Trading Report: Today, Hovnanian Enterprises Inc. (HOV) Rating Increased to Buy at The Zacks Investment Research

Today, Hovnanian Enterprises Inc. (HOV) Rating Increased to Buy at The Zacks Investment Research

Hovnanian Enterprises Inc. (NYSE:HOV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm currently has a $1.75 price objective on the stock. Zacks Investment Research’s price objective would suggest a potential downside of 12.50% from the company’s previous close.

According to Zacks, “Hovnanian Enterprises, Inc. is one of the nation’s largest homebuilders. The Company’s homes are marketed and sold under the trade names K. Hovnanian Homes, Matzel & Mumford, Brighton Homes, Parkwood Builders, Town & Country Homes, Oster Homes and CraftBuilt Homes. The Company has operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Kentucky, Maryland, Minnesota, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia. As the developer of K. Hovnanian’s Four Seasons communities, the Company is also one of the nation’s largest builders of active adult homes. “

Separately, MKM Partners set a $1.80 price target on Hovnanian Enterprises and gave the stock a “hold” rating in a report on Monday, September 12th.

Shares of Hovnanian Enterprises (NYSE:HOV) traded up 4.17% on Tuesday, hitting $2.00. 1,175,598 shares of the stock traded hands. Hovnanian Enterprises has a 52-week low of $1.19 and a 52-week high of $2.06. The firm’s market cap is $294.59 million. The firm has a 50 day moving average price of $1.66 and a 200 day moving average price of $1.71.

Hedge funds have recently modified their holdings of the company. Cornerstone Capital Management Holdings LLC. bought a new position in Hovnanian Enterprises during the third quarter valued at $129,000. Credit Suisse AG increased its position in Hovnanian Enterprises by 16.6% in the third quarter. Credit Suisse AG now owns 157,584 shares of the company’s stock valued at $266,000 after buying an additional 22,429 shares in the last quarter. D. E. Shaw & Co. Inc. increased its position in Hovnanian Enterprises by 157.4% in the third quarter. D. E. Shaw & Co. Inc. now owns 150,504 shares of the company’s stock valued at $254,000 after buying an additional 92,024 shares in the last quarter. The Manufacturers Life Insurance Company bought a new position in Hovnanian Enterprises during the third quarter valued at $153,000. Finally, KCG Holdings Inc. increased its position in Hovnanian Enterprises by 365.4% in the third quarter. KCG Holdings Inc. now owns 233,190 shares of the company’s stock valued at $394,000 after buying an additional 183,083 shares in the last quarter. 27.03% of the stock is currently owned by institutional investors and hedge funds.

Hovnanian Enterprises Company Profile

Hovnanian Enterprises, Inc is a builder of residential homes. The Company designs, constructs, markets and sells single-family detached homes, attached townhomes and condominiums, urban infill, and active lifestyle homes in planned residential developments. The Company has two distinct operations: homebuilding and financial services.

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