State Board of Administration of Florida Retirement System continued to hold its stake in Hovnanian Enterprises Inc (NYSE:HOV) during the first quarter, Holdings Channel reports. The institutional investor owned 91,053 shares of the construction company’s stock at the end of the first quarter. State Board of Administration of Florida Retirement System’s holdings in Hovnanian Enterprises were worth $207,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in HOV. Renaissance Technologies LLC acquired a new stake in Hovnanian Enterprises during the fourth quarter worth about $6,583,000. State Street Corp raised its stake in Hovnanian Enterprises by 4.2% in the fourth quarter. State Street Corp now owns 2,031,159 shares of the construction company’s stock worth $5,546,000 after buying an additional 81,265 shares during the last quarter. Dimensional Fund Advisors LP acquired a new stake in Hovnanian Enterprises during the fourth quarter worth about $1,553,000. Numeric Investors LLC acquired a new stake in Hovnanian Enterprises during the fourth quarter worth about $1,125,000. Finally, Canada Pension Plan Investment Board acquired a new stake in Hovnanian Enterprises during the first quarter worth about $568,000. Institutional investors own 30.02% of the company’s stock.
Shares of Hovnanian Enterprises Inc (NYSE:HOV) opened at 2.88 on Monday. Hovnanian Enterprises Inc has a 12-month low of $1.52 and a 12-month high of $2.96. The stock has a 50 day moving average price of $2.41 and a 200-day moving average price of $2.40. The stock has a market cap of $424.41 million, a price-to-earnings ratio of 28.80 and a beta of 1.73.
Hovnanian Enterprises (NYSE:HOV) last announced its quarterly earnings results on Friday, June 2nd. The construction company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by $0.01. Hovnanian Enterprises had a net margin of 0.56% and a negative return on equity of 8.20%. The firm had revenue of $585.90 million during the quarter, compared to analyst estimates of $558.55 million. During the same period last year, the firm earned ($0.06) EPS. Hovnanian Enterprises’s quarterly revenue was down 10.5% on a year-over-year basis. Equities analysts anticipate that Hovnanian Enterprises Inc will post $0.06 EPS for the current fiscal year.
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HOV has been the subject of a number of research analyst reports. Zacks Investment Research upgraded Hovnanian Enterprises from a “sell” rating to a “hold” rating in a report on Monday, March 20th. JMP Securities restated an “underperform” rating and issued a $1.30 target price (down previously from $1.60) on shares of Hovnanian Enterprises in a report on Friday, April 14th.
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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