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

Forestar Group Inc (NYSE:FOR)’s share price reached 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 traded. The stock had previously closed at $29.38.

Analyst Upgrades and Downgrades

FOR has been the topic of a number of analyst reports. BTIG Research started coverage on shares of Forestar Group in a research note on Monday, March 30th. They issued a “hold” rating on the stock. Weiss Ratings downgraded shares of Forestar Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 18th. Finally, Zacks Research lowered shares of Forestar Group from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $32.67.

Forestar Group Stock Up 6.1%

The firm has a market cap of $1.59 billion, a price-to-earnings ratio of 9.51 and a beta of 1.41. The firm has a 50 day moving average of $27.41 and a 200 day moving average of $26.75. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.44.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Forestar Group by 4.1% in the third quarter. Vanguard Group Inc. now owns 2,769,594 shares of the oil and gas exploration company’s stock valued at $73,644,000 after purchasing an additional 110,286 shares in the last quarter. Total Wealth Planning & Management Inc. bought a new position in shares of Forestar Group during the 4th quarter worth about $552,000. Integrated Advisors Network LLC bought a new position in shares of Forestar Group during the 3rd quarter worth about $485,000. American Century Companies Inc. grew its stake in shares of Forestar Group by 5.5% in the 3rd quarter. American Century Companies Inc. now owns 702,223 shares of the oil and gas exploration company’s stock valued at $18,672,000 after buying an additional 36,626 shares during the period. Finally, Susquehanna Portfolio Strategies LLC acquired a new stake in shares of Forestar Group in the 4th quarter valued at about $207,000. 35.50% of the stock is owned by institutional investors.

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.