Forestar Group (NYSE:FOR) Rating Increased to Strong-Buy at Zacks Research

by · The Markets Daily

Forestar Group (NYSE:FOR – Get Free Report) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

FOR has been the topic of several other reports. Wall Street Zen lowered shares of Forestar Group from a “buy” rating to a “hold” rating in a research note on Friday, January 23rd. Citizens Jmp upped their price objective on shares of Forestar Group from $30.00 to $35.00 and gave the company a “market outperform” rating in a report on Wednesday, October 29th. JPMorgan Chase & Co. increased their price objective on shares of Forestar Group from $23.00 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 4th. JMP Securities set a $35.00 target price on Forestar Group in a research report on Wednesday, October 29th. Finally, Citigroup upped their price target on Forestar Group from $36.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.40.

Get Our Latest Stock Analysis on FOR

Forestar Group Stock Up 0.8%

Shares of Forestar Group stock opened at $26.06 on Thursday. The stock’s 50-day moving average is $25.72 and its 200 day moving average is $25.87. Forestar Group has a one year low of $18.00 and a one year high of $29.44. The firm has a market cap of $1.33 billion, a price-to-earnings ratio of 7.97 and a beta of 1.42. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.71 and a quick ratio of 0.71.

Forestar Group (NYSE:FOR – Get Free Report) last issued its earnings results on Tuesday, January 20th. The oil and gas exploration company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.09. The business had revenue of $273.00 million during the quarter, compared to the consensus estimate of $265.48 million. Forestar Group had a return on equity of 9.76% and a net margin of 9.90%.The firm’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.32 earnings per share. Equities research analysts anticipate that Forestar Group will post 3.44 EPS for the current year.

Hedge Funds Weigh In On Forestar Group

Hedge funds have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd raised its stake in shares of 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 worth $26,000 after purchasing an additional 917 shares during the last quarter. Allworth Financial LP grew its holdings in Forestar Group by 3,273.8% during the second quarter. Allworth Financial LP now owns 1,417 shares of the oil and gas exploration company’s stock worth $28,000 after buying an additional 1,375 shares in the last quarter. Comerica Bank raised its position in 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 buying an additional 550 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in Forestar Group by 201.1% during 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 acquiring an additional 1,406 shares in the last quarter. Finally, Signaturefd LLC lifted its position in shares of Forestar Group by 43.1% during the second quarter. Signaturefd LLC now owns 2,166 shares of the oil and gas exploration company’s stock valued at $43,000 after purchasing an additional 652 shares in the last quarter. Institutional investors and hedge funds own 35.50% of the company’s stock.

Forestar Group Company Profile

(Get Free Report)

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.

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