Hovnanian Enterprises (HOV) Upgraded to “Sell” by ValuEngine

Hovnanian Enterprises (NYSE:HOV) was upgraded by equities researchers at ValuEngine from a “strong sell” rating to a “sell” rating in a research note issued to investors on Friday.

Separately, JMP Securities raised 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.

Hovnanian Enterprises stock traded down $0.01 during trading hours on Friday, hitting $1.17. The stock had a trading volume of 1,277,295 shares, compared to its average volume of 1,363,886. Hovnanian Enterprises has a fifty-two week low of $1.09 and a fifty-two week high of $3.41.

Hovnanian Enterprises (NYSE:HOV) last posted its quarterly earnings results on Thursday, December 6th. The construction company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.19 by $0.10. The firm had revenue of $614.81 million during the quarter, compared to analyst estimates of $638.80 million. The company’s revenue was down 14.8% on a year-over-year basis. During the same period last year, the company earned $0.08 EPS.

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised 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 buying an additional 236,087 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Hovnanian Enterprises by 0.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,895,184 shares of the construction company’s stock worth $9,432,000 after buying an additional 50,138 shares in the last quarter. Millennium Management LLC raised 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 buying an additional 409,349 shares in the last quarter. Bridgeway Capital Management Inc. raised 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 buying an additional 172,200 shares in the last quarter. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new position in shares of Hovnanian Enterprises in the 3rd quarter worth approximately $527,000. 35.98% of the stock is owned by institutional investors and hedge funds.

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 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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