Forestar Group (NYSE:FOR) Hits New 52-Week High – What’s Next?

Forestar Group Inc (NYSE:FOR)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $32.06 and last traded at $32.0120, with a volume of 131906 shares. The stock had previously closed at $31.94.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FOR. Weiss Ratings lowered Forestar Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 18th. BTIG Research started coverage on Forestar Group in a research report on Monday, March 30th. They set a “hold” rating for the company. Finally, Zacks Research lowered Forestar Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $32.67.

Forestar Group Stock Performance

The stock has a market capitalization of $1.63 billion, a PE ratio of 9.76 and a beta of 1.41. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.44. The stock has a fifty day moving average of $27.82 and a 200-day moving average of $26.92.

Forestar Group (NYSE:FOR) last issued 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). The company had revenue of $374.30 million for the quarter, compared to analysts’ expectations of $372.56 million. Forestar Group had a return on equity of 9.49% and a net margin of 9.80%.Forestar Group’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.62 EPS.

Institutional Trading of Forestar Group

Large investors have recently made changes to their positions in the company. NewEdge Advisors LLC raised its holdings in Forestar Group by 35.3% in the first quarter. NewEdge Advisors LLC now owns 23,221 shares of the oil and gas exploration company’s stock valued at $568,000 after acquiring an additional 6,055 shares in the last quarter. Glenmede Trust Co. NA grew its holdings in Forestar Group by 3.4% during the 1st quarter. Glenmede Trust Co. NA now owns 21,687 shares of the oil and gas exploration company’s stock worth $530,000 after acquiring an additional 714 shares in the last quarter. Janus Henderson Group PLC grew its holdings in Forestar Group by 28.2% during the 1st quarter. Janus Henderson Group PLC now owns 256,842 shares of the oil and gas exploration company’s stock worth $6,286,000 after acquiring an additional 56,514 shares in the last quarter. Empowered Funds LLC purchased a new stake in shares of Forestar Group in the 1st quarter valued at approximately $1,935,000. Finally, Quantinno Capital Management LP increased its position in shares of Forestar Group by 20.8% in the 1st quarter. Quantinno Capital Management LP now owns 34,919 shares of the oil and gas exploration company’s stock valued at $853,000 after purchasing an additional 6,020 shares during the last quarter. 35.50% of the stock is currently owned by hedge funds and other 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.