Hovnanian Enterprises (HOV) Bond Prices Rise 2%

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An issue of Hovnanian Enterprises, Inc. (NYSE:HOV) debt rose 2% as a percentage of its face value during trading on Wednesday. The high-yield debt issue has a 10% coupon and will mature on July 15, 2022. The debt is now trading at $85.00 and was trading at $81.75 one week ago. Price changes in a company’s debt in credit markets sometimes predict parallel changes in its share price.

A number of analysts have commented on HOV shares. ValuEngine upgraded Hovnanian Enterprises from a “strong sell” rating to a “sell” rating in a research report on Friday, March 1st. Buckingham Research started coverage on Hovnanian Enterprises in a research report on Friday, January 11th. They issued a “neutral” rating for the company.

Shares of HOV stock traded down $0.05 during mid-day trading on Friday, reaching $0.49. The stock had a trading volume of 880,644 shares, compared to its average volume of 1,306,223. Hovnanian Enterprises, Inc. has a one year low of $0.52 and a one year high of $2.09. The company has a market capitalization of $78.66 million, a P/E ratio of 16.34 and a beta of 1.91.

Hovnanian Enterprises (NYSE:HOV) last announced its quarterly earnings data on Thursday, March 7th. The construction company reported ($0.12) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.10) by ($0.02). Hovnanian Enterprises had a negative return on equity of 2.90% and a net margin of 0.91%. The firm had revenue of $380.59 million during the quarter. On average, equities analysts expect that Hovnanian Enterprises, Inc. will post -0.03 EPS for the current year.

Hedge funds have recently made changes to their positions in the business. Wedbush Securities Inc. bought a new stake in shares of Hovnanian Enterprises in the 4th quarter worth approximately $26,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Hovnanian Enterprises during the 4th quarter worth approximately $30,000. Virtu Financial LLC lifted its position in shares of Hovnanian Enterprises by 560.9% during the 3rd quarter. Virtu Financial LLC now owns 99,371 shares of the construction company’s stock worth $159,000 after buying an additional 84,336 shares during the period. Acadian Asset Management LLC bought a new position in shares of Hovnanian Enterprises during the 4th quarter worth approximately $91,000. Finally, D. E. Shaw & Co. Inc. lifted its position in shares of Hovnanian Enterprises by 850.9% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 165,457 shares of the construction company’s stock worth $113,000 after buying an additional 148,057 shares during the period. Institutional investors own 31.73% of the company’s stock.

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About Hovnanian Enterprises (NYSE:HOV)

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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