Principal Financial Group Inc. Trims Stake in Hovnanian Enterprises, Inc. (NYSE:HOV)

Principal Financial Group Inc. lessened its holdings in shares of Hovnanian Enterprises, Inc. (NYSE:HOV) by 32.6% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 2,222 shares of the construction company’s stock after selling 1,076 shares during the quarter. Principal Financial Group Inc.’s holdings in Hovnanian Enterprises were worth $454,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of HOV. Allspring Global Investments Holdings LLC purchased a new position in Hovnanian Enterprises during the 3rd quarter valued at $33,000. Innealta Capital LLC purchased a new stake in Hovnanian Enterprises in the 2nd quarter valued at about $37,000. CWM LLC boosted its holdings in shares of Hovnanian Enterprises by 89.6% in the third quarter. CWM LLC now owns 749 shares of the construction company’s stock valued at $153,000 after purchasing an additional 354 shares during the period. International Assets Investment Management LLC bought a new position in shares of Hovnanian Enterprises during the 2nd quarter worth $156,000. Finally, Creative Planning bought a new position in Hovnanian Enterprises during the 3rd quarter worth about $202,000. Institutional investors own 65.40% of the company’s stock.

Wall Street Analyst Weigh In

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

Hovnanian Enterprises Stock Performance

Shares of HOV stock opened at $181.74 on Monday. Hovnanian Enterprises, Inc. has a 52-week low of $86.61 and a 52-week high of $240.34. 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 stock has a market cap of $1.10 billion, a PE ratio of 5.61 and a beta of 2.60. The business has a 50-day simple moving average of $190.87 and a 200-day simple moving average of $179.40.

Hovnanian Enterprises (NYSE:HOV) last announced its quarterly earnings results on Thursday, August 22nd. The construction company reported $9.75 earnings per share for the quarter. The firm had revenue of $722.70 million during 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 firm earned $7.38 EPS. On average, equities analysts expect that Hovnanian Enterprises, Inc. will post 30 EPS for the current year.

Insider Buying and Selling at Hovnanian Enterprises

In related news, Director Robin Stone Sellers sold 531 shares of the firm’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $205.75, for a total transaction of $109,253.25. Following the completion of the sale, the director now directly owns 21,033 shares in the company, valued at approximately $4,327,539.75. This trade represents a 2.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ara K. Hovnanian sold 9,124 shares of Hovnanian Enterprises stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $219.61, for a total transaction of $2,003,721.64. Following the transaction, the chief executive officer now directly owns 24,951 shares in the company, valued at $5,479,489.11. This trade represents a 26.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,057 shares of company stock worth $7,306,200. Corporate insiders own 17.67% of the company’s stock.

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.