ValuEngine cut shares of Hovnanian Enterprises (NYSE:HOV) from a sell rating to a strong sell rating in a research report released on Thursday morning, ValuEngine reports.

Shares of HOV opened at $6.63 on Thursday. The stock has a market capitalization of $39.37 million, a P/E ratio of 4.60 and a beta of 1.85. The firm’s 50 day moving average price is $8.24. Hovnanian Enterprises has a 1 year low of $6.54 and a 1 year high of $44.00.

Hovnanian Enterprises (NYSE:HOV) last announced its quarterly earnings data on Thursday, June 6th. The construction company reported ($2.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.77) by ($0.79). The firm had revenue of $440.69 million for the quarter. Hovnanian Enterprises had a net margin of 0.66% and a negative return on equity of 2.03%. On average, analysts forecast that Hovnanian Enterprises will post 0.05 earnings per share for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the stock. California Public Employees Retirement System raised its stake in Hovnanian Enterprises by 11.3% during the fourth quarter. California Public Employees Retirement System now owns 408,264 shares of the construction company’s stock worth $279,000 after purchasing an additional 41,346 shares during the period. BlackRock Inc. increased its position in shares of Hovnanian Enterprises by 0.3% in the fourth quarter. BlackRock Inc. now owns 9,325,056 shares of the construction company’s stock worth $6,378,000 after acquiring an additional 26,161 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Hovnanian Enterprises by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 1,223,803 shares of the construction company’s stock worth $836,000 after acquiring an additional 64,190 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Hovnanian Enterprises in the first quarter worth $669,000. Finally, D. E. Shaw & Co. Inc. increased its position in shares of Hovnanian Enterprises by 850.9% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 165,457 shares of the construction company’s stock worth $113,000 after acquiring an additional 148,057 shares in the last quarter. 27.64% of the stock is currently owned by institutional investors and hedge funds.

Hovnanian Enterprises Company Profile

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 builds and markets homes for first-time buyers, first-time and second-time move-up buyers, luxury buyers, active lifestyle buyers, and empty nesters in 123 communities in 25 markets.

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