Principal Financial Group Inc. Sells 1,076 Shares of Hovnanian Enterprises, Inc. (NYSE:HOV)

Principal Financial Group Inc. reduced its stake in Hovnanian Enterprises, Inc. (NYSE:HOV) by 32.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,222 shares of the construction company’s stock after selling 1,076 shares during the quarter. Principal Financial Group Inc.’s holdings in Hovnanian Enterprises were worth $454,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of HOV. Allspring Global Investments Holdings LLC bought a new position in Hovnanian Enterprises during the third quarter worth about $33,000. Innealta Capital LLC bought a new position in shares of Hovnanian Enterprises during the second quarter worth approximately $37,000. CWM LLC increased its holdings in shares of Hovnanian Enterprises by 89.6% during the third quarter. CWM LLC now owns 749 shares of the construction company’s stock worth $153,000 after purchasing an additional 354 shares during the period. International Assets Investment Management LLC acquired a new stake in shares of Hovnanian Enterprises in the second quarter valued at approximately $156,000. Finally, Creative Planning bought a new stake in shares of Hovnanian Enterprises in the third quarter valued at approximately $202,000. 65.40% of the stock is currently owned by institutional investors and hedge funds.

Hovnanian Enterprises Trading Up 3.6 %

NYSE:HOV opened at $181.74 on Monday. Hovnanian Enterprises, Inc. has a 52 week low of $86.61 and a 52 week high of $240.34. The firm’s fifty day moving average is $190.87 and its 200-day moving average is $179.40. The firm has a market cap of $1.10 billion, a P/E ratio of 5.61 and a beta of 2.60. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.27 and a current ratio of 1.45.

Hovnanian Enterprises (NYSE:HOV) last issued its earnings results on Thursday, August 22nd. The construction company reported $9.75 EPS for the quarter. The company had revenue of $722.70 million during 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 prior year, the business earned $7.38 earnings per share. Equities analysts expect that Hovnanian Enterprises, Inc. will post 30 earnings per share for the current year.

Analysts Set New Price Targets

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

Insider Buying and Selling

In related news, Director Edward A. Kangas sold 1,500 shares of Hovnanian Enterprises stock in a transaction on Monday, October 14th. The shares were sold at an average price of $188.86, for a total value of $283,290.00. Following the sale, the director now owns 13,290 shares in the company, valued at $2,509,949.40. The trade was a 10.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ara K. Hovnanian sold 644 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $223.11, for a total transaction of $143,682.84. Following the completion of the sale, the chief executive officer now owns 60,831 shares of the company’s stock, valued at $13,572,004.41. This trade represents a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,057 shares of company stock worth $7,306,200 in the last ninety days. 17.67% of the stock is owned by insiders.

Hovnanian Enterprises 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.