Forestar Group (NYSE:FOR) Stock Passes Above 200 Day Moving Average – What’s Next?

Shares of Forestar Group Inc (NYSE:FOR) crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $26.58 and traded as high as $29.58. Forestar Group shares last traded at $29.21, with a volume of 162,446 shares.

Analysts Set New Price Targets

Several equities research analysts have issued reports on FOR shares. BTIG Research began coverage on Forestar Group in a report on Monday, March 30th. They set a “hold” rating for the company. Weiss Ratings downgraded shares of Forestar Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 18th. Finally, Zacks Research lowered shares of Forestar Group from a “strong-buy” rating to a “hold” rating in a research report 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. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $32.67.

Forestar Group Stock Up 1.5%

The company has a market cap of $1.49 billion, a price-to-earnings ratio of 8.91 and a beta of 1.41. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.36 and a quick ratio of 1.36. The firm has a 50-day moving average price of $26.89 and a 200 day moving average price of $26.58.

Forestar Group (NYSE:FOR) last released its quarterly earnings results on Tuesday, April 21st. The oil and gas exploration company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.72 by ($0.09). Forestar Group had a return on equity of 9.49% and a net margin of 9.80%.The firm had revenue of $374.30 million for the quarter, compared to analyst estimates of $372.57 million. During the same period in the previous year, the business posted $0.62 earnings per share. The business’s revenue for the quarter was up 6.6% on a year-over-year basis. Sell-side analysts predict that Forestar Group Inc will post 3.06 EPS for the current year.

Institutional Investors Weigh In On Forestar Group

A number of institutional investors have recently modified their holdings of the business. NewEdge Advisors LLC increased its position in Forestar Group by 35.3% during the first quarter. NewEdge Advisors LLC now owns 23,221 shares of the oil and gas exploration company’s stock worth $568,000 after acquiring an additional 6,055 shares during the period. Glenmede Trust Co. NA boosted its holdings in Forestar Group by 3.4% in the 1st quarter. Glenmede Trust Co. NA now owns 21,687 shares of the oil and gas exploration company’s stock valued at $530,000 after purchasing an additional 714 shares during the period. Janus Henderson Group PLC boosted its holdings in Forestar Group by 28.2% in the 1st quarter. Janus Henderson Group PLC now owns 256,842 shares of the oil and gas exploration company’s stock valued at $6,286,000 after purchasing an additional 56,514 shares during the period. Empowered Funds LLC acquired a new position in shares of Forestar Group during the 1st quarter worth approximately $1,935,000. Finally, Quantinno Capital Management LP grew its position in shares of Forestar Group by 20.8% during the 1st quarter. Quantinno Capital Management LP now owns 34,919 shares of the oil and gas exploration company’s stock worth $853,000 after purchasing an additional 6,020 shares in the last quarter. Institutional investors own 35.50% of the company’s stock.

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.