Hovnanian Enterprises (NYSE:HOV) Hits New 12-Month Low – Here’s Why

Hovnanian Enterprises, Inc. (NYSE:HOV) shares hit a new 52-week low during mid-day trading on Friday . The company traded as low as $125.38 and last traded at $128.04, with a volume of 91754 shares changing hands. The stock had previously closed at $133.82.

Analysts Set New Price Targets

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

Hovnanian Enterprises Trading Up 1.3 %

The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.27 and a current ratio of 1.45. The stock has a market capitalization of $785.70 million, a PE ratio of 4.04 and a beta of 2.70. The company has a 50 day moving average of $165.41 and a two-hundred day moving average of $179.82.

Insider Buying and Selling

In other news, CEO Ara K. Hovnanian sold 644 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $194.99, for a total value of $125,573.56. Following the completion of the sale, the chief executive officer now owns 45,635 shares of the company’s stock, valued at $8,898,368.65. This represents a 1.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Edward A. Kangas sold 1,500 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $188.86, for a total value of $283,290.00. Following the completion of the transaction, the director now owns 13,290 shares of the company’s stock, valued at $2,509,949.40. The trade was a 10.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.67% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Hovnanian Enterprises

A number of institutional investors and hedge funds have recently made changes to their positions in HOV. Allspring Global Investments Holdings LLC acquired a new position in Hovnanian Enterprises in the 3rd quarter valued at about $33,000. FMR LLC increased its holdings in shares of Hovnanian Enterprises by 20.6% in the 3rd quarter. FMR LLC now owns 346 shares of the construction company’s stock valued at $71,000 after acquiring an additional 59 shares during the last quarter. CWM LLC raised its position in shares of Hovnanian Enterprises by 89.6% during the 3rd quarter. CWM LLC now owns 749 shares of the construction company’s stock worth $153,000 after acquiring an additional 354 shares in the last quarter. Creative Planning purchased a new stake in shares of Hovnanian Enterprises during the 3rd quarter worth approximately $202,000. Finally, B. Riley Wealth Advisors Inc. acquired a new stake in Hovnanian Enterprises during the 3rd quarter worth $205,000. 65.40% of the stock is owned by hedge funds and other institutional investors.

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.