Forestar Group Inc (NYSE:FOR) Given Average Rating of “Hold” by Brokerages

Shares of Forestar Group Inc (NYSE:FOR) have been assigned an average recommendation of “Hold” from the six research firms that are presently covering the firm, Marketbeat reports. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $32.6667.

A number of research analysts recently commented on FOR shares. Weiss Ratings raised Forestar Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, July 15th. Citizens Jmp reiterated a “market outperform” rating and set a $35.00 price objective on shares of Forestar Group in a research note on Wednesday, July 22nd.

Forestar Group Price Performance

Shares of NYSE FOR opened at $28.82 on Friday. The stock has a market capitalization of $1.47 billion, a PE ratio of 8.66 and a beta of 1.39. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.44 and a quick ratio of 1.44. The business has a fifty day moving average price of $29.04 and a two-hundred day moving average price of $27.60. Forestar Group has a fifty-two week low of $22.81 and a fifty-two week high of $32.06.

Forestar Group (NYSE:FOR) last released its earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.11). The company had revenue of $407.00 million for the quarter, compared to the consensus estimate of $437.73 million. Forestar Group had a net margin of 9.88% and a return on equity of 9.42%. The business’s revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.65 earnings per share.

Institutional Trading of Forestar Group

Several large investors have recently made changes to their positions in the company. Ameriprise Financial Inc. increased its stake in Forestar Group by 232.9% in the second quarter. Ameriprise Financial Inc. now owns 529,863 shares of the oil and gas exploration company’s stock valued at $10,597,000 after acquiring an additional 370,685 shares during the last quarter. Millennium Management LLC raised its position 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 valued at $10,342,000 after purchasing an additional 164,753 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Forestar Group during the first quarter worth $3,845,000. Alliancebernstein L.P. lifted its stake in Forestar Group by 235.3% during the third quarter. Alliancebernstein L.P. now owns 159,053 shares of the oil and gas exploration company’s stock worth $4,229,000 after purchasing an additional 111,620 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in Forestar Group by 165.2% during the third quarter. Bank of America Corp DE now owns 152,617 shares of the oil and gas exploration company’s stock worth $4,058,000 after purchasing an additional 95,065 shares during the last quarter. Institutional investors and hedge funds 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.