Hovnanian Enterprises, Inc. (NYSE:HOV) Sees Large Decline in Short Interest

Hovnanian Enterprises, Inc. (NYSE:HOV) was the recipient of a large decrease in short interest in September. As of September 15th, there was short interest totalling 694,500 shares, a decrease of 9.5% from the August 15th total of 767,100 shares. Based on an average daily volume of 239,600 shares, the short-interest ratio is presently 2.9 days. Approximately 15.4% of the company’s stock are short sold.

NYSE HOV traded up $0.83 during trading hours on Monday, hitting $19.25. The company had a trading volume of 167,500 shares, compared to its average volume of 149,671. Hovnanian Enterprises has a fifty-two week low of $5.15 and a fifty-two week high of $41.25. The company has a market capitalization of $114.40 million, a price-to-earnings ratio of 25.67 and a beta of 1.62. The firm’s 50 day moving average is $10.59 and its 200 day moving average is $9.67.

Hovnanian Enterprises (NYSE:HOV) last announced its quarterly earnings results on Thursday, September 5th. The construction company reported ($1.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($1.21). Hovnanian Enterprises had a net margin of 0.31% and a negative return on equity of 0.96%. The company had revenue of $482.04 million during the quarter. As a group, equities analysts predict that Hovnanian Enterprises will post -2.54 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD acquired a new stake in Hovnanian Enterprises in the 2nd quarter valued at $95,000. Jane Street Group LLC acquired a new stake in Hovnanian Enterprises in the 2nd quarter valued at $86,000. Paloma Partners Management Co acquired a new stake in Hovnanian Enterprises in the 2nd quarter valued at $164,000. Vanguard Group Inc. increased its holdings in Hovnanian Enterprises by 28.5% in the 2nd quarter. Vanguard Group Inc. now owns 205,546 shares of the construction company’s stock valued at $1,562,000 after purchasing an additional 45,539 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Hovnanian Enterprises by 1,654.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 55,917 shares of the construction company’s stock valued at $403,000 after purchasing an additional 52,730 shares in the last quarter. Hedge funds and other institutional investors own 24.49% of the company’s stock.

Several analysts recently issued reports on the company. ValuEngine upgraded Hovnanian Enterprises from a “hold” rating to a “buy” rating in a report on Wednesday, September 4th. Zacks Investment Research downgraded Hovnanian Enterprises from a “buy” rating to a “hold” rating in a report on Tuesday, September 3rd.

About Hovnanian Enterprises

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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