Franklin Resources Inc. Grows Position in Hovnanian Enterprises, Inc. (NYSE:HOV)

Franklin Resources Inc. grew its stake in Hovnanian Enterprises, Inc. (NYSE:HOV) by 4.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,912 shares of the construction company’s stock after buying an additional 669 shares during the period. Franklin Resources Inc. owned 0.25% of Hovnanian Enterprises worth $2,926,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in HOV. Point72 Asset Management L.P. purchased a new position in Hovnanian Enterprises in the 3rd quarter worth $687,000. Charles Schwab Investment Management Inc. raised its stake in shares of Hovnanian Enterprises by 92.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 49,967 shares of the construction company’s stock worth $10,212,000 after purchasing an additional 23,990 shares during the last quarter. Truist Financial Corp acquired a new stake in shares of Hovnanian Enterprises during the second quarter worth about $352,000. Victory Capital Management Inc. boosted its position in Hovnanian Enterprises by 88.1% in the second quarter. Victory Capital Management Inc. now owns 14,334 shares of the construction company’s stock valued at $2,034,000 after buying an additional 6,715 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in Hovnanian Enterprises in the 3rd quarter worth approximately $33,000. 65.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Hovnanian Enterprises

In related news, Director Vincent Pagano, Jr. sold 3,000 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $201.11, for a total transaction of $603,330.00. Following the sale, the director now directly owns 24,552 shares of the company’s stock, valued at approximately $4,937,652.72. This represents a 10.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Ara K. Hovnanian sold 877 shares of Hovnanian Enterprises stock in a transaction on Friday, September 27th. The shares were sold at an average price of $203.27, for a total transaction of $178,267.79. Following the completion of the transaction, the chief executive officer now directly owns 46,279 shares of the company’s stock, valued at $9,407,132.33. The trade was a 1.86 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,552 shares of company stock worth $1,299,715. 17.67% of the stock is owned by corporate insiders.

Hovnanian Enterprises Stock Performance

Shares of HOV stock opened at $136.32 on Thursday. Hovnanian Enterprises, Inc. has a 52-week low of $125.63 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 $825.42 million, a PE ratio of 4.25 and a beta of 2.62. The business has a 50-day simple moving average of $172.83 and a 200-day simple moving average of $180.68.

Wall Street Analysts Forecast Growth

Separately, Wedbush restated a “neutral” rating and set a $155.00 price objective on shares of Hovnanian Enterprises in a research note on Monday, December 16th.

Hovnanian Enterprises 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.