Forestar Group (NYSE:FOR) Trading Down 3.6% – Here’s What Happened

Forestar Group Inc (NYSE:FOR) shares were down 3.6% during mid-day trading on Friday . The company traded as low as $25.87 and last traded at $25.8450. Approximately 28,867 shares traded hands during trading, a decline of 83% from the average daily volume of 174,189 shares. The stock had previously closed at $26.82.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on FOR shares. JPMorgan Chase & Co. upped their target price on shares of Forestar Group from $23.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, November 4th. Weiss Ratings reissued a “hold (c)” rating on shares of Forestar Group in a research report on Wednesday, October 8th. JMP Securities set a $35.00 target price on Forestar Group in a research note on Wednesday, October 29th. Citigroup lifted their target price on Forestar Group from $33.00 to $36.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Finally, Zacks Research raised Forestar Group from a “strong sell” rating to a “hold” rating in a report on Friday, September 26th. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $32.00.

Forestar Group Stock Performance

The company has a debt-to-equity ratio of 0.45, a current ratio of 1.33 and a quick ratio of 1.33. The company has a fifty day moving average of $25.52 and a two-hundred day moving average of $24.78. The stock has a market capitalization of $1.28 billion, a P/E ratio of 7.66 and a beta of 1.41.

Forestar Group (NYSE:FOR) last issued its earnings results on Tuesday, October 28th. The oil and gas exploration company reported $1.70 EPS for the quarter, topping the consensus estimate of $1.17 by $0.53. The company had revenue of $670.50 million during the quarter, compared to analyst estimates of $556.59 million. Forestar Group had a return on equity of 10.08% and a net margin of 10.11%.The business’s revenue was up 21.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.60 EPS. On average, equities analysts anticipate that Forestar Group Inc will post 3.44 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Invesco Ltd. grew its position in shares of Forestar Group by 3.7% during the 1st quarter. Invesco Ltd. now owns 39,557 shares of the oil and gas exploration company’s stock valued at $836,000 after buying an additional 1,423 shares during the last quarter. Nuveen LLC bought a new position in Forestar Group in the first quarter worth about $3,123,000. American Century Companies Inc. boosted its stake in Forestar Group by 8.2% in the first quarter. American Century Companies Inc. now owns 632,145 shares of the oil and gas exploration company’s stock valued at $13,364,000 after acquiring an additional 47,923 shares during the period. Quantbot Technologies LP grew its holdings in shares of Forestar Group by 52.9% during the first quarter. Quantbot Technologies LP now owns 17,227 shares of the oil and gas exploration company’s stock valued at $364,000 after purchasing an additional 5,959 shares during the last quarter. Finally, AlphaQuest LLC grew its holdings in shares of Forestar Group by 153.0% during the first quarter. AlphaQuest LLC now owns 49,085 shares of the oil and gas exploration company’s stock valued at $1,038,000 after purchasing an additional 29,685 shares during the last quarter. 35.50% of the stock is currently owned by institutional investors.

Forestar Group Company Profile

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.