Hovnanian Enterprises (HOV) is Reiterated by MKM Partners to Neutral, Lowers Price Target to $ 1.75

Hovnanian Enterprises (HOV) was Reiterated by MKM Partners to “Neutral” while Lowering the Price Target of the company shares to $ 1.75 from a previous price target of $2.25 . MKM Partners advised their investors in a research report released on Jun 3, 2016.

Many Wall Street Analysts have commented on Hovnanian Enterprises. Shares were Reiterated by Deutsche Bank on Mar 29, 2016 to “Hold” and Lowered the Price Target to $ 2 from a previous price target of $2.40 .

On the company’s financial health, Hovnanian Enterprises reported $-0.06 EPS for the quarter, missing the analyst consensus estimate by $ -0.09 based on the information available during the earnings call on Jun 2, 2016. Analyst had a consensus of $0.03. The company had revenue of $654.70 million for the quarter, compared to analysts expectations of $643.05 million. The company’s revenue was up 39.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.13 EPS.

Hovnanian Enterprises opened for trading at $1.9 and hit $1.93 on the upside on Wednesday, eventually ending the session at $1.93, with a gain of 1.58% or 0.03 points. The heightened volatility saw the trading volume jump to 26,23,518 shares. Company has a market cap of $284 M.

In a different news, on Apr 18, 2016, Vincent Jr Pagano (director) purchased 14,535 shares at $1.74 per share price. According to the SEC, on Mar 23, 2015, Thomas J. Pellerito (Chief Operating Officer) sold 70,282 shares at $3.44 per share price.

Hovnanian Enterprises Inc. (Hovnanian) design construct market and sell single-family detached homes attached townhomes and condominiums urban infill and active adult homes in planned residential developments. The Company consists of two distinct operations: homebuilding and financial services. Its homebuilding operations consist of six segments: Northeast including New Jersey and Pennsylvania; Mid-Atlantic including Delaware Maryland Virginia West Virginia and Washington D.C; Midwest including Illinois Minnesota and Ohio; Southeast including Florida Georgia North Carolina and South Carolina; Southwest including Arizona and Texas and West including California. Its financial services operations provide mortgage loans and title services to the customers of its homebuilding operations. During fiscal year ended October 31 2013 (fiscal 2013) the Company had delivered 5266 homes.

Hovnanian Enterprises

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