Principal Financial Group Inc. Reduces Stock Position in Hovnanian Enterprises, Inc. (NYSE:HOV)

Principal Financial Group Inc. decreased its stake in shares of Hovnanian Enterprises, Inc. (NYSE:HOV) by 32.6% during the third quarter, according to the company in its most recent disclosure with the SEC. 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 reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. American Century Companies Inc. grew its holdings in shares of Hovnanian Enterprises by 16.1% in the second quarter. American Century Companies Inc. now owns 133,933 shares of the construction company’s stock valued at $19,008,000 after purchasing an additional 18,622 shares during the period. Forager Capital Management LLC grew its stake in shares of Hovnanian Enterprises by 3.5% in the 3rd quarter. Forager Capital Management LLC now owns 117,000 shares of the construction company’s stock valued at $23,911,000 after buying an additional 4,000 shares during the period. Geode Capital Management LLC grew its stake in shares of Hovnanian Enterprises by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 111,942 shares of the construction company’s stock valued at $22,882,000 after buying an additional 322 shares during the period. Philadelphia Financial Management of San Francisco LLC acquired a new stake in shares of Hovnanian Enterprises during the 3rd quarter worth approximately $17,449,000. Finally, Brightline Capital Management LLC raised its position in shares of Hovnanian Enterprises by 68.8% during the 3rd quarter. Brightline Capital Management LLC now owns 81,000 shares of the construction company’s stock valued at $16,554,000 after buying an additional 33,000 shares during the period. Institutional investors and hedge funds own 65.40% of the company’s stock.

Insider Buying and Selling

In related 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 owns 45,635 shares in the company, valued at approximately $8,898,368.65. The trade was a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Edward A. Kangas sold 1,500 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $188.86, for a total value of $283,290.00. Following the sale, the director now directly owns 13,290 shares in the company, valued at $2,509,949.40. This trade represents a 10.14 % decrease in their position. The disclosure for this sale can be found here. Insiders own 17.67% of the company’s stock.

Hovnanian Enterprises Stock Up 1.3 %

Shares of HOV opened at $129.76 on Monday. The company’s 50-day simple moving average is $165.41 and its 200-day simple moving average is $180.07. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.27 and a current ratio of 1.45. Hovnanian Enterprises, Inc. has a 1 year low of $125.38 and a 1 year high of $240.34. The stock has a market capitalization of $785.70 million, a PE ratio of 4.04 and a beta of 2.70.

Analyst Ratings Changes

Separately, Wedbush reaffirmed a “neutral” rating and issued a $155.00 price target 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.