Forestar Group (NYSE:FOR) Sets New 12-Month High – What’s Next?

Forestar Group Inc (NYSE:FOR) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $29.87 and last traded at $29.51, with a volume of 140635 shares changing hands. The stock had previously closed at $28.91.

Analysts Set New Price Targets

FOR has been the subject of a number of research reports. JPMorgan Chase & Co. boosted their target price on shares of Forestar Group from $23.00 to $25.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 4th. Citizens Jmp boosted their price objective on Forestar Group from $30.00 to $35.00 and gave the stock a “market outperform” rating in a research note on Wednesday, October 29th. Weiss Ratings reissued a “hold (c)” rating on shares of Forestar Group in a report on Thursday, January 22nd. JMP Securities set a $35.00 price target on Forestar Group in a research note on Wednesday, October 29th. Finally, Zacks Research upgraded Forestar Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 29th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Forestar Group has an average rating of “Moderate Buy” and a consensus target price of $32.40.

Forestar Group Stock Performance

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 stock’s fifty day simple moving average is $26.29 and its 200 day simple moving average is $26.21. The company has a market cap of $1.51 billion, a price-to-earnings ratio of 9.09 and a beta of 1.43.

Forestar Group (NYSE:FOR) last posted its quarterly earnings results on Tuesday, January 20th. The oil and gas exploration company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.09. Forestar Group had a return on equity of 9.76% and a net margin of 9.90%.The business had revenue of $273.00 million during the quarter, compared to analyst estimates of $265.48 million. During the same period in the prior year, the business earned $0.32 earnings per share. The business’s revenue was up 9.0% compared to the same quarter last year. As a group, analysts anticipate that Forestar Group Inc will post 3.44 earnings per share for the current year.

Institutional Trading of Forestar Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC boosted its position in shares of Forestar Group by 32.1% during the 1st quarter. AQR Capital Management LLC now owns 227,559 shares of the oil and gas exploration company’s stock valued at $4,811,000 after acquiring an additional 55,266 shares during the last quarter. Millennium Management LLC raised its stake in Forestar Group by 50.8% during the first quarter. Millennium Management LLC now owns 489,230 shares of the oil and gas exploration company’s stock worth $10,342,000 after purchasing an additional 164,753 shares during the period. NewEdge Advisors LLC boosted its holdings in Forestar Group by 63.7% in the 1st quarter. NewEdge Advisors LLC now owns 4,829 shares of the oil and gas exploration company’s stock valued at $102,000 after purchasing an additional 1,879 shares during the last quarter. Jane Street Group LLC acquired a new position in Forestar Group in the 1st quarter valued at about $850,000. Finally, Strs Ohio purchased a new stake in shares of Forestar Group in the 1st quarter valued at approximately $74,000. 35.50% of the stock is owned by institutional investors and hedge funds.

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.