Forestar Group (NYSE:FOR) Releases Quarterly Earnings Results, Misses Estimates By $0.15 EPS

Forestar Group (NYSE:FOR) announced its quarterly earnings results on Tuesday. The oil and gas exploration company reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.15), RTT News reports. Forestar Group had a net margin of 9.80% and a return on equity of 9.49%. During the same period in the prior year, the company earned $0.65 EPS.

Forestar Group Stock Performance

Shares of FOR opened at $28.18 on Tuesday. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.44. The business has a 50-day simple moving average of $28.72 and a two-hundred day simple moving average of $27.43. The stock has a market cap of $1.44 billion, a price-to-earnings ratio of 8.59 and a beta of 1.39. Forestar Group has a 52 week low of $21.77 and a 52 week high of $32.06.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd increased its holdings in Forestar Group by 1,206.6% in 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 acquiring an additional 917 shares in the last quarter. Kestra Advisory Services LLC bought a new position in shares of Forestar Group in the fourth quarter worth approximately $27,000. Comerica Bank increased its stake in shares of Forestar Group by 76.5% in the third quarter. Comerica Bank now owns 1,269 shares of the oil and gas exploration company’s stock worth $34,000 after purchasing an additional 550 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in shares of Forestar Group by 201.1% in the second quarter. Tower Research Capital LLC TRC now owns 2,105 shares of the oil and gas exploration company’s stock worth $42,000 after purchasing an additional 1,406 shares in the last quarter. Finally, State of Wyoming bought a new stake in shares of Forestar Group during the 4th quarter valued at $66,000. 35.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on FOR shares. Weiss Ratings raised Forestar Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 15th. BTIG Research initiated coverage on shares of Forestar Group in a research note on Monday, March 30th. They issued a “hold” rating for the company. Finally, Zacks Research cut shares of Forestar Group from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $32.67.

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.