Analysts Set Forestar Group Inc (NYSE:FOR) Target Price at $31.75

Forestar Group Inc (NYSE:FOR) has been given an average recommendation of “Moderate Buy” by the six ratings firms that are covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $31.75.

A number of research firms recently weighed in on FOR. Zacks Research upgraded Forestar Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 29th. JPMorgan Chase & Co. increased their price target on shares of Forestar Group from $23.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, November 4th. Wall Street Zen lowered shares of Forestar Group from a “buy” rating to a “hold” rating in a report on Friday, January 23rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Forestar Group in a research note on Thursday, January 22nd. Finally, Citigroup lifted their target price on shares of Forestar Group from $36.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, January 28th.

Institutional Investors Weigh In On Forestar Group

A number of hedge funds and other institutional investors have recently modified their holdings of FOR. Caitong International Asset Management Co. Ltd grew its position 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 acquiring an additional 917 shares during the last quarter. Kestra Advisory Services LLC purchased a new stake in shares of Forestar Group during the fourth quarter valued at approximately $27,000. Allworth Financial LP boosted its stake in shares of Forestar Group by 3,273.8% during the second quarter. Allworth Financial LP now owns 1,417 shares of the oil and gas exploration company’s stock valued at $28,000 after purchasing an additional 1,375 shares during the period. Comerica Bank grew its holdings 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 during the last quarter. Finally, 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 buying an additional 1,406 shares during the period. Institutional investors own 35.50% of the company’s stock.

Forestar Group Stock Down 0.2%

Shares of NYSE:FOR opened at $28.72 on Wednesday. The firm has a market capitalization of $1.46 billion, a PE ratio of 8.78 and a beta of 1.43. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.71 and a current ratio of 0.71. Forestar Group has a 52-week low of $18.00 and a 52-week high of $30.74. The firm has a fifty day moving average of $27.03 and a 200 day moving average of $26.52.

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

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.