Brokerages Set Forestar Group Inc (NYSE:FOR) Target Price at $32.67

Shares of Forestar Group Inc (NYSE:FOR) have earned a consensus rating of “Hold” from the six research firms that are covering the stock, MarketBeat reports. Four equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $32.6667.

Several brokerages have issued reports on FOR. Weiss Ratings lowered shares of Forestar Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 18th. Zacks Research lowered shares of Forestar Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. Finally, BTIG Research began coverage on shares of Forestar Group in a research note on Monday, March 30th. They issued a “hold” rating on the stock.

Forestar Group Stock Up 1.7%

Shares of FOR stock opened at $28.81 on Friday. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.44. Forestar Group has a 1 year low of $19.26 and a 1 year high of $30.74. The firm’s fifty day moving average price is $26.80 and its two-hundred day moving average price is $26.56. The firm has a market capitalization of $1.47 billion, a P/E ratio of 8.78 and a beta of 1.41.

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). Forestar Group had a net margin of 9.80% and a return on equity of 9.49%. The business had revenue of $374.30 million during the quarter, compared to analyst estimates of $372.57 million. During the same quarter in the previous year, the firm posted $0.62 earnings per share. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. On average, equities analysts predict that Forestar Group will post 3.06 EPS for the current fiscal year.

Institutional Investors Weigh In On Forestar Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rhumbline Advisers increased its stake in Forestar Group by 1.1% in the 3rd quarter. Rhumbline Advisers now owns 42,573 shares of the oil and gas exploration company’s stock valued at $1,132,000 after buying an additional 457 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Forestar Group by 5.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 9,946 shares of the oil and gas exploration company’s stock worth $245,000 after purchasing an additional 500 shares during the last quarter. Comerica Bank increased its stake in shares of Forestar Group by 76.5% during the 3rd quarter. Comerica Bank now owns 1,269 shares of the oil and gas exploration company’s stock worth $34,000 after purchasing an additional 550 shares during the last quarter. Glenmede Trust Co. NA increased its stake in shares of Forestar Group by 3.4% during the 1st quarter. Glenmede Trust Co. NA now owns 21,687 shares of the oil and gas exploration company’s stock worth $530,000 after purchasing an additional 714 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its stake 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 purchasing an additional 917 shares during the last quarter. 35.50% of the stock is currently owned by institutional investors and hedge funds.

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.