Forestar Group (NYSE:FOR) Reaches New 12-Month High – Here’s Why

Forestar Group Inc (NYSE:FOR)’s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $29.87 and last traded at $29.51, with a volume of 140635 shares. The stock had previously closed at $28.91.

Analyst Ratings Changes

A number of brokerages recently weighed in on FOR. Wall Street Zen downgraded shares of Forestar Group from a “buy” rating to a “hold” rating in a research report on Friday, January 23rd. JMP Securities set a $35.00 target price on Forestar Group in a research note on Wednesday, October 29th. Citigroup upped their target price on Forestar Group from $36.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, January 28th. JPMorgan Chase & Co. increased their price target on Forestar Group from $23.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 4th. Finally, Citizens Jmp raised their price target on Forestar Group from $30.00 to $35.00 and gave the stock a “market outperform” rating in a report on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $32.40.

Forestar Group Stock Up 2.1%

The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.44. The firm’s 50-day moving average price is $26.17 and its 200 day moving average price is $26.16. The firm has a market cap of $1.50 billion, a P/E ratio of 9.02 and a beta of 1.43.

Forestar Group (NYSE:FOR) last issued its quarterly earnings data on Tuesday, January 20th. The oil and gas exploration company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.09. The firm had revenue of $273.00 million for the quarter, compared to the consensus estimate of $265.48 million. Forestar Group had a net margin of 9.90% and a return on equity of 9.76%. Forestar Group’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same period last year, the firm posted $0.32 EPS. As a group, research analysts expect that Forestar Group Inc will post 3.44 earnings per share for the current year.

Hedge Funds Weigh In On Forestar Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd increased its position in Forestar Group by 1,206.6% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 993 shares of the oil and gas exploration company’s stock valued at $26,000 after acquiring an additional 917 shares during the period. Allworth Financial LP boosted its position in Forestar Group by 3,273.8% during the 2nd quarter. Allworth Financial LP now owns 1,417 shares of the oil and gas exploration company’s stock worth $28,000 after acquiring an additional 1,375 shares during the period. Comerica Bank grew its stake in shares of Forestar Group by 76.5% in the third 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 in the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Forestar Group by 201.1% during the second quarter. Tower Research Capital LLC TRC now owns 2,105 shares of the oil and gas exploration company’s stock valued at $42,000 after purchasing an additional 1,406 shares during the period. Finally, State of Alaska Department of Revenue bought a new stake in shares of Forestar Group during the third quarter valued at about $72,000. 35.50% of the stock is owned by institutional investors.

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.