Hovnanian Enterprises (NYSE:HOV) Stock Price Down 5.3% Following Insider Selling

Hovnanian Enterprises, Inc. (NYSE:HOV)’s share price was down 5.3% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $203.43 and last traded at $203.99. Approximately 46,828 shares changed hands during trading, a decline of 43% from the average daily volume of 82,201 shares. The stock had previously closed at $215.42.

Specifically, CEO Ara K. Hovnanian sold 123 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $220.13, for a total transaction of $27,075.99. Following the transaction, the chief executive officer now directly owns 47,156 shares in the company, valued at approximately $10,380,450.28. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director J Larry Sorsby sold 4,062 shares of Hovnanian Enterprises stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $225.61, for a total value of $916,427.82. Following the completion of the sale, the director now owns 127,982 shares in the company, valued at $28,874,019.02. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered Hovnanian Enterprises from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd.

Hovnanian Enterprises Stock Up 2.6 %

The company has a fifty day simple moving average of $201.89 and a 200-day simple moving average of $167.93. The company has a quick ratio of 0.27, a current ratio of 1.45 and a debt-to-equity ratio of 0.20. The firm has a market cap of $1.24 billion, a P/E ratio of 6.72 and a beta of 2.64.

Hovnanian Enterprises (NYSE:HOV) last announced its quarterly earnings data on Thursday, August 22nd. The construction company reported $9.75 EPS for the quarter. The business had revenue of $722.70 million for the quarter. Hovnanian Enterprises had a return on equity of 52.22% and a net margin of 8.41%. During the same quarter in the previous year, the firm earned $7.38 earnings per share. On average, equities analysts anticipate that Hovnanian Enterprises, Inc. will post 30 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of HOV. Innealta Capital LLC purchased a new position in Hovnanian Enterprises in the 2nd quarter worth $37,000. CWM LLC boosted its holdings in Hovnanian Enterprises by 3,541.7% in the 1st quarter. CWM LLC now owns 437 shares of the construction company’s stock worth $69,000 after buying an additional 425 shares during the last quarter. EntryPoint Capital LLC boosted its holdings in Hovnanian Enterprises by 309.9% in the 1st quarter. EntryPoint Capital LLC now owns 828 shares of the construction company’s stock worth $130,000 after buying an additional 626 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in Hovnanian Enterprises in the 2nd quarter worth about $156,000. Finally, Entropy Technologies LP acquired a new stake in Hovnanian Enterprises in the 1st quarter worth about $205,000. 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.