Forestar Group (NYSE:FOR) Reaches New 12-Month Low – Here’s What Happened

Forestar Group Inc (NYSE:FOR)’s share price hit a new 52-week low during mid-day trading on Wednesday. The stock traded as low as $22.77 and last traded at $22.6850, with a volume of 21,863 shares changing hands. The stock had previously closed at $23.10.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on FOR shares. Citizens Jmp reissued a “market outperform” rating and issued a $35.00 price target on shares of Forestar Group in a research note on Wednesday, July 22nd. Weiss Ratings cut shares of Forestar Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, October 23rd. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $36.50.

Forestar Group Price Performance

The stock has a market capitalization of $1.17 billion, a P/E ratio of 8.26 and a beta of 1.43. The stock’s fifty day moving average is $25.82 and its 200-day moving average is $27.33. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.22 and a quick ratio of 1.44.

Forestar Group (NYSE:FOR) last posted its earnings results on Thursday, October 29th. The oil and gas exploration company reported $1.15 EPS for the quarter, missing the consensus estimate of $1.25 by ($0.10). Forestar Group had a return on equity of 7.73% and a net margin of 8.72%. The business had revenue of $580.80 million for the quarter, compared to analyst estimates of $603.10 million. During the same period in the previous year, the company earned $1.70 earnings per share. The company’s quarterly revenue was down 13.4% compared to the same quarter last year.

Insider Activity

In other news, Director Lisa Jamieson sold 3,000 shares of the stock in a transaction dated Thursday, November 5th. The stock was sold at an average price of $24.77, for a total transaction of $74,310.00. Following the transaction, the director owned 23,105 shares of the company’s stock, valued at approximately $572,310.85. This represents a 11.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.51% of the company’s stock.

Hedge Funds Weigh In On Forestar Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Signaturefd LLC lifted its stake in shares of Forestar Group by 17.7% in the third quarter. Signaturefd LLC now owns 3,540 shares of the oil and gas exploration company’s stock worth $91,000 after buying an additional 533 shares during the last quarter. Glenmede Trust Co. NA grew its stake in Forestar Group by 3.4% in the 1st quarter. Glenmede Trust Co. NA now owns 21,687 shares of the oil and gas exploration company’s stock valued at $530,000 after buying an additional 714 shares during the last quarter. Sterling Capital Management LLC grew its stake in Forestar Group by 9.1% in the 3rd quarter. Sterling Capital Management LLC now owns 10,910 shares of the oil and gas exploration company’s stock valued at $281,000 after buying an additional 914 shares during the last quarter. Allworth Financial LP bought a new position in Forestar Group in the 2nd quarter worth $33,000. Finally, Versant Capital Management Inc raised its holdings in Forestar Group by 74.0% in the 2nd quarter. Versant Capital Management Inc now owns 2,727 shares of the oil and gas exploration company’s stock worth $86,000 after acquiring an additional 1,160 shares during the period. Institutional investors and hedge funds own 35.50% of the company’s stock.

About Forestar Group

Forestar Group Inc. is a residential land development company that acquires and develops land into finished lots for sale to homebuilders. Its work can include planning communities and installing infrastructure such as roads and utilities. The company operates in markets across the United States, supplying lots to a range of homebuilders. D.R. Horton, one of the country’s largest homebuilders, became Forestar’s majority owner in 2017; Forestar continues to operate as a publicly traded company.