the 2nd quarter valued at $1,624,000. TIAA CREF Investment Management LLC raised its position in Hovnanian Enterprises by 92.2% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 1,087,768 shares of the construction company’s stock valued at $3,046,000 after purchasing an additional 521,737 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in Hovnanian Enterprises by 227.8% during the 1st quarter. AQR Capital Management LLC now owns 676,022 shares of the construction company’s stock valued at $1,535,000 after purchasing an additional 469,768 shares in the last quarter. 30.99% of the stock is owned by institutional investors and hedge funds.
Hovnanian Enterprises Company Profile
Hovnanian Enterprises, Inc is a builder of residential homes. The Company designs, constructs, markets and sells single-family detached homes, attached townhomes and condominiums, urban infill and active lifestyle homes in planned residential developments. The Company has two distinct operations: homebuilding and financial services.
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