Forestar Group Inc. (NYSE:FOR) Sees Significant Growth in Short Interest

Forestar Group Inc. (NYSE:FOR) was the recipient of a large increase in short interest during the month of April. As of April 15th, there was short interest totalling 508,000 shares, an increase of 6.0% from the March 31st total of 479,200 shares. Based on an average trading volume of 247,300 shares, the short-interest ratio is currently 2.1 days. Currently, 2.8% of the shares of the stock are sold short.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of Forestar Group from a “buy” rating to a “hold” rating in a research note on Friday, April 26th.

Insider Activity at Forestar Group

In other news, CEO Anthony W. Oxley purchased 3,210 shares of the stock in a transaction on Wednesday, April 24th. The stock was purchased at an average price of $31.15 per share, with a total value of $99,991.50. Following the completion of the transaction, the chief executive officer now owns 3,210 shares in the company, valued at $99,991.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.49% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Forestar Group

Several institutional investors and hedge funds have recently modified their holdings of FOR. SG Americas Securities LLC acquired a new stake in Forestar Group during the third quarter valued at $223,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Forestar Group by 112.8% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,638 shares of the oil and gas exploration company’s stock worth $125,000 after purchasing an additional 2,459 shares in the last quarter. Panagora Asset Management Inc. lifted its holdings in shares of Forestar Group by 106.4% during the 3rd quarter. Panagora Asset Management Inc. now owns 73,806 shares of the oil and gas exploration company’s stock valued at $1,988,000 after buying an additional 38,048 shares during the last quarter. Teacher Retirement System of Texas grew its stake in shares of Forestar Group by 460.4% in the 3rd quarter. Teacher Retirement System of Texas now owns 58,994 shares of the oil and gas exploration company’s stock valued at $1,589,000 after buying an additional 48,466 shares in the last quarter. Finally, Orion Portfolio Solutions LLC bought a new stake in shares of Forestar Group in the 3rd quarter valued at approximately $269,000. 35.50% of the stock is currently owned by hedge funds and other institutional investors.

Forestar Group Stock Performance

Shares of FOR stock opened at $31.34 on Thursday. Forestar Group has a 1-year low of $19.26 and a 1-year high of $40.92. The company has a market capitalization of $1.59 billion, a price-to-earnings ratio of 7.76 and a beta of 1.75. The company has a current ratio of 1.85, a quick ratio of 1.85 and a debt-to-equity ratio of 0.48. The stock’s fifty day simple moving average is $35.59 and its 200-day simple moving average is $32.53.

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.