Hovnanian Enterprises (NYSE:HOV) Stock Price Down 4.5% Following Insider Selling

Shares of Hovnanian Enterprises, Inc. (NYSE:HOV) dropped 4.5% during trading on Monday following insider selling activity. The company traded as low as $135.53 and last traded at $135.53. Approximately 19,006 shares changed hands during trading, a decline of 76% from the average daily volume of 80,406 shares. The stock had previously closed at $141.92.

Specifically, CEO Ara K. Hovnanian sold 1,123 shares of the company’s stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $140.05, for a total value of $157,276.15. Following the completion of the sale, the chief executive officer now owns 59,859 shares in the company, valued at approximately $8,383,252.95. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Hovnanian Enterprises news, CEO Ara K. Hovnanian sold 1,123 shares of the company’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $140.05, for a total transaction of $157,276.15. Following the completion of the sale, the chief executive officer now directly owns 59,859 shares of the company’s stock, valued at approximately $8,383,252.95. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Robin Stone Sellers sold 1,459 shares of the stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $154.20, for a total value of $224,977.80. Following the sale, the director now directly owns 22,716 shares of the company’s stock, valued at $3,502,807.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,816 shares of company stock worth $4,820,417. Insiders own 17.67% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on HOV. StockNews.com upgraded Hovnanian Enterprises from a “hold” rating to a “buy” rating in a research report on Monday, June 3rd. Zelman & Associates raised shares of Hovnanian Enterprises from an “underperform” rating to a “neutral” rating and set a $155.00 price target on the stock in a research note on Thursday, May 23rd.

Hovnanian Enterprises Price Performance

The firm has a market cap of $830.93 million, a PE ratio of 4.62 and a beta of 2.58. The company has a current ratio of 1.35, a quick ratio of 0.32 and a debt-to-equity ratio of 0.17. The company has a 50 day moving average price of $152.23 and a 200 day moving average price of $152.35.

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

Institutional Investors Weigh In On Hovnanian Enterprises

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Hovnanian Enterprises by 6.1% in the first quarter. Vanguard Group Inc. now owns 280,435 shares of the construction company’s stock worth $44,011,000 after acquiring an additional 16,012 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Hovnanian Enterprises by 0.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 181,338 shares of the construction company’s stock valued at $28,221,000 after purchasing an additional 1,433 shares during the last quarter. American Century Companies Inc. lifted its holdings in Hovnanian Enterprises by 25.5% in the 3rd quarter. American Century Companies Inc. now owns 81,645 shares of the construction company’s stock valued at $8,300,000 after purchasing an additional 16,575 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Hovnanian Enterprises by 26.9% during the 3rd quarter. Invesco Ltd. now owns 79,625 shares of the construction company’s stock worth $8,095,000 after purchasing an additional 16,866 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Hovnanian Enterprises by 1.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 66,182 shares of the construction company’s stock worth $10,299,000 after buying an additional 789 shares in the last quarter. 65.40% of the stock is owned by institutional investors and hedge funds.

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.