Hovnanian Enterprises (NYSE:HOV) Trading Down 4.7% – Here’s Why

Hovnanian Enterprises, Inc. (NYSE:HOV) traded down 4.7% during mid-day trading on Wednesday . The stock traded as low as $186.50 and last traded at $187.55. 19,902 shares were traded during mid-day trading, a decline of 75% from the average session volume of 78,732 shares. The stock had previously closed at $196.74.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered shares of Hovnanian Enterprises from a “buy” rating to a “hold” rating in a report on Friday, August 23rd.

Hovnanian Enterprises Stock Down 3.4 %

The company’s fifty day simple moving average is $187.28 and its 200-day simple moving average is $180.46. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.45 and a quick ratio of 0.27. The firm has a market capitalization of $1.15 billion, a PE ratio of 6.08 and a beta of 2.62.

Insider Transactions at Hovnanian Enterprises

In related news, CEO Ara K. Hovnanian sold 13,552 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $215.14, for a total transaction of $2,915,577.28. Following the completion of the transaction, the chief executive officer now directly owns 47,279 shares in the company, valued at $10,171,604.06. The trade was a 22.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director J Larry Sorsby sold 4,062 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $225.61, for a total transaction of $916,427.82. Following the transaction, the director now owns 127,982 shares of the company’s stock, valued at $28,874,019.02. This represents a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,289 shares of company stock worth $5,158,796. Company insiders own 17.67% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of HOV. Philadelphia Financial Management of San Francisco LLC acquired a new position in shares of Hovnanian Enterprises in the third quarter worth about $17,449,000. Brightline Capital Management LLC raised its position in shares of Hovnanian Enterprises by 68.8% in the third quarter. Brightline Capital Management LLC now owns 81,000 shares of the construction company’s stock worth $16,554,000 after acquiring an additional 33,000 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Hovnanian Enterprises by 92.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 49,967 shares of the construction company’s stock worth $10,212,000 after acquiring an additional 23,990 shares during the period. Bank of Montreal Can raised its position in shares of Hovnanian Enterprises by 72.3% in the second quarter. Bank of Montreal Can now owns 45,363 shares of the construction company’s stock worth $6,438,000 after acquiring an additional 19,031 shares during the period. Finally, American Century Companies Inc. raised its position 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 worth $19,008,000 after acquiring an additional 18,622 shares during the period. Institutional investors and hedge funds own 65.40% of the company’s stock.

About Hovnanian Enterprises

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.