Hovnanian Enterprises (NYSE:HOV) Hits New 1-Year Low – Time to Sell?

Shares of Hovnanian Enterprises, Inc. (NYSE:HOV) reached a new 52-week low during trading on Thursday . The company traded as low as $120.51 and last traded at $123.86, with a volume of 68034 shares. The stock had previously closed at $125.91.

Analysts Set New Price Targets

Separately, Wedbush reaffirmed a “neutral” rating and set a $155.00 price target on shares of Hovnanian Enterprises in a report on Monday, December 16th.

Hovnanian Enterprises Price Performance

The company has a current ratio of 1.45, a quick ratio of 0.27 and a debt-to-equity ratio of 0.20. The firm has a market cap of $749.97 million, a P/E ratio of 3.86 and a beta of 2.70. The business has a 50-day moving average of $162.29 and a two-hundred day moving average of $179.47.

Insider Activity

In other news, Director Edward A. Kangas sold 1,500 shares of the stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $188.86, for a total value of $283,290.00. Following the completion of the sale, the director now owns 13,290 shares of the company’s stock, valued at approximately $2,509,949.40. This represents a 10.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ara K. Hovnanian sold 644 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $194.99, for a total transaction of $125,573.56. Following the sale, the chief executive officer now directly owns 45,635 shares of the company’s stock, valued at $8,898,368.65. This represents a 1.39 % decrease in their position. The disclosure for this sale can be found here. 17.67% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in HOV. Philadelphia Financial Management of San Francisco LLC bought a new stake in shares of Hovnanian Enterprises during the 3rd quarter valued at about $17,449,000. Brightline Capital Management LLC lifted its position in shares of Hovnanian Enterprises by 68.8% during the 3rd quarter. Brightline Capital Management LLC now owns 81,000 shares of the construction company’s stock valued at $16,554,000 after acquiring an additional 33,000 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Hovnanian Enterprises by 92.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 49,967 shares of the construction company’s stock valued at $10,212,000 after buying an additional 23,990 shares during the period. Bank of Montreal Can grew its stake in shares of Hovnanian Enterprises by 72.3% in the 2nd quarter. Bank of Montreal Can now owns 45,363 shares of the construction company’s stock valued at $6,438,000 after buying an additional 19,031 shares during the period. Finally, American Century Companies Inc. increased its holdings in shares of Hovnanian Enterprises by 16.1% during the second quarter. American Century Companies Inc. now owns 133,933 shares of the construction company’s stock valued at $19,008,000 after acquiring an additional 18,622 shares in the last quarter. 65.40% of the stock is owned by institutional investors.

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.