Forestar Group (NYSE:FOR) Reaches New 1-Year High – What’s Next?

Forestar Group Inc (NYSE:FOR)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $30.98 and last traded at $30.7280, with a volume of 24056 shares. The stock had previously closed at $29.38.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on FOR shares. BTIG Research assumed coverage on Forestar Group in a report on Monday, March 30th. They set a “hold” rating for the company. Zacks Research cut Forestar Group from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. Finally, Weiss Ratings downgraded shares of Forestar Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 18th. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $32.67.

Forestar Group Stock Up 6.1%

The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $1.59 billion, a PE ratio of 9.51 and a beta of 1.41. The stock’s fifty day simple moving average is $27.41 and its 200-day simple moving average is $26.75.

Forestar Group (NYSE:FOR) last released its quarterly earnings results on Tuesday, April 21st. The oil and gas exploration company reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.09). Forestar Group had a net margin of 9.80% and a return on equity of 9.49%. The firm had revenue of $374.30 million for the quarter, compared to the consensus estimate of $372.56 million. During the same period in the previous year, the business earned $0.62 earnings per share. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. As a group, sell-side analysts forecast that Forestar Group Inc will post 3.06 EPS for the current fiscal year.

Institutional Investors Weigh In On Forestar Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in FOR. Caitong International Asset Management Co. Ltd lifted its position in shares of 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 buying an additional 917 shares in the last quarter. Kestra Advisory Services LLC bought a new position in shares of Forestar Group in the fourth quarter valued at approximately $27,000. Fifth Third Bancorp bought a new position in shares of Forestar Group in the first quarter valued at approximately $31,000. Comerica Bank increased its position in shares of 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 valued at $34,000 after acquiring an additional 550 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its position in shares of 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 valued at $42,000 after acquiring an additional 1,406 shares during the last quarter. Hedge funds and other institutional investors own 35.50% of the company’s stock.

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.