Los Angeles Capital Management LLC Cuts Stock Position in Hovnanian Enterprises, Inc. (NYSE:HOV)

Los Angeles Capital Management LLC cut its holdings in shares of Hovnanian Enterprises, Inc. (NYSE:HOV) by 26.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,467 shares of the construction company’s stock after selling 1,991 shares during the quarter. Los Angeles Capital Management LLC owned approximately 0.09% of Hovnanian Enterprises worth $1,117,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Meeder Asset Management Inc. boosted its stake in Hovnanian Enterprises by 2.9% in the second quarter. Meeder Asset Management Inc. now owns 2,223 shares of the construction company’s stock valued at $315,000 after acquiring an additional 63 shares during the last quarter. Koss Olinger Consulting LLC raised its holdings in shares of Hovnanian Enterprises by 3.5% in the 3rd quarter. Koss Olinger Consulting LLC now owns 3,404 shares of the construction company’s stock worth $696,000 after purchasing an additional 115 shares during the period. Range Financial Group LLC lifted its stake in Hovnanian Enterprises by 2.6% in the second quarter. Range Financial Group LLC now owns 4,595 shares of the construction company’s stock valued at $652,000 after purchasing an additional 117 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Hovnanian Enterprises by 8.1% during the second quarter. The Manufacturers Life Insurance Company now owns 1,928 shares of the construction company’s stock valued at $274,000 after purchasing an additional 145 shares during the period. Finally, Allspring Global Investments Holdings LLC purchased a new stake in Hovnanian Enterprises in the third quarter worth $33,000. 65.40% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Ara K. Hovnanian sold 644 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $194.99, for a total transaction of $125,573.56. Following the completion of the transaction, the chief executive officer now directly owns 45,635 shares in the company, valued at $8,898,368.65. The trade was a 1.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Edward A. Kangas sold 1,500 shares of the company’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $188.86, for a total transaction of $283,290.00. Following the completion of the transaction, the director now directly owns 13,290 shares in the company, 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 sold a total of 58,057 shares of company stock worth $12,824,040 in the last quarter. 17.67% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

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

Hovnanian Enterprises Stock Performance

NYSE HOV opened at $169.15 on Friday. The firm has a market cap of $1.02 billion, a P/E ratio of 5.23 and a beta of 2.60. 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 company’s 50 day moving average is $193.76 and its 200-day moving average is $178.34. Hovnanian Enterprises, Inc. has a 12-month low of $86.61 and a 12-month high of $240.34.

Hovnanian Enterprises (NYSE:HOV) last posted its earnings results on Thursday, August 22nd. The construction company reported $9.75 earnings per share (EPS) for the quarter. The firm had revenue of $722.70 million for the quarter. Hovnanian Enterprises had a return on equity of 52.22% and a net margin of 8.41%. During the same quarter in the prior year, the company earned $7.38 EPS. Sell-side analysts predict that Hovnanian Enterprises, Inc. will post 30 earnings per share for the current year.

About Hovnanian Enterprises

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.