Forestar Group (NYSE:FOR) Reaches New 52-Week High – Here’s Why

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

Wall Street Analysts Forecast Growth

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

Forestar Group Stock Performance

The company has a market cap of $1.59 billion, a P/E ratio of 9.49 and a beta of 1.41. The firm has a 50 day moving average of $27.59 and a 200-day moving average of $26.82. 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 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 last year, the firm earned $0.62 earnings per share. The company’s revenue for the quarter was up 6.6% on a year-over-year basis.

Institutional Trading of Forestar Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd lifted its stake in Forestar Group by 1,206.6% in the third quarter. Caitong International Asset Management Co. Ltd now owns 993 shares of the oil and gas exploration company’s stock worth $26,000 after acquiring an additional 917 shares during the period. Kestra Advisory Services LLC purchased a new position in Forestar Group during the 4th quarter valued at about $27,000. Fifth Third Bancorp bought a new stake in shares of Forestar Group in the 1st quarter valued at about $31,000. Comerica Bank raised its holdings in shares of Forestar Group by 76.5% in the 3rd quarter. Comerica Bank now owns 1,269 shares of the oil and gas exploration company’s stock valued at $34,000 after purchasing an additional 550 shares in the last quarter. Finally, New York State Teachers Retirement System bought a new stake in shares of Forestar Group in the 1st quarter valued at about $44,000. 35.50% of the stock is currently 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.