Forestar Group (NYSE:FOR) Announces Earnings Results

Forestar Group (NYSE:FOR) released its earnings results on Tuesday. The oil and gas exploration company reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.01), Zacks reports. Forestar Group had a return on equity of 9.76% and a net margin of 9.90%.

Forestar Group Stock Down 0.3%

Shares of FOR opened at $26.56 on Tuesday. The company has a 50-day simple moving average of $26.70 and a 200-day simple moving average of $26.09. The firm has a market capitalization of $1.35 billion, a P/E ratio of 8.12 and a beta of 1.45. 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 $18.12 and a 52 week high of $30.74.

Wall Street Analysts Forecast Growth

FOR has been the subject of a number of research analyst reports. Zacks Research lowered shares of Forestar Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Forestar Group in a research note on Thursday, January 22nd. Wall Street Zen cut shares of Forestar Group from a “buy” rating to a “hold” rating in a research note on Friday, January 23rd. Citigroup upped their price objective on shares of Forestar Group from $36.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, January 28th. Finally, BTIG Research started coverage on shares of Forestar Group in a research report on Monday, March 30th. They set a “hold” rating for the company. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $32.67.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in FOR. AQR Capital Management LLC raised its position in shares of Forestar Group by 32.1% during the first quarter. AQR Capital Management LLC now owns 227,559 shares of the oil and gas exploration company’s stock valued at $4,811,000 after buying an additional 55,266 shares during the last quarter. Millennium Management LLC raised its position in shares of Forestar Group by 50.8% during the first quarter. Millennium Management LLC now owns 489,230 shares of the oil and gas exploration company’s stock valued at $10,342,000 after buying an additional 164,753 shares during the last quarter. NewEdge Advisors LLC increased its stake in Forestar Group by 63.7% in the first quarter. NewEdge Advisors LLC now owns 4,829 shares of the oil and gas exploration company’s stock valued at $102,000 after acquiring an additional 1,879 shares during the period. Jane Street Group LLC bought a new stake in Forestar Group in the first quarter valued at about $850,000. Finally, Strs Ohio acquired a new position in Forestar Group in the first quarter worth about $74,000. Institutional investors and hedge funds own 35.50% of the company’s stock.

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.