Acadian Asset Management LLC Cuts Stake in Hovnanian Enterprises, Inc. (NYSE:HOV)

Acadian Asset Management LLC cut its stake in Hovnanian Enterprises, Inc. (NYSE:HOV) by 22.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 47,503 shares of the construction company’s stock after selling 13,828 shares during the quarter. Acadian Asset Management LLC’s holdings in Hovnanian Enterprises were worth $6,740,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Range Financial Group LLC raised its holdings in shares of Hovnanian Enterprises by 2.6% during the second quarter. Range Financial Group LLC now owns 4,595 shares of the construction company’s stock valued at $652,000 after acquiring an additional 117 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Hovnanian Enterprises by 27.4% in the fourth quarter. Russell Investments Group Ltd. now owns 791 shares of the construction company’s stock worth $123,000 after acquiring an additional 170 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Hovnanian Enterprises by 2.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,917 shares of the construction company’s stock worth $1,243,000 after purchasing an additional 188 shares in the last quarter. Innealta Capital LLC acquired a new position in Hovnanian Enterprises in the 2nd quarter valued at $37,000. Finally, Principal Financial Group Inc. raised its stake in Hovnanian Enterprises by 11.8% in the 1st quarter. Principal Financial Group Inc. now owns 2,971 shares of the construction company’s stock valued at $466,000 after purchasing an additional 313 shares during the last quarter. 65.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Zelman & Associates raised shares of Hovnanian Enterprises from an “underperform” rating to a “neutral” rating and set a $155.00 target price for the company in a report on Thursday, May 23rd. StockNews.com lowered shares of Hovnanian Enterprises from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd.

Insider Buying and Selling

In other news, CEO Ara K. Hovnanian sold 24,686 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $141.04, for a total value of $3,481,713.44. Following the completion of the sale, the chief executive officer now owns 32,890 shares of the company’s stock, valued at approximately $4,638,805.60. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Ara K. Hovnanian sold 4,548 shares of the business’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $146.66, for a total value of $667,009.68. Following the sale, the chief executive officer now directly owns 60,982 shares in the company, valued at approximately $8,943,620.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ara K. Hovnanian sold 24,686 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $141.04, for a total transaction of $3,481,713.44. Following the completion of the transaction, the chief executive officer now directly owns 32,890 shares in the company, valued at approximately $4,638,805.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 78,125 shares of company stock worth $14,117,444. Insiders own 17.67% of the company’s stock.

Hovnanian Enterprises Price Performance

NYSE:HOV opened at $193.73 on Thursday. Hovnanian Enterprises, Inc. has a one year low of $65.22 and a one year high of $240.34. The stock has a market cap of $1.16 billion, a PE ratio of 6.46 and a beta of 2.64. 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 50 day moving average price of $189.36 and a 200 day moving average price of $163.19.

Hovnanian Enterprises (NYSE:HOV) last issued its earnings results on Thursday, August 22nd. The construction company reported $9.75 earnings per share (EPS) for the quarter. Hovnanian Enterprises had a return on equity of 52.22% and a net margin of 8.41%. The business had revenue of $722.70 million during the quarter. During the same period last year, the business earned $7.38 earnings per share. Equities research analysts expect that Hovnanian Enterprises, Inc. will post 30 EPS for the current fiscal year.

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.