Forestar Group (NYSE:FOR) Hits New 12-Month High – Still a Buy?

Shares of Forestar Group Inc (NYSE:FOR) reached a new 52-week high on Tuesday . The company traded as high as $32.06 and last traded at $32.0120, with a volume of 131906 shares. The stock had previously closed at $31.94.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FOR. Zacks Research lowered Forestar Group from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. Weiss Ratings downgraded Forestar Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 18th. Finally, BTIG Research assumed coverage on Forestar Group in a research report on Monday, March 30th. They set a “hold” rating on the stock. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $32.67.

Forestar Group Price Performance

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 business’s fifty day moving average price is $28.02 and its 200-day moving average price is $26.99. The stock has a market capitalization of $1.59 billion, a price-to-earnings ratio of 9.51 and a beta of 1.39.

Forestar Group (NYSE:FOR) last posted 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 return on equity of 9.49% and a net margin of 9.80%.The business had revenue of $374.30 million during the quarter, compared to analyst estimates of $372.56 million. During the same quarter in the prior year, the company earned $0.62 EPS. The company’s revenue was up 6.6% on a year-over-year basis.

Institutional Trading of Forestar Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC boosted its holdings in Forestar Group by 32.1% during the 1st quarter. AQR Capital Management LLC now owns 227,559 shares of the oil and gas exploration company’s stock worth $4,811,000 after acquiring an additional 55,266 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Forestar Group by 50.8% in the first quarter. Millennium Management LLC now owns 489,230 shares of the oil and gas exploration company’s stock valued at $10,342,000 after purchasing an additional 164,753 shares during the last quarter. NewEdge Advisors LLC lifted its position in shares of Forestar Group by 63.7% during the first quarter. NewEdge Advisors LLC now owns 4,829 shares of the oil and gas exploration company’s stock valued at $102,000 after purchasing an additional 1,879 shares in the last quarter. Jane Street Group LLC bought a new position in shares of Forestar Group during the first quarter valued at about $850,000. Finally, Strs Ohio purchased a new position in Forestar Group during the first quarter worth about $74,000. 35.50% of the stock is 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.