Forestar Group Inc (NYSE:FOR) Receives $32.40 Consensus Target Price from Brokerages

Forestar Group Inc (NYSE:FOR) has received a consensus recommendation of “Moderate Buy” from the seven research firms that are currently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $32.40.

Several research analysts have commented on the stock. JMP Securities set a $35.00 target price on shares of Forestar Group in a research report on Wednesday, October 29th. Citigroup increased their price objective on Forestar Group from $36.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, January 28th. JPMorgan Chase & Co. lifted their target price on Forestar Group from $23.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, November 4th. Wall Street Zen lowered Forestar Group from a “buy” rating to a “hold” rating in a research report on Friday, January 23rd. Finally, Zacks Research raised Forestar Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 29th.

Forestar Group Stock Up 3.7%

FOR stock opened at $26.99 on Friday. 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 50 day simple moving average of $25.77 and a 200-day simple moving average of $25.96. The company has a market capitalization of $1.37 billion, a P/E ratio of 8.25 and a beta of 1.43. Forestar Group has a twelve month low of $18.00 and a twelve month high of $29.44.

Forestar Group (NYSE:FOR) last issued its quarterly earnings results on Tuesday, January 20th. The oil and gas exploration company reported $0.30 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $265.48 million. During the same quarter last year, the company posted $0.32 earnings per share. The company’s quarterly revenue was up 9.0% compared to the same quarter last year. On average, equities research analysts predict that Forestar Group will post 3.44 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Forestar Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Forestar Group by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 2,813,034 shares of the oil and gas exploration company’s stock worth $69,285,000 after acquiring an additional 43,440 shares during the last quarter. SG Americas Securities LLC purchased a new position in Forestar Group in the 4th quarter worth about $131,000. Assenagon Asset Management S.A. increased its stake in Forestar Group by 5.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 9,946 shares of the oil and gas exploration company’s stock worth $245,000 after purchasing an additional 500 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in 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 worth $26,000 after buying an additional 917 shares during the period. Finally, Caxton Associates LLP purchased a new stake in Forestar Group during the third quarter valued at about $517,000. 35.50% of the stock is currently 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.