Hovnanian Enterprises (HOV) Lowered to Sell at MKM Partners

Hovnanian Enterprises (NYSE:HOV) was downgraded by analysts at MKM Partners from a “neutral” rating to a “sell” rating in a research report issued on Friday. They presently have a $1.75 price objective on the construction company’s stock. MKM Partners’ price objective suggests a potential downside of 41.47% from the stock’s current price.

Separately, TheStreet downgraded Hovnanian Enterprises from a “c-” rating to a “d” rating in a report on Thursday, September 7th.

Hovnanian Enterprises (NYSE:HOV) traded up $0.32 during midday trading on Friday, reaching $2.99. The company had a trading volume of 6,291,300 shares, compared to its average volume of 1,414,850. The firm has a market capitalization of $394.07, a P/E ratio of 17.80 and a beta of 1.98. Hovnanian Enterprises has a 1-year low of $1.66 and a 1-year high of $2.99. The company has a quick ratio of 0.24, a current ratio of 0.82 and a debt-to-equity ratio of -0.30.

Hovnanian Enterprises (NYSE:HOV) last issued its quarterly earnings results on Thursday, December 21st. The construction company reported $0.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.06. Hovnanian Enterprises had a negative return on equity of 7.10% and a negative net margin of 12.69%. The firm had revenue of $721.70 million during the quarter, compared to the consensus estimate of $603.90 million. During the same period last year, the business posted $0.16 EPS. The business’s revenue was down 10.4% compared to the same quarter last year.

A number of institutional investors have recently modified their holdings of the business. Stifel Financial Corp grew its holdings in Hovnanian Enterprises by 5.5% during the 2nd quarter. Stifel Financial Corp now owns 38,050 shares of the construction company’s stock worth $107,000 after acquiring an additional 1,975 shares during the period. Schwab Charles Investment Management Inc. boosted its position in shares of Hovnanian Enterprises by 0.5% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 484,512 shares of the construction company’s stock worth $1,357,000 after purchasing an additional 2,432 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Hovnanian Enterprises by 6.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 105,246 shares of the construction company’s stock worth $294,000 after purchasing an additional 5,912 shares in the last quarter. Metropolitan Life Insurance Co. NY boosted its position in shares of Hovnanian Enterprises by 12.0% during the 1st quarter. Metropolitan Life Insurance Co. NY now owns 89,415 shares of the construction company’s stock worth $203,000 after purchasing an additional 9,560 shares in the last quarter. Finally, Voya Investment Management LLC boosted its position in shares of Hovnanian Enterprises by 15.5% during the 2nd quarter. Voya Investment Management LLC now owns 71,713 shares of the construction company’s stock worth $201,000 after purchasing an additional 9,650 shares in the last quarter. Hedge funds and other institutional investors own 32.14% of the company’s stock.

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Hovnanian Enterprises Company Profile

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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