Hovnanian Enterprises (NYSE:HOV) Price Target Raised to $24.00 at Buckingham Research

Hovnanian Enterprises (NYSE:HOV) had its price target hoisted by Buckingham Research from $11.00 to $24.00 in a research note published on Friday, BenzingaRatingsTable reports. They currently have a neutral rating on the construction company’s stock.

HOV has been the subject of a number of other research reports. ValuEngine raised shares of Hovnanian Enterprises from a hold rating to a buy rating in a report on Wednesday, September 4th. Zacks Investment Research cut shares of Hovnanian Enterprises from a buy rating to a hold rating in a report on Tuesday, September 3rd.

HOV traded up $1.50 on Friday, reaching $23.35. The stock had a trading volume of 301,220 shares, compared to its average volume of 236,357. Hovnanian Enterprises has a 12-month low of $5.15 and a 12-month high of $39.50. The business’s 50-day moving average price is $14.48 and its two-hundred day moving average price is $11.01. The company has a market cap of $129.50 million, a P/E ratio of 51.86 and a beta of 1.78.



Hovnanian Enterprises (NYSE:HOV) last released its quarterly earnings data on Thursday, September 5th. The construction company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($1.21). Hovnanian Enterprises had a net margin of 0.31% and a negative return on equity of 0.96%. The firm had revenue of $482.04 million during the quarter. Analysts predict that Hovnanian Enterprises will post -2.54 EPS for the current year.

Several hedge funds have recently added to or reduced their stakes in HOV. Jane Street Group LLC purchased a new stake in shares of Hovnanian Enterprises during the second quarter worth about $86,000. Price T Rowe Associates Inc. MD purchased a new stake in shares of Hovnanian Enterprises during the second quarter worth about $95,000. Paloma Partners Management Co purchased a new stake in shares of Hovnanian Enterprises during the second quarter worth about $164,000. GSA Capital Partners LLP purchased a new stake in shares of Hovnanian Enterprises during the second quarter worth about $332,000. Finally, JPMorgan Chase & Co. increased its stake in shares of Hovnanian Enterprises by 1,654.5% during the second quarter. JPMorgan Chase & Co. now owns 55,917 shares of the construction company’s stock worth $403,000 after purchasing an additional 52,730 shares in the last quarter. 24.49% of the stock is 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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