Hovnanian Enterprises, Inc. (NYSE:HOV) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Monday.
According to Zacks, “Hovnanian Enterprises, Inc. is one of the nation’s largest homebuilders. The Company’s homes are marketed and sold under the trade names K. Hovnanian Homes, Matzel & Mumford, Brighton Homes, Parkwood Builders, Town & Country Homes, Oster Homes and CraftBuilt Homes. The Company has operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Kentucky, Maryland, Minnesota, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia. As the developer of K. Hovnanian’s Four Seasons communities, the Company is also one of the nation’s largest builders of active adult homes. “
Separately, JMP Securities downgraded Hovnanian Enterprises from a “market perform” rating to an “underperform” rating and set a $1.60 price target for the company. in a research note on Thursday, January 12th.
Hovnanian Enterprises (NYSE:HOV) traded down 1.27% during trading on Monday, hitting $2.33. The stock had a trading volume of 850,826 shares. Hovnanian Enterprises has a 52 week low of $1.41 and a 52 week high of $2.96. The company’s 50-day moving average is $2.33 and its 200 day moving average is $2.10. The firm has a market cap of $343.35 million, a PE ratio of 26.18 and a beta of 2.02.
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Hedge funds and other institutional investors have recently modified their holdings of the stock. Numeric Investors LLC bought a new position in shares of Hovnanian Enterprises during the fourth quarter worth $1,125,000. Dudley & Shanley LLC increased its position in shares of Hovnanian Enterprises by 0.3% in the third quarter. Dudley & Shanley LLC now owns 2,617,200 shares of the company’s stock worth $4,423,000 after buying an additional 8,000 shares during the last quarter. Lucas Capital Management increased its position in shares of Hovnanian Enterprises by 54.2% in the third quarter. Lucas Capital Management now owns 213,429 shares of the company’s stock worth $361,000 after buying an additional 74,982 shares during the last quarter. Oxford Asset Management bought a new position in shares of Hovnanian Enterprises during the fourth quarter worth $214,000. Finally, State Street Corp increased its position in shares of Hovnanian Enterprises by 4.2% in the fourth quarter. State Street Corp now owns 2,031,159 shares of the company’s stock worth $5,546,000 after buying an additional 81,265 shares during the last quarter. 26.33% of the stock is currently owned by institutional investors and hedge funds.
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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