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

Forestar Group Inc (NYSE:FOR) passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $25.87 and traded as high as $26.36. Forestar Group shares last traded at $26.0550, with a volume of 218,296 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on FOR. Citizens Jmp raised their target price on Forestar Group from $30.00 to $35.00 and gave the company a “market outperform” rating in a research note on Wednesday, October 29th. Zacks Research raised Forestar Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday. JPMorgan Chase & Co. boosted their target price on shares of Forestar Group from $23.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, November 4th. Weiss Ratings reiterated a “hold (c)” rating on shares of Forestar Group in a research note on Thursday, January 22nd. Finally, Wall Street Zen cut shares of Forestar Group from a “buy” rating to a “hold” rating in a research report on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Forestar Group presently has a consensus rating of “Moderate Buy” and an average price target of $32.40.

Forestar Group Stock Up 0.8%

The company’s 50 day simple moving average is $25.72 and its 200-day simple moving average is $25.89. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.44. The firm has a market cap of $1.33 billion, a P/E ratio of 7.97 and a beta of 1.42.

Forestar Group (NYSE:FOR) last announced its earnings results on Tuesday, January 20th. The oil and gas exploration company reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.09. Forestar Group had a net margin of 9.90% and a return on equity of 9.76%. The business had revenue of $273.00 million during the quarter, compared to analyst estimates of $265.48 million. During the same period in the previous year, the business earned $0.32 EPS. The company’s quarterly revenue was up 9.0% compared to the same quarter last year. Research analysts forecast that Forestar Group Inc will post 3.44 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FOR. Swedbank AB lifted its stake in Forestar Group by 400.0% in the 3rd quarter. Swedbank AB now owns 500,000 shares of the oil and gas exploration company’s stock worth $13,295,000 after purchasing an additional 400,000 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Forestar Group by 232.9% in the second quarter. Ameriprise Financial Inc. now owns 529,863 shares of the oil and gas exploration company’s stock worth $10,597,000 after purchasing an additional 370,685 shares during the last quarter. Millennium Management LLC increased 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 worth $10,342,000 after purchasing an additional 164,753 shares during the last quarter. Alliancebernstein L.P. lifted its position in shares of Forestar Group by 235.3% in the third quarter. Alliancebernstein L.P. now owns 159,053 shares of the oil and gas exploration company’s stock worth $4,229,000 after buying an additional 111,620 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Forestar Group by 4.1% during the third quarter. Vanguard Group Inc. now owns 2,769,594 shares of the oil and gas exploration company’s stock valued at $73,644,000 after buying an additional 110,286 shares during the last quarter. 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.