Forestar Group (NYSE:FOR) Shares Gap Down – Here’s What Happened

Forestar Group Inc (NYSE:FOR) gapped down prior to trading on Tuesday . The stock had previously closed at $25.21, but opened at $24.43. Forestar Group shares last traded at $24.27, with a volume of 1,231 shares changing hands.

Analyst Ratings Changes

Several research firms have issued reports on FOR. JMP Securities set a $35.00 price objective on shares of Forestar Group in a research note on Wednesday, October 29th. Citigroup upped their target price on Forestar Group from $33.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Citizens Jmp lifted their price target on Forestar Group from $30.00 to $35.00 and gave the stock a “market outperform” rating in a research report on Wednesday, October 29th. JPMorgan Chase & Co. boosted their price objective on Forestar Group from $23.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, November 4th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Forestar Group in a research report on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $32.00.

Forestar Group Stock Performance

The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.45. The stock has a fifty day moving average price of $25.45 and a 200-day moving average price of $24.96. The firm has a market cap of $1.25 billion, a price-to-earnings ratio of 7.46 and a beta of 1.41.

Forestar Group (NYSE:FOR) last issued its quarterly earnings results on Tuesday, October 28th. The oil and gas exploration company reported $1.70 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.53. Forestar Group had a return on equity of 10.08% and a net margin of 10.11%.The firm had revenue of $670.50 million during the quarter, compared to the consensus estimate of $556.59 million. During the same period last year, the company earned $1.60 earnings per share. The company’s revenue for the quarter was up 21.6% on a year-over-year basis. On average, analysts expect that Forestar Group Inc will post 3.44 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in FOR. Dimension Capital Management LLC acquired a new position in shares of Forestar Group during the 2nd quarter worth $1,512,000. Royal Bank of Canada lifted its stake in shares of Forestar Group by 27.6% in the first quarter. Royal Bank of Canada now owns 487,582 shares of the oil and gas exploration company’s stock valued at $10,308,000 after purchasing an additional 105,361 shares during the period. Cubist Systematic Strategies LLC boosted its holdings in Forestar Group by 50.1% during the first quarter. Cubist Systematic Strategies LLC now owns 56,938 shares of the oil and gas exploration company’s stock worth $1,204,000 after buying an additional 19,008 shares in the last quarter. Swedbank AB boosted its holdings in Forestar Group by 100.0% during the first quarter. Swedbank AB now owns 100,000 shares of the oil and gas exploration company’s stock worth $2,114,000 after buying an additional 50,000 shares in the last quarter. Finally, Nuveen LLC acquired a new position in Forestar Group during the first quarter worth about $3,123,000. 35.50% of the stock is owned by hedge funds and other 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.