Brokerages Set Forestar Group Inc (NYSE:FOR) Price Target at $32.67

Shares of Forestar Group Inc (NYSE:FOR) have been assigned an average rating of “Hold” from the six research firms that are currently covering the stock, MarketBeat reports. Four research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $32.6667.

Several brokerages recently issued reports on FOR. Zacks Research downgraded shares of Forestar Group from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. BTIG Research initiated coverage on shares of Forestar Group in a research note on Monday, March 30th. They set a “hold” rating on the stock. Weiss Ratings raised shares of Forestar Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, July 15th. Finally, Citizens Jmp reaffirmed a “market outperform” rating and set a $35.00 price objective on shares of Forestar Group in a report on Wednesday, July 22nd.

Institutional Investors Weigh In On Forestar Group

Large investors have recently bought and sold shares of the business. Versant Capital Management Inc raised its position 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 valued at $86,000 after purchasing an additional 1,160 shares during the last quarter. NewEdge Advisors LLC boosted its stake in Forestar Group by 35.3% in the first quarter. NewEdge Advisors LLC now owns 23,221 shares of the oil and gas exploration company’s stock worth $568,000 after purchasing an additional 6,055 shares in the last quarter. Glenmede Trust Co. NA grew its holdings in shares of Forestar Group by 3.4% during the first quarter. Glenmede Trust Co. NA now owns 21,687 shares of the oil and gas exploration company’s stock worth $530,000 after purchasing an additional 714 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of Forestar Group by 28.2% during the first quarter. Janus Henderson Group PLC now owns 256,842 shares of the oil and gas exploration company’s stock worth $6,286,000 after purchasing an additional 56,514 shares during the last quarter. Finally, Empowered Funds LLC acquired a new stake in shares of Forestar Group in the first quarter valued at $1,935,000. 35.50% of the stock is currently owned by institutional investors.

Forestar Group Stock Performance

Forestar Group stock opened at $28.96 on Friday. The firm has a market capitalization of $1.48 billion, a P/E ratio of 8.70 and a beta of 1.39. The stock has a fifty day moving average price of $28.90 and a two-hundred day moving average price of $27.54. Forestar Group has a 52-week low of $22.81 and a 52-week high of $32.06. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.44 and a quick ratio of 1.44.

Forestar Group (NYSE:FOR) last issued its earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.70 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.11). Forestar Group had a net margin of 9.88% and a return on equity of 9.42%. The firm had revenue of $407.00 million during the quarter, compared to analyst estimates of $437.73 million. During the same quarter in the prior year, the firm posted $0.65 EPS. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis.

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.