Hovnanian Enterprises (HOV) Hits New 1-Year Low at $1.30

Hovnanian Enterprises, Inc. (NYSE:HOV)’s share price reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $1.30 and last traded at $1.37, with a volume of 24191 shares changing hands. The stock had previously closed at $1.38.

A number of research firms recently issued reports on HOV. ValuEngine cut Hovnanian Enterprises from a “hold” rating to a “sell” rating in a report on Tuesday, July 24th. JMP Securities upgraded Hovnanian Enterprises from an “underperform” rating to a “market perform” rating and set a $1.30 price objective for the company in a report on Tuesday, October 9th.

Hovnanian Enterprises (NYSE:HOV) last posted its quarterly earnings data on Monday, September 10th. The construction company reported ($0.01) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.04) by $0.03. The business had revenue of $456.70 million for the quarter, compared to analysts’ expectations of $504.30 million. During the same quarter in the previous year, the firm earned ($2.28) EPS. Hovnanian Enterprises’s revenue was down 22.9% compared to the same quarter last year.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Lucas Capital Management purchased a new position in Hovnanian Enterprises during the 2nd quarter valued at $341,000. California Public Employees Retirement System boosted its holdings in Hovnanian Enterprises by 33.5% during the 1st quarter. California Public Employees Retirement System now owns 272,776 shares of the construction company’s stock valued at $499,000 after acquiring an additional 68,476 shares during the period. Millennium Management LLC boosted its holdings in Hovnanian Enterprises by 444.7% during the 1st quarter. Millennium Management LLC now owns 501,400 shares of the construction company’s stock valued at $918,000 after acquiring an additional 409,349 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Hovnanian Enterprises by 86.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,561,077 shares of the construction company’s stock worth $4,687,000 after buying an additional 1,184,904 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Hovnanian Enterprises by 0.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,895,184 shares of the construction company’s stock worth $9,432,000 after buying an additional 50,138 shares during the period. Institutional investors own 36.78% of the company’s stock.

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Hovnanian Enterprises Company Profile (NYSE:HOV)

Hovnanian Enterprises, Inc designs, constructs, markets, and sells residential homes in the United States. It constructs single-family detached homes, attached townhomes and condominiums, urban infill, and active lifestyle homes. The company markets its build homes for first-time buyers, first-time and second-time move-up buyers, luxury buyers, active lifestyle buyers, and empty nesters in 130 communities in 24 markets.

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