Hovnanian Enterprises, Inc. (NYSE:HOV) was up 7.3% during trading on Thursday following a stronger than expected earnings report. The company traded as high as $1.21 and last traded at $1.18. Approximately 1,426,324 shares were traded during trading, an increase of 5% from the average daily volume of 1,364,249 shares. The stock had previously closed at $1.10.

The construction company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.11. The firm had revenue of $614.81 million during the quarter, compared to analysts’ expectations of $638.80 million. During the same period in the previous year, the firm earned $0.08 EPS. The firm’s quarterly revenue was down 14.8% on a year-over-year basis.

A number of research analysts have recently issued reports on HOV shares. ValuEngine downgraded shares of Hovnanian Enterprises from a “sell” rating to a “strong sell” rating in a research report on Tuesday, October 2nd. JMP Securities raised shares of Hovnanian Enterprises from an “underperform” rating to a “market perform” rating and set a $1.30 price objective on the stock in a research report on Tuesday, October 9th.

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Hovnanian Enterprises by 3.8% in the 3rd quarter. Vanguard Group Inc. now owns 6,508,198 shares of the construction company’s stock worth $10,414,000 after purchasing an additional 236,087 shares in the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new stake in Hovnanian Enterprises in the 3rd quarter worth approximately $527,000. JPMorgan Chase & Co. boosted its stake in 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 purchasing an additional 50,138 shares in the last quarter. Bridgeway Capital Management Inc. boosted its stake in Hovnanian Enterprises by 65.1% in the 3rd quarter. Bridgeway Capital Management Inc. now owns 436,900 shares of the construction company’s stock worth $699,000 after purchasing an additional 172,200 shares in the last quarter. Finally, Virtu Financial LLC boosted its stake in Hovnanian Enterprises by 560.9% in the 3rd quarter. Virtu Financial LLC now owns 99,371 shares of the construction company’s stock worth $159,000 after purchasing an additional 84,336 shares in the last quarter. Institutional investors own 35.98% 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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