Forestar Group Inc (NYSE:FOR) Receives $32.67 Consensus Price Target from Brokerages

Shares of Forestar Group Inc (NYSE:FOR) have been assigned an average rating of “Hold” from the six ratings firms that are covering the company, Marketbeat reports. Four research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $32.6667.

Several equities analysts have recently weighed in on FOR shares. Weiss Ratings cut shares of Forestar Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday. Citizens Jmp restated a “market outperform” rating and set a $35.00 target price on shares of Forestar Group in a research report on Wednesday, July 22nd.

Forestar Group Stock Down 2.3%

FOR stock opened at $28.10 on Friday. Forestar Group has a fifty-two week low of $22.81 and a fifty-two week high of $32.06. The business’s 50-day moving average is $29.13 and its two-hundred day moving average is $27.61. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.44 and a current ratio of 1.44. The company has a market cap of $1.43 billion, a price-to-earnings ratio of 8.44 and a beta of 1.39.

Forestar Group (NYSE:FOR) last announced its earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.11). The firm had revenue of $407.00 million during the quarter, compared to analysts’ expectations of $437.73 million. Forestar Group had a return on equity of 9.42% and a net margin of 9.88%.The company’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.65 earnings per share.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd grew its position in shares of Forestar Group by 1,206.6% during 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. Kestra Advisory Services LLC purchased a new stake in shares of Forestar Group in the 4th quarter worth $27,000. Fifth Third Bancorp purchased a new stake in shares of Forestar Group in the 1st quarter worth $31,000. Comerica Bank raised its holdings in 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 worth $34,000 after purchasing an additional 550 shares during the period. Finally, Tower Research Capital LLC TRC raised its holdings in Forestar Group by 201.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,105 shares of the oil and gas exploration company’s stock worth $42,000 after purchasing an additional 1,406 shares during the period. Hedge funds and other institutional investors own 35.50% of the company’s stock.

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.