Hovnanian Enterprises (NYSE:HOV) Stock Price Up 11% – Still a Buy?

Hovnanian Enterprises Inc (NYSE:HOV) shares traded up 11% on Friday . The stock traded as high as $115.22 and last traded at $116.1790. 37,587 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 104,746 shares. The stock had previously closed at $104.71.

Wall Street Analyst Weigh In

HOV has been the topic of a number of research analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Hovnanian Enterprises in a report on Thursday, January 22nd. Wall Street Zen upgraded shares of Hovnanian Enterprises from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Finally, Citizens Jmp initiated coverage on shares of Hovnanian Enterprises in a report on Thursday, April 9th. They issued a “market underperform” rating and a $74.00 price target on the stock. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $97.00.

Hovnanian Enterprises Trading Up 10.9%

The stock’s fifty day moving average price is $115.58 and its 200 day moving average price is $116.73. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.50 and a quick ratio of 0.43. The stock has a market capitalization of $689.63 million, a P/E ratio of 17.78 and a beta of 2.08.

Hovnanian Enterprises (NYSE:HOV) last posted its quarterly earnings results on Wednesday, February 25th. The construction company reported $2.62 EPS for the quarter, topping analysts’ consensus estimates of ($0.98) by $3.60. The firm had revenue of $631.95 million for the quarter, compared to analysts’ expectations of $628.50 million. Hovnanian Enterprises had a net margin of 1.92% and a return on equity of 14.14%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HOV. State of Alaska Department of Revenue bought a new position in Hovnanian Enterprises during the 3rd quarter worth about $35,000. Osaic Holdings Inc. grew its holdings in Hovnanian Enterprises by 72.1% during the 2nd quarter. Osaic Holdings Inc. now owns 432 shares of the construction company’s stock worth $45,000 after acquiring an additional 181 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in Hovnanian Enterprises by 614.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 557 shares of the construction company’s stock worth $58,000 after acquiring an additional 479 shares in the last quarter. International Assets Investment Management LLC bought a new position in Hovnanian Enterprises during the 4th quarter worth about $117,000. Finally, Harbor Capital Advisors Inc. grew its holdings in Hovnanian Enterprises by 38.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 1,369 shares of the construction company’s stock worth $134,000 after acquiring an additional 378 shares in the last quarter. 65.40% of the stock is currently owned by institutional investors.

About Hovnanian Enterprises

Hovnanian Enterprises, Inc is a publicly traded homebuilding company primarily engaged in the acquisition, development and construction of residential properties. Headquartered in Red Bank, New Jersey, the company operates through a network of regional homebuilding divisions that design and deliver a range of housing solutions, including single-family detached homes, townhomes and condominiums. Hovnanian combines land development, architectural design and construction services with in-house mortgage and insurance offerings to provide a comprehensive homebuying experience.

The company markets its communities under several branded product lines tailored to different buyer segments and price points.