Forestar Group (NYSE:FOR) Shares Cross Above 200 Day Moving Average – Here’s Why

Forestar Group Inc (NYSE:FOR) shares crossed above its 200-day moving average during trading on Friday . The stock has a 200-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 traded.

Analysts Set New Price Targets

A number of research firms have recently commented on FOR. BTIG Research began coverage on Forestar Group in a research report on Monday, March 30th. They set a “hold” rating on the stock. Zacks Research cut shares of Forestar Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. Finally, Weiss Ratings cut shares of Forestar Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 18th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $32.67.

Forestar Group Price Performance

The stock has a 50-day moving average price of $26.89 and a 200 day moving average price of $26.58. The firm 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.

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

Hedge Funds Weigh In On Forestar Group

Institutional investors have recently bought and sold shares of the company. Rhumbline Advisers raised its stake in shares of Forestar Group by 1.1% in the third quarter. Rhumbline Advisers now owns 42,573 shares of the oil and gas exploration company’s stock worth $1,132,000 after acquiring an additional 457 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in Forestar Group by 5.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 9,946 shares of the oil and gas exploration company’s stock valued at $245,000 after purchasing an additional 500 shares during the last quarter. Comerica Bank increased its stake in 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 valued at $34,000 after purchasing an additional 550 shares in the last quarter. Glenmede Trust Co. NA increased its holdings in shares of Forestar Group by 3.4% in the first quarter. Glenmede Trust Co. NA now owns 21,687 shares of the oil and gas exploration company’s stock worth $530,000 after acquiring an additional 714 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its holdings in shares of 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 in the last quarter. 35.50% of the stock is owned by institutional investors and hedge funds.

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.