Short Interest in Hovnanian Enterprises, Inc. (NYSE:HOV) Increases By 7.2%

Hovnanian Enterprises, Inc. (NYSE:HOV) was the recipient of a large growth in short interest in October. As of October 31st, there was short interest totalling 242,300 shares, a growth of 7.2% from the October 15th total of 226,100 shares. Approximately 5.5% of the company’s shares are short sold. Based on an average daily volume of 75,100 shares, the short-interest ratio is presently 3.2 days.

Hovnanian Enterprises Stock Down 1.2 %

Shares of NYSE:HOV traded down $2.03 on Monday, hitting $165.91. 41,589 shares of the company traded hands, compared to its average volume of 79,487. The stock has a 50 day simple moving average of $192.79 and a 200-day simple moving average of $178.96. 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 company has a market cap of $1.00 billion, a PE ratio of 5.13 and a beta of 2.60. Hovnanian Enterprises has a 52 week low of $86.61 and a 52 week high of $240.34.

Hovnanian Enterprises (NYSE:HOV) last released its quarterly earnings data on Thursday, August 22nd. The construction company reported $9.75 earnings per share for the quarter. The business had revenue of $722.70 million during the quarter. Hovnanian Enterprises had a net margin of 8.41% and a return on equity of 52.22%. During the same quarter in the prior year, the business posted $7.38 earnings per share. As a group, research analysts expect that Hovnanian Enterprises will post 30 earnings per share for the current year.

Insider Activity

In related news, Director Edward A. Kangas sold 4,000 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $232.21, for a total value of $928,840.00. Following the sale, the director now directly owns 14,790 shares of the company’s stock, valued at $3,434,385.90. This represents a 21.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ara K. Hovnanian sold 20,000 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $229.45, for a total transaction of $4,589,000.00. Following the sale, the chief executive officer now owns 12,890 shares in the company, valued at approximately $2,957,610.50. This trade represents a 60.81 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 58,057 shares of company stock valued at $12,824,040. Corporate insiders own 17.67% of the company’s stock.

Hedge Funds Weigh In On Hovnanian Enterprises

A number of hedge funds have recently added to or reduced their stakes in the company. FMR LLC boosted its stake in Hovnanian Enterprises by 20.6% during the 3rd quarter. FMR LLC now owns 346 shares of the construction company’s stock valued at $71,000 after purchasing an additional 59 shares during the last quarter. Meeder Asset Management Inc. lifted its holdings in shares of Hovnanian Enterprises by 2.9% during the second quarter. Meeder Asset Management Inc. now owns 2,223 shares of the construction company’s stock valued at $315,000 after purchasing an additional 63 shares in the last quarter. Koss Olinger Consulting LLC increased its holdings in Hovnanian Enterprises by 3.5% in the 3rd quarter. Koss Olinger Consulting LLC now owns 3,404 shares of the construction company’s stock worth $696,000 after buying an additional 115 shares in the last quarter. Range Financial Group LLC raised its position in Hovnanian Enterprises by 2.6% in the 2nd quarter. Range Financial Group LLC now owns 4,595 shares of the construction company’s stock worth $652,000 after buying an additional 117 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in Hovnanian Enterprises by 8.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,928 shares of the construction company’s stock valued at $274,000 after acquiring an additional 145 shares during the period. 65.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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