Forestar Group (NYSE:FOR) Stock Price Passes Above Two Hundred Day Moving Average – Here’s Why

Shares of Forestar Group Inc (NYSE:FOR) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $26.74 and traded as high as $29.96. Forestar Group shares last traded at $29.0680, with a volume of 99,756 shares.

Wall Street Analyst Weigh In

FOR has been the topic of a number of research analyst reports. Weiss Ratings cut Forestar Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 18th. BTIG Research initiated coverage on Forestar Group in a research note on Monday, March 30th. They set a “hold” rating on the stock. Finally, Zacks Research downgraded Forestar Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $32.67.

Forestar Group Price Performance

The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.36 and a current ratio of 1.36. The company has a market capitalization of $1.48 billion, a PE ratio of 8.86 and a beta of 1.41. The company’s 50-day simple moving average is $27.34 and its 200-day simple moving average is $26.74.

Forestar Group (NYSE:FOR) last announced its earnings results on Tuesday, April 21st. The oil and gas exploration company reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.09). Forestar Group had a net margin of 9.80% and a return on equity of 9.49%. The business had revenue of $374.30 million during the quarter, compared to analysts’ expectations of $372.56 million. During the same period in the previous year, the company posted $0.62 earnings per share. Forestar Group’s quarterly revenue was up 6.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Forestar Group Inc will post 3.06 earnings per share for the current year.

Institutional Trading of Forestar Group

A number of hedge funds have recently added to or reduced their stakes in FOR. Caitong International Asset Management Co. Ltd raised its stake in shares of Forestar Group by 1,206.6% during 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. Kestra Advisory Services LLC acquired a new position in shares of Forestar Group during the fourth quarter worth about $27,000. Fifth Third Bancorp acquired a new position in shares of Forestar Group during the first quarter worth about $31,000. Comerica Bank raised its holdings in Forestar Group by 76.5% during the third quarter. Comerica Bank now owns 1,269 shares of the oil and gas exploration company’s stock worth $34,000 after purchasing an additional 550 shares in the last quarter. Finally, New York State Teachers Retirement System purchased a new position in Forestar Group during the first quarter worth about $44,000. 35.50% of the stock is owned by institutional investors and hedge funds.

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.