Forestar Group Inc. (NYSE:FOR) was the target of a significant increase in short interest in November. As of November 29th, there was short interest totalling 286,200 shares, an increase of 7.0% from the November 14th total of 267,500 shares. Based on an average trading volume of 150,000 shares, the short-interest ratio is presently 1.9 days. Approximately 1.7% of the company’s shares are sold short.
Separately, Zacks Investment Research upgraded shares of Forestar Group from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a report on Tuesday, October 1st. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $21.80.
In related news, Director G.F. (Rick) Ringler III sold 2,000 shares of Forestar Group stock in a transaction on Monday, November 25th. The shares were sold at an average price of $20.87, for a total value of $41,740.00. Insiders own 0.15% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Maltese Capital Management LLC bought a new stake in shares of Forestar Group during the 2nd quarter valued at $2,682,000. BlackRock Inc. boosted its holdings in shares of Forestar Group by 1.3% during the 2nd quarter. BlackRock Inc. now owns 742,263 shares of the oil and gas exploration company’s stock valued at $14,511,000 after buying an additional 9,553 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of Forestar Group by 7.7% during the 3rd quarter. Rhumbline Advisers now owns 19,234 shares of the oil and gas exploration company’s stock valued at $352,000 after buying an additional 1,381 shares in the last quarter. Heartland Advisors Inc. boosted its holdings in shares of Forestar Group by 2.1% during the 2nd quarter. Heartland Advisors Inc. now owns 93,420 shares of the oil and gas exploration company’s stock valued at $1,826,000 after buying an additional 1,930 shares in the last quarter. Finally, JS Capital Management LLC bought a new stake in shares of Forestar Group during the 3rd quarter valued at $1,828,000. Hedge funds and other institutional investors own 30.82% of the company’s stock.
NYSE:FOR traded up $0.15 during trading hours on Friday, hitting $19.51. The company had a trading volume of 77,543 shares, compared to its average volume of 66,739. The company has a market capitalization of $936.68 million, a PE ratio of 24.70, a price-to-earnings-growth ratio of 1.62 and a beta of 1.88. The stock has a 50-day moving average price of $19.73 and a 200 day moving average price of $19.25. Forestar Group has a 52 week low of $12.77 and a 52 week high of $23.00. The company has a debt-to-equity ratio of 0.57, a current ratio of 4.00 and a quick ratio of 4.00.
Forestar Group (NYSE:FOR) last released its quarterly earnings results on Thursday, November 7th. The oil and gas exploration company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.14. The business had revenue of $236.30 million for the quarter. Forestar Group had a net margin of 7.70% and a return on equity of 4.52%. Analysts anticipate that Forestar Group will post 0.95 EPS for the current fiscal year.
About Forestar Group
Forestar Group Inc operates as a real estate lot development company. It engages in the acquisition, entitlement, and development of infrastructure for single-family residential communities. Forestar Group Inc sells residential lots primarily to homebuilders, as well as sells commercial properties. The company is headquartered in Austin, Texas.
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