Forestar Group (NYSE:FOR) Reaches New 12-Month High – Time to Buy?

Shares of Forestar Group Inc (NYSE:FOR) reached a new 52-week high during trading on Thursday . The stock traded as high as $29.67 and last traded at $29.3750, with a volume of 33988 shares changing hands. The stock had previously closed at $29.35.

Analyst Upgrades and Downgrades

FOR has been the subject of several recent research reports. Citigroup raised their price target on Forestar Group from $36.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, January 28th. JMP Securities set a $35.00 target price on shares of Forestar Group in a research note on Wednesday, October 29th. Wall Street Zen cut shares of Forestar Group from a “buy” rating to a “hold” rating in a research note on Friday, January 23rd. Citizens Jmp lifted their price target on shares of Forestar Group from $30.00 to $35.00 and gave the stock a “market outperform” rating in a report on Wednesday, October 29th. Finally, Zacks Research raised shares of Forestar Group from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 29th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $32.40.

Forestar Group Stock Performance

The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.44. The company has a market cap of $1.50 billion, a PE ratio of 8.99 and a beta of 1.43. The stock’s 50 day simple moving average is $25.89 and its two-hundred day simple moving average is $26.02.

Forestar Group (NYSE:FOR) last issued 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. The business had revenue of $273.00 million for the quarter, compared to analyst estimates of $265.48 million. Forestar Group had a return on equity of 9.76% and a net margin of 9.90%.The business’s quarterly revenue was up 9.0% on a year-over-year basis. During the same period last year, the company posted $0.32 EPS. As a group, research analysts anticipate that Forestar Group Inc will post 3.44 earnings per share for the current year.

Institutional Investors Weigh In On Forestar Group

Several institutional investors and hedge funds have recently modified their holdings of FOR. NewEdge Wealth LLC grew its position in Forestar Group by 11.6% in the fourth quarter. NewEdge Wealth LLC now owns 28,089 shares of the oil and gas exploration company’s stock valued at $692,000 after acquiring an additional 2,912 shares in the last quarter. Denali Advisors LLC grew its holdings in Forestar Group by 2.8% during the 4th quarter. Denali Advisors LLC now owns 295,165 shares of the oil and gas exploration company’s stock valued at $7,270,000 after purchasing an additional 7,952 shares in the last quarter. Vanguard Group Inc. increased its stake in Forestar Group by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 2,813,034 shares of the oil and gas exploration company’s stock worth $69,285,000 after buying an additional 43,440 shares during the period. SG Americas Securities LLC acquired a new position in Forestar Group in the 4th quarter worth $131,000. Finally, Assenagon Asset Management S.A. boosted its position in Forestar Group by 5.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 9,946 shares of the oil and gas exploration company’s stock valued at $245,000 after buying an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 35.50% of the company’s stock.

About Forestar Group

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.