Forestar Group (NYSE:FOR) Releases Earnings Results, Misses Estimates By $0.01 EPS

Forestar Group (NYSE:FOR) issued its quarterly earnings data on Tuesday. The oil and gas exploration company reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.01), Zacks reports. Forestar Group had a return on equity of 9.76% and a net margin of 9.90%.

Forestar Group Stock Down 0.3%

FOR stock opened at $26.56 on Tuesday. The firm has a 50 day moving average of $26.70 and a 200 day moving average of $26.09. The stock has a market capitalization of $1.35 billion, a PE ratio of 8.12 and a beta of 1.45. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.44. Forestar Group has a 52 week low of $18.12 and a 52 week high of $30.74.

Institutional Trading of Forestar Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its stake in Forestar Group by 0.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,775,459 shares of the oil and gas exploration company’s stock valued at $68,360,000 after acquiring an additional 15,580 shares during the period. Ameriprise Financial Inc. lifted its stake in Forestar Group by 232.9% during the 2nd 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 period. Royal Bank of Canada lifted its stake in Forestar Group by 2.2% during the 4th quarter. Royal Bank of Canada now owns 511,362 shares of the oil and gas exploration company’s stock valued at $12,594,000 after acquiring an additional 10,987 shares during the period. Geode Capital Management LLC lifted its stake in Forestar Group by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 508,877 shares of the oil and gas exploration company’s stock valued at $12,536,000 after acquiring an additional 5,171 shares during the period. Finally, Millennium Management LLC lifted its stake in Forestar Group by 50.8% during the 1st quarter. Millennium Management LLC now owns 489,230 shares of the oil and gas exploration company’s stock valued at $10,342,000 after acquiring an additional 164,753 shares during the period. 35.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Citigroup lifted their target price on shares of Forestar Group from $36.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, January 28th. BTIG Research assumed coverage on shares of Forestar Group in a research note on Monday, March 30th. They issued a “hold” rating for the company. Wall Street Zen cut shares of Forestar Group from a “buy” rating to a “hold” rating in a research note on Friday, January 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Forestar Group in a research note on Thursday, January 22nd. Finally, Zacks Research cut shares of Forestar Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, Forestar Group has a consensus rating of “Hold” and a consensus target price of $32.67.

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.