Hovnanian Enterprises (NYSE:HOV) Stock Price Up 8.9% – Time to Buy?

Hovnanian Enterprises, Inc. (NYSE:HOV) rose 8.9% during mid-day trading on Monday . The stock traded as high as $197.99 and last traded at $197.95. Approximately 24,546 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 78,958 shares. The stock had previously closed at $181.74.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of Hovnanian Enterprises from a “buy” rating to a “hold” rating in a report on Friday, August 23rd.

Hovnanian Enterprises Trading Up 8.0 %

The company has a quick ratio of 0.27, a current ratio of 1.45 and a debt-to-equity ratio of 0.20. The firm has a 50 day moving average price of $190.87 and a 200 day moving average price of $179.40. The stock has a market capitalization of $1.19 billion, a PE ratio of 6.20 and a beta of 2.60.

Hovnanian Enterprises (NYSE:HOV) last announced its quarterly earnings results on Thursday, August 22nd. The construction company reported $9.75 earnings per share (EPS) for the quarter. Hovnanian Enterprises had a return on equity of 52.22% and a net margin of 8.41%. The business had revenue of $722.70 million during the quarter. During the same quarter last year, the company posted $7.38 EPS. Equities analysts expect that Hovnanian Enterprises, Inc. will post 30 EPS for the current fiscal year.

Insider Activity at Hovnanian Enterprises

In related news, CEO Ara K. Hovnanian sold 13,552 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $215.14, for a total value of $2,915,577.28. Following the transaction, the chief executive officer now directly owns 47,279 shares of the company’s stock, valued at approximately $10,171,604.06. The trade was a 22.28 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Edward A. Kangas sold 1,500 shares of the stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $188.86, for a total transaction of $283,290.00. Following the transaction, the director now owns 13,290 shares of the company’s stock, valued at approximately $2,509,949.40. The trade was a 10.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,057 shares of company stock valued at $7,306,200 over the last ninety days. Corporate insiders own 17.67% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Hovnanian Enterprises by 6.1% during the first quarter. Vanguard Group Inc. now owns 280,435 shares of the construction company’s stock worth $44,011,000 after purchasing an additional 16,012 shares during the period. Nisa Investment Advisors LLC grew its stake in Hovnanian Enterprises by 425,175.0% during the second quarter. Nisa Investment Advisors LLC now owns 17,011 shares of the construction company’s stock valued at $2,414,000 after acquiring an additional 17,007 shares in the last quarter. Truist Financial Corp bought a new stake in Hovnanian Enterprises during the 2nd quarter worth approximately $352,000. Victory Capital Management Inc. lifted its stake in Hovnanian Enterprises by 88.1% in the 2nd quarter. Victory Capital Management Inc. now owns 14,334 shares of the construction company’s stock worth $2,034,000 after purchasing an additional 6,715 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Hovnanian Enterprises during the 3rd quarter valued at $33,000. 65.40% of the stock is currently owned by hedge funds and other institutional investors.

Hovnanian Enterprises Company Profile

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.