Forestar Group’s (FOR) Market Outperform Rating Reaffirmed at Citizens Jmp

Forestar Group (NYSE:FOR)‘s stock had its “market outperform” rating reaffirmed by analysts at Citizens Jmp in a report released on Wednesday,Benzinga reports. They currently have a $35.00 price target on the oil and gas exploration company’s stock. Citizens Jmp’s price objective indicates a potential upside of 27.99% from the company’s previous close.

A number of other equities research analysts have also recently commented on the company. Zacks Research cut Forestar Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. BTIG Research began coverage on Forestar Group in a research note on Monday, March 30th. They set a “hold” rating on the stock. 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 investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $32.67.

Forestar Group Stock Up 1.2%

Shares of FOR stock traded up $0.33 during trading hours on Wednesday, reaching $27.34. 20,966 shares of the company’s stock were exchanged, compared to its average volume of 153,677. Forestar Group has a fifty-two week low of $22.81 and a fifty-two week high of $32.06. The stock’s 50 day moving average is $28.73 and its 200-day moving average is $27.44. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.44. The company has a market cap of $1.39 billion, a price-to-earnings ratio of 8.34 and a beta of 1.39.

Forestar Group (NYSE:FOR) last posted its quarterly earnings data on Tuesday, July 21st. The oil and gas exploration company reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.11). Forestar Group had a return on equity of 9.49% and a net margin of 9.80%.The business had revenue of $407.00 million during the quarter, compared to analyst estimates of $437.73 million. During the same period in the previous year, the business earned $0.65 EPS.

Institutional Trading of Forestar Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ameriprise Financial Inc. grew its stake in Forestar Group by 232.9% during the 2nd quarter. Ameriprise Financial Inc. now owns 529,863 shares of the oil and gas exploration company’s stock valued at $10,597,000 after purchasing an additional 370,685 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Forestar Group by 50.8% in 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 purchasing an additional 164,753 shares during the period. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Forestar Group in the first quarter worth about $3,845,000. Alliancebernstein L.P. raised its stake in shares of Forestar Group by 235.3% in the third quarter. Alliancebernstein L.P. now owns 159,053 shares of the oil and gas exploration company’s stock worth $4,229,000 after purchasing an additional 111,620 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Forestar Group by 165.2% during the third quarter. Bank of America Corp DE now owns 152,617 shares of the oil and gas exploration company’s stock worth $4,058,000 after purchasing an additional 95,065 shares during the period. 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.