Forestar Group (NYSE:FOR) Stock Price Down 4.9%

Shares of Forestar Group Inc. (NYSE:FOR) traded down 4.9% on Wednesday . The company traded as low as $34.33 and last traded at $34.38. 255,032 shares traded hands during mid-day trading, an increase of 19% from the average session volume of 213,882 shares. The stock had previously closed at $36.14.

Analysts Set New Price Targets

Separately, StockNews.com lowered Forestar Group from a “buy” rating to a “hold” rating in a report on Saturday, April 13th.

Forestar Group Stock Up 1.0 %

The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 0.50. The stock has a 50-day simple moving average of $35.77 and a 200-day simple moving average of $32.16. The firm has a market capitalization of $1.58 billion, a PE ratio of 8.62 and a beta of 1.71.

Forestar Group (NYSE:FOR) last announced its quarterly earnings results on Tuesday, January 23rd. The oil and gas exploration company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.20. The company had revenue of $305.90 million during the quarter, compared to analysts’ expectations of $273.00 million. Forestar Group had a return on equity of 13.85% and a net margin of 12.08%. During the same period in the previous year, the business earned $0.42 earnings per share. Analysts forecast that Forestar Group Inc. will post 3.93 EPS for the current year.

Hedge Funds Weigh In On Forestar Group

Several hedge funds have recently made changes to their positions in FOR. Swiss National Bank grew its position in shares of Forestar Group by 7.6% in the first quarter. Swiss National Bank now owns 41,017 shares of the oil and gas exploration company’s stock valued at $728,000 after purchasing an additional 2,900 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Forestar Group by 67.3% in the first quarter. JPMorgan Chase & Co. now owns 78,489 shares of the oil and gas exploration company’s stock valued at $1,395,000 after purchasing an additional 31,567 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Forestar Group by 5.7% during the first quarter. Bank of New York Mellon Corp now owns 104,101 shares of the oil and gas exploration company’s stock valued at $1,849,000 after buying an additional 5,604 shares during the period. American Century Companies Inc. boosted its stake in Forestar Group by 55.1% during the first quarter. American Century Companies Inc. now owns 45,703 shares of the oil and gas exploration company’s stock valued at $812,000 after buying an additional 16,240 shares during the period. Finally, MetLife Investment Management LLC boosted its stake in Forestar Group by 56.8% during the first quarter. MetLife Investment Management LLC now owns 10,949 shares of the oil and gas exploration company’s stock valued at $194,000 after buying an additional 3,966 shares during the period. 35.50% of the stock is currently owned by hedge funds and other institutional investors.

About Forestar Group

Forestar Group Inc operates as a residential lot development company in the United States. The company acquires land and develops infrastructure for single-family residential communities. It sells its residential single-family finished lots to local, regional, and national homebuilders. The company was incorporated in 2005 and is headquartered in Arlington, Texas.