Forestar Group (NYSE:FOR) Stock Price Down 5.7% – Here’s Why

Shares of Forestar Group Inc (NYSE:FOR) were down 5.7% during mid-day trading on Monday . The stock traded as low as $28.25 and last traded at $28.2050. Approximately 91,518 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 152,468 shares. The stock had previously closed at $29.90.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FOR. 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. Zacks Research lowered shares of Forestar Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. Finally, Weiss Ratings upgraded shares of Forestar Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $32.67.

Forestar Group Stock Performance

The stock has a market capitalization of $1.39 billion, a PE ratio of 8.31 and a beta of 1.39. The stock has a fifty day moving average of $28.73 and a 200-day moving average of $27.44. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.44.

Forestar Group (NYSE:FOR) last released 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 return on equity of 9.49% and a net margin of 9.80%.The company had revenue of $407.00 million for the quarter, compared to analyst estimates of $437.73 million. During the same period in the previous year, the firm earned $0.65 earnings per share.

Hedge Funds Weigh In On Forestar Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd raised its holdings in Forestar Group by 1,206.6% in the third quarter. Caitong International Asset Management Co. Ltd now owns 993 shares of the oil and gas exploration company’s stock valued at $26,000 after acquiring an additional 917 shares in the last quarter. Kestra Advisory Services LLC acquired a new position in Forestar Group during the 4th quarter worth approximately $27,000. Fifth Third Bancorp acquired a new position in Forestar Group during the 1st quarter worth approximately $31,000. Comerica Bank increased its position in shares of Forestar Group by 76.5% in the 3rd quarter. Comerica Bank now owns 1,269 shares of the oil and gas exploration company’s stock valued at $34,000 after purchasing an additional 550 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its position in shares of Forestar Group by 201.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,105 shares of the oil and gas exploration company’s stock valued at $42,000 after purchasing an additional 1,406 shares during the last quarter. 35.50% of the stock is owned by institutional investors and hedge funds.

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.