Forestar Group (NYSE:FOR) Hits New 12-Month Low – Time to Sell?

Shares of Forestar Group Inc (NYSE:FOR) hit a new 52-week low during mid-day trading on Wednesday. The company traded as low as $22.77 and last traded at $22.6850, with a volume of 21,863 shares traded. The stock had previously closed at $23.10.

Analysts Set New Price Targets

Several research analysts have recently issued reports on FOR shares. Citizens Jmp restated a “market outperform” rating and issued a $35.00 price objective on shares of Forestar Group in a research note on Wednesday, July 22nd. Weiss Ratings lowered Forestar Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, October 23rd. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $36.50.

Forestar Group Price Performance

The firm has a market capitalization of $1.14 billion, a PE ratio of 8.22 and a beta of 1.43. The firm’s fifty day moving average price is $25.63 and its 200 day moving average price is $27.31. The company has a current ratio of 2.22, a quick ratio of 1.44 and a debt-to-equity ratio of 0.41.

Forestar Group (NYSE:FOR) last issued its earnings results on Thursday, October 29th. The oil and gas exploration company reported $1.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.25 by ($0.10). The business had revenue of $580.80 million for the quarter, compared to analysts’ expectations of $603.10 million. Forestar Group had a return on equity of 7.73% and a net margin of 8.72%. The company’s revenue for the quarter was down 13.4% on a year-over-year basis. During the same period last year, the business earned $1.70 EPS.

Insiders Place Their Bets

In other Forestar Group news, Director Lisa Jamieson sold 3,000 shares of the company’s stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $24.77, for a total value of $74,310.00. Following the completion of the transaction, the director owned 23,105 shares in the company, valued at approximately $572,310.85. This represents a 11.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.51% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Heartland Advisors Inc. lifted its stake in Forestar Group by 12.5% in the 3rd quarter. Heartland Advisors Inc. now owns 534,140 shares of the oil and gas exploration company’s stock valued at $13,754,000 after buying an additional 59,327 shares in the last quarter. Ieq Capital LLC grew its holdings in Forestar Group by 32.9% in the 3rd quarter. Ieq Capital LLC now owns 28,567 shares of the oil and gas exploration company’s stock valued at $736,000 after buying an additional 7,067 shares in the last quarter. Royce & Associates LP purchased a new stake in shares of Forestar Group in the third quarter valued at about $258,000. R Squared Ltd increased its holdings in shares of Forestar Group by 84.9% during the 3rd quarter. R Squared Ltd now owns 21,563 shares of the oil and gas exploration company’s stock worth $555,000 after buying an additional 9,900 shares during the last quarter. Finally, Vise Technologies Inc. acquired a new stake in Forestar Group during the third quarter worth $348,000. 35.50% of the stock is owned by institutional investors and hedge funds.

Forestar Group Company Profile

Forestar Group Inc. is a residential land development company that acquires and develops land into finished lots for sale to homebuilders. Its work can include planning communities and installing infrastructure such as roads and utilities. The company operates in markets across the United States, supplying lots to a range of homebuilders. D.R. Horton, one of the country’s largest homebuilders, became Forestar’s majority owner in 2017; Forestar continues to operate as a publicly traded company.