Forestar Group (NYSE:FOR) Shares Cross Above 200 Day Moving Average – Here’s Why

Shares of Forestar Group Inc (NYSE:FOR) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $26.58 and traded as high as $29.58. Forestar Group shares last traded at $29.21, with a volume of 162,446 shares.

Wall Street Analyst Weigh In

Several research analysts recently commented on FOR shares. BTIG Research assumed coverage on shares of Forestar Group in a report on Monday, March 30th. They issued a “hold” rating for the company. Zacks Research downgraded shares of Forestar Group from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. Finally, Weiss Ratings downgraded shares of Forestar Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 18th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Forestar Group has an average rating of “Hold” and a consensus price target of $32.67.

Forestar Group Trading Up 1.5%

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 capitalization of $1.49 billion, a P/E ratio of 8.91 and a beta of 1.41. The stock has a 50 day moving average of $26.89 and a 200-day moving average of $26.58.

Forestar Group (NYSE:FOR) last posted its quarterly earnings results on Tuesday, April 21st. The oil and gas exploration company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.72 by ($0.09). Forestar Group had a return on equity of 9.49% and a net margin of 9.80%.The business had revenue of $374.30 million during the quarter, compared to the consensus estimate of $372.57 million. During the same quarter in the previous year, the company earned $0.62 earnings per share. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. On average, research analysts predict that Forestar Group Inc will post 3.06 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Ameriprise Financial Inc. raised its stake in Forestar Group by 232.9% in the second quarter. Ameriprise Financial Inc. now owns 529,863 shares of the oil and gas exploration company’s stock worth $10,597,000 after buying an additional 370,685 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Forestar Group by 50.8% during 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 acquiring an additional 164,753 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Forestar Group during the first quarter valued at about $3,845,000. Alliancebernstein L.P. increased its position in shares of Forestar Group by 235.3% in the 3rd quarter. Alliancebernstein L.P. now owns 159,053 shares of the oil and gas exploration company’s stock valued at $4,229,000 after acquiring an additional 111,620 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of Forestar Group by 4.1% in the 3rd quarter. Vanguard Group Inc. now owns 2,769,594 shares of the oil and gas exploration company’s stock valued at $73,644,000 after acquiring an additional 110,286 shares during the period. 35.50% of the stock is currently owned by institutional investors.

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.