Forestar Group (NYSE:FOR) Stock Price Crosses Above 200 Day Moving Average – Here’s Why

Forestar Group Inc (NYSE:FOR)’s stock price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $26.21 and traded as high as $27.63. Forestar Group shares last traded at $27.12, with a volume of 125,470 shares trading hands.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Zacks Research downgraded Forestar Group from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. BTIG Research began coverage on Forestar Group in a report on Monday, March 30th. They set a “hold” rating for the company. Wall Street Zen downgraded Forestar Group from a “buy” rating to a “hold” rating in a research report on Friday, January 23rd. Citigroup increased their target price on Forestar Group from $36.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, January 28th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Forestar Group in a research report on Tuesday, April 21st. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $32.67.

Forestar Group Stock 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 company has a market cap of $1.38 billion, a PE ratio of 8.27 and a beta of 1.45. The business has a fifty day simple moving average of $26.24 and a two-hundred day simple moving average of $26.21.

Forestar Group (NYSE:FOR) last announced its quarterly earnings results on Tuesday, April 21st. The oil and gas exploration company reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.09). The company had revenue of $374.30 million during the quarter, compared to analysts’ expectations of $372.57 million. Forestar Group had a net margin of 9.80% and a return on equity of 9.49%. The company’s revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.62 earnings per share. Research analysts anticipate that Forestar Group Inc will post 3.06 earnings per share for the current year.

Institutional Trading of Forestar Group

Several hedge funds have recently modified their holdings of the company. Rhumbline Advisers boosted its holdings in shares of Forestar Group by 1.1% in the 3rd quarter. Rhumbline Advisers now owns 42,573 shares of the oil and gas exploration company’s stock valued at $1,132,000 after buying an additional 457 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Forestar Group by 5.3% during 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 acquiring an additional 500 shares in the last quarter. Comerica Bank lifted its position in Forestar Group by 76.5% during the third quarter. Comerica Bank now owns 1,269 shares of the oil and gas exploration company’s stock valued at $34,000 after acquiring an additional 550 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in Forestar Group by 1,206.6% in the third quarter. Caitong International Asset Management Co. Ltd now owns 993 shares of the oil and gas exploration company’s stock worth $26,000 after purchasing an additional 917 shares during the last quarter. Finally, First Trust Advisors LP increased its position in shares of Forestar Group by 0.6% during the second quarter. First Trust Advisors LP now owns 160,204 shares of the oil and gas exploration company’s stock worth $3,204,000 after purchasing an additional 952 shares in the last quarter. 35.50% of the stock is owned by hedge funds and other 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.