Hovnanian Enterprises (NYSE:HOV) Announces Earnings Results, Beats Expectations By $3.60 EPS

by · The Markets Daily

Hovnanian Enterprises (NYSE:HOV – Get Free Report) released its earnings results on Monday. The construction company reported $2.62 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.98) by $3.60, Zacks reports. Hovnanian Enterprises had a net margin of 2.14% and a return on equity of 15.33%.

Hovnanian Enterprises Stock Performance

Shares of HOV traded up $3.60 on Wednesday, reaching $126.49. The company’s stock had a trading volume of 127,256 shares, compared to its average volume of 100,423. The stock’s 50 day simple moving average is $115.32 and its two-hundred day simple moving average is $125.08. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.58 and a quick ratio of 0.40. The stock has a market capitalization of $752.62 million, a P/E ratio of 16.89 and a beta of 2.31. Hovnanian Enterprises has a 12-month low of $81.15 and a 12-month high of $162.05.

Institutional Investors Weigh In On Hovnanian Enterprises

Hedge funds and other institutional investors have recently modified their holdings of the stock. Marshall Wace LLP lifted its position in Hovnanian Enterprises by 686.3% during the fourth quarter. Marshall Wace LLP now owns 42,460 shares of the construction company’s stock valued at $4,142,000 after purchasing an additional 37,060 shares in the last quarter. Towle & Co. raised its stake in shares of Hovnanian Enterprises by 51.2% in the fourth quarter. Towle & Co. now owns 99,402 shares of the construction company’s stock worth $9,696,000 after buying an additional 33,681 shares during the period. State Street Corp lifted its position in shares of Hovnanian Enterprises by 8.6% during the 4th quarter. State Street Corp now owns 228,613 shares of the construction company’s stock valued at $22,299,000 after buying an additional 18,086 shares in the last quarter. Panagora Asset Management Inc. lifted its position in shares of Hovnanian Enterprises by 134.3% during the 4th quarter. Panagora Asset Management Inc. now owns 28,187 shares of the construction company’s stock valued at $2,749,000 after buying an additional 16,158 shares in the last quarter. Finally, Two Sigma Investments LP grew its stake in shares of Hovnanian Enterprises by 46.2% during the 3rd quarter. Two Sigma Investments LP now owns 47,574 shares of the construction company’s stock valued at $6,113,000 after acquiring an additional 15,041 shares during the period. 65.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Zacks Research raised Hovnanian Enterprises from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. Weiss Ratings reissued a “hold (c)” rating on shares of Hovnanian Enterprises in a research note on Thursday, January 22nd. Finally, Wall Street Zen downgraded shares of Hovnanian Enterprises from a “hold” rating to a “sell” rating in a research note on Saturday, December 27th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $120.00.

Check Out Our Latest Stock Report on HOV

Hovnanian Enterprises Company Profile

(Get Free Report)

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.

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