Forestar Group (NYSE:FOR) Cut to Hold at Wall Street Zen

Wall Street Zen lowered shares of Forestar Group (NYSE:FOR) from a buy rating to a hold rating in a research note issued to investors on Friday.

Several other research firms also recently issued reports on FOR. JMP Securities set a $35.00 price objective on shares of Forestar Group in a report on Wednesday, October 29th. Citigroup boosted their target price on shares of Forestar Group from $33.00 to $36.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Citizens Jmp upped their price target on shares of Forestar Group from $30.00 to $35.00 and gave the company a “market outperform” rating in a research note on Wednesday, October 29th. Zacks Research upgraded shares of Forestar Group from a “strong sell” rating to a “hold” rating in a research note on Friday, September 26th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Forestar Group in a report on Wednesday, October 8th. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.00.

Forestar Group Stock Performance

Shares of FOR stock opened at $24.83 on Friday. Forestar Group has a 12-month low of $18.00 and a 12-month high of $29.44. The business’s fifty day simple moving average is $25.53 and its 200-day simple moving average is $25.82. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.44. The company has a market cap of $1.26 billion, a PE ratio of 7.59 and a beta of 1.42.

Forestar Group (NYSE:FOR) last announced its earnings results on Tuesday, January 20th. The oil and gas exploration company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.09. Forestar Group had a return on equity of 9.76% and a net margin of 9.90%.The firm had revenue of $273.00 million for the quarter, compared to the consensus estimate of $265.48 million. During the same period in the previous year, the business earned $0.32 EPS. The firm’s revenue for the quarter was up 9.0% on a year-over-year basis. Analysts expect that Forestar Group will post 3.44 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Forestar Group

Several hedge funds have recently added to or reduced their stakes in FOR. Caitong International Asset Management Co. Ltd grew its position in Forestar Group by 1,206.6% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 993 shares of the oil and gas exploration company’s stock worth $26,000 after purchasing an additional 917 shares during the period. Allworth Financial LP boosted its stake in shares of Forestar Group by 3,273.8% in the second quarter. Allworth Financial LP now owns 1,417 shares of the oil and gas exploration company’s stock worth $28,000 after buying an additional 1,375 shares during the last quarter. Comerica Bank grew its holdings in Forestar Group by 76.5% during the third quarter. Comerica Bank now owns 1,269 shares of the oil and gas exploration company’s stock worth $34,000 after acquiring an additional 550 shares during the period. Tower Research Capital LLC TRC grew its holdings in Forestar Group by 201.1% during the second quarter. Tower Research Capital LLC TRC now owns 2,105 shares of the oil and gas exploration company’s stock worth $42,000 after acquiring an additional 1,406 shares during the period. Finally, Signaturefd LLC raised its position in Forestar Group by 43.1% during the second quarter. Signaturefd LLC now owns 2,166 shares of the oil and gas exploration company’s stock valued at $43,000 after acquiring an additional 652 shares in the last quarter. 35.50% of the stock is owned by hedge funds and other institutional investors.

Forestar Group Company Profile

Forestar Group Inc, headquartered in Austin, Texas, is a residential lot development and management company focused on delivering finished home sites to homebuilders across the United States. The company acquires, entitles and develops land for single-family and multi-family housing, managing zoning, infrastructure and environmental approvals to prepare lots for construction. Forestar’s integrated approach to land development spans from initial site acquisition through final lot delivery, providing homebuilders with ready-to-build parcels in a variety of markets.

In addition to lot development, Forestar operates a retail homebuilding segment through joint ventures and strategic partnerships with national and regional homebuilders.