Hovnanian Enterprises, Inc. (NYSE:HOV) shares shot up 7.3% on Thursday following a stronger than expected earnings report. The stock traded as high as $1.21 and last traded at $1.18. 1,426,324 shares were traded during mid-day trading, an increase of 5% from the average session volume of 1,364,249 shares. The stock had previously closed at $1.10.
The construction company reported $0.30 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.11. The business had revenue of $614.81 million for the quarter, compared to the consensus estimate of $638.80 million. During the same quarter last year, the business earned $0.08 EPS. Hovnanian Enterprises’s revenue for the quarter was down 14.8% compared to the same quarter last year.
Several equities research analysts have recently issued reports on HOV shares. JMP Securities upgraded shares of Hovnanian Enterprises from an “underperform” rating to a “market perform” rating and set a $1.30 target price for the company in a report on Tuesday, October 9th. ValuEngine lowered shares of Hovnanian Enterprises from a “sell” rating to a “strong sell” rating in a report on Tuesday, October 2nd.
Institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC lifted its holdings in shares of Hovnanian Enterprises by 444.7% in the 1st quarter. Millennium Management LLC now owns 501,400 shares of the construction company’s stock worth $918,000 after acquiring an additional 409,349 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Hovnanian Enterprises by 3.8% in the 3rd quarter. Vanguard Group Inc. now owns 6,508,198 shares of the construction company’s stock worth $10,414,000 after acquiring an additional 236,087 shares during the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new stake in shares of Hovnanian Enterprises in the 3rd quarter worth about $527,000. Bridgeway Capital Management Inc. lifted its holdings in shares of Hovnanian Enterprises by 65.1% in the 3rd quarter. Bridgeway Capital Management Inc. now owns 436,900 shares of the construction company’s stock worth $699,000 after acquiring an additional 172,200 shares during the last quarter. Finally, Virtu Financial LLC lifted its holdings in shares of Hovnanian Enterprises by 560.9% in the 3rd quarter. Virtu Financial LLC now owns 99,371 shares of the construction company’s stock worth $159,000 after acquiring an additional 84,336 shares during the last quarter. Hedge funds and other institutional investors own 35.98% of the company’s stock.
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About Hovnanian Enterprises (NYSE:HOV)
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 markets its build homes for first-time buyers, first-time and second-time move-up buyers, luxury buyers, active lifestyle buyers, and empty nesters in 130 communities in 24 markets.
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