Hovnanian Enterprises (NYSE:HOV) Receives "Neutral" Rating from Wedbush

Wedbush reaffirmed their neutral rating on shares of Hovnanian Enterprises (NYSE:HOV - Free Report) in a report published on Monday morning, Marketbeat.com reports. The firm currently has a $155.00 price objective on the construction company's stock.

Separately, StockNews.com downgraded shares of Hovnanian Enterprises from a "buy" rating to a "hold" rating in a report on Friday, August 23rd.

Hovnanian Enterprises Price Performance

HOV traded down $9.66 during trading on Monday, reaching $147.20. 177,219 shares of the stock were exchanged, compared to its average volume of 80,366. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.45 and a quick ratio of 0.27. The company has a market capitalization of $891.30 million, a price-to-earnings ratio of 4.89 and a beta of 2.62. Hovnanian Enterprises has a 1 year low of $125.63 and a 1 year high of $240.34. The business's 50 day moving average price is $182.16 and its two-hundred day moving average price is $181.62.

Insider Activity at Hovnanian Enterprises

In related news, Director J Larry Sorsby sold 4,062 shares of the firm's stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $225.61, for a total value of $916,427.82. Following the sale, the director now directly owns 127,982 shares of the company's stock, valued at approximately $28,874,019.02. This trade represents a 3.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ara K. Hovnanian sold 644 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $194.99, for a total transaction of $125,573.56. Following the transaction, the chief executive officer now directly owns 45,635 shares in the company, valued at approximately $8,898,368.65. This represents a 1.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 10,737 shares of company stock valued at $2,243,218 over the last quarter. Insiders own 17.67% of the company's stock.

Institutional Trading of Hovnanian Enterprises

Institutional investors have recently modified their holdings of the company. B. Riley Wealth Advisors Inc. acquired a new position in Hovnanian Enterprises during the third quarter valued at approximately $205,000. Franklin Resources Inc. lifted its holdings in shares of Hovnanian Enterprises by 4.7% during the 3rd quarter. Franklin Resources Inc. now owns 14,912 shares of the construction company's stock valued at $2,926,000 after acquiring an additional 669 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in Hovnanian Enterprises during the 3rd quarter worth $647,000. Virtu Financial LLC purchased a new position in Hovnanian Enterprises in the third quarter valued at about $347,000. Finally, Barclays PLC boosted its holdings in Hovnanian Enterprises by 352.6% in the 3rd quarter. Barclays PLC now owns 8,274 shares of the construction company's stock worth $1,691,000 after acquiring an additional 6,446 shares during the period. Hedge funds and other institutional investors own 65.40% of the company's stock.

Hovnanian Enterprises Company Profile

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.