October 15, 2019 – NYSE:HOV – REDUCE

October 15, 2019 – NYSE:HOV – REDUCE

October 15, 2019 – NYSE:HOV – REDUCE

I have sold down 66% of my shares in Hovnanian Enterprises at around USD$23.00. This locks in a gain of 150% on these shares or about 17% gain for the portfolio. For now, I am holding HOV at about 10% of the portfolio. I believe the company will show a profit this year and will be able to reduce their debt load over the coming 15 months. The earnings report for Q4 is due in December and I’ll see how they have closed out the calendar year. After my sale, the share price continued to increase to near $30.00, however, it has since settled to about $21.00. I think it is a reasonable buy now, at this price, however, I’ll hold where I am now and maintain the position until further notice.