Hovnanian Enterprises’ (HOV) Underperform Rating Reiterated at JMP Securities

Hovnanian Enterprises, Inc. (NYSE:HOV)‘s stock had its “underperform” rating reissued by investment analysts at JMP Securities in a research note issued to investors on Friday, April 14th. They currently have a $1.30 price target on the construction company’s stock, down from their previous price target of $1.60. JMP Securities’ target price would suggest a potential downside of 44.44% from the company’s current price.

Separately, Zacks Investment Research upgraded Hovnanian Enterprises from a “sell” rating to a “hold” rating in a report on Monday, March 20th.

Hovnanian Enterprises (NYSE:HOV) last issued its quarterly earnings results on Wednesday, March 8th. The construction company reported ($0.02) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.02). The company had revenue of $552 million during the quarter, compared to the consensus estimate of $524.33 million. Hovnanian Enterprises had a negative return on equity of 8.96% and a negative net margin of 0.10%. Hovnanian Enterprises’s revenue was down 4.1% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.11) EPS.

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Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Hovnanian Enterprises by 21.4% in the first quarter. Vanguard Group Inc. now owns 5,399,420 shares of the construction company’s stock valued at $12,257,000 after buying an additional 953,607 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Hovnanian Enterprises by 91.8% in the first quarter. Renaissance Technologies LLC now owns 4,625,402 shares of the construction company’s stock valued at $10,500,000 after buying an additional 2,213,900 shares in the last quarter. Dudley & Shanley LLC increased its stake in shares of Hovnanian Enterprises by 0.3% in the third quarter. Dudley & Shanley LLC now owns 2,617,200 shares of the construction company’s stock valued at $4,423,000 after buying an additional 8,000 shares in the last quarter. State Street Corp increased its stake in shares of Hovnanian Enterprises by 4.2% in the fourth quarter. State Street Corp now owns 2,031,159 shares of the construction company’s stock valued at $5,546,000 after buying an additional 81,265 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of Hovnanian Enterprises by 227.8% in the first quarter. AQR Capital Management LLC now owns 676,022 shares of the construction company’s stock valued at $1,535,000 after buying an additional 469,768 shares in the last quarter. Hedge funds and other institutional investors own 26.33% of the company’s stock.

About Hovnanian Enterprises

Hovnanian Enterprises, Inc is a builder of residential homes. The Company designs, constructs, markets and sells single-family detached homes, attached townhomes and condominiums, urban infill and active lifestyle homes in planned residential developments. The Company has two distinct operations: homebuilding and financial services.

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