Summit Global Investments Invests $1.12 Million in Hovnanian Enterprises, Inc. (NYSE:HOV)

Summit Global Investments purchased a new position in shares of Hovnanian Enterprises, Inc. (NYSE:HOV) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 7,867 shares of the construction company’s stock, valued at approximately $1,116,000.

Other large investors also recently modified their holdings of the company. CWM LLC grew its stake in Hovnanian Enterprises by 3,541.7% in the 1st quarter. CWM LLC now owns 437 shares of the construction company’s stock valued at $69,000 after buying an additional 425 shares in the last quarter. AJOVista LLC purchased a new position in Hovnanian Enterprises in the 4th quarter valued at approximately $97,000. Russell Investments Group Ltd. grew its stake in Hovnanian Enterprises by 27.4% in the 4th quarter. Russell Investments Group Ltd. now owns 791 shares of the construction company’s stock valued at $123,000 after buying an additional 170 shares in the last quarter. EntryPoint Capital LLC grew its stake in Hovnanian Enterprises by 309.9% in the 1st quarter. EntryPoint Capital LLC now owns 828 shares of the construction company’s stock valued at $130,000 after buying an additional 626 shares in the last quarter. Finally, Mackenzie Financial Corp purchased a new position in Hovnanian Enterprises in the 4th quarter valued at approximately $200,000. Hedge funds and other institutional investors own 65.40% of the company’s stock.

Insiders Place Their Bets

In other Hovnanian Enterprises news, Director Robin Stone Sellers sold 1,459 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $154.20, for a total value of $224,977.80. Following the completion of the sale, the director now directly owns 22,716 shares of the company’s stock, valued at $3,502,807.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Hovnanian Enterprises news, Director Robin Stone Sellers sold 1,459 shares of the business’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $154.20, for a total value of $224,977.80. Following the transaction, the director now owns 22,716 shares in the company, valued at $3,502,807.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ara K. Hovnanian sold 4,548 shares of the business’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $146.66, for a total transaction of $667,009.68. Following the completion of the transaction, the chief executive officer now owns 60,982 shares in the company, valued at approximately $8,943,620.12. The disclosure for this sale can be found here. Insiders sold 47,816 shares of company stock valued at $6,966,617 over the last three months. Insiders own 17.67% of the company’s stock.

Hovnanian Enterprises Price Performance

Shares of NYSE HOV traded up $1.99 during mid-day trading on Tuesday, reaching $198.71. 66,419 shares of the company were exchanged, compared to its average volume of 80,823. Hovnanian Enterprises, Inc. has a 52 week low of $65.22 and a 52 week high of $224.52. The company has a quick ratio of 0.32, a current ratio of 1.35 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $1.19 billion, a PE ratio of 6.62 and a beta of 2.58. The company’s 50 day moving average price is $168.58 and its 200 day moving average price is $157.60.

Hovnanian Enterprises (NYSE:HOV) last posted its quarterly earnings results on Wednesday, May 22nd. The construction company reported $6.66 earnings per share for the quarter. The business had revenue of $708.38 million during the quarter. Hovnanian Enterprises had a net margin of 8.02% and a return on equity of 54.85%. Sell-side analysts forecast that Hovnanian Enterprises, Inc. will post 27 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

HOV has been the subject of a number of recent analyst reports. StockNews.com lowered shares of Hovnanian Enterprises from a “buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Zelman & Associates upgraded shares of Hovnanian Enterprises from an “underperform” rating to a “neutral” rating and set a $155.00 price target for the company in a research report on Thursday, May 23rd.

About Hovnanian Enterprises

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.