Forestar Group (NYSE:FOR) Shares Up 5.3% - What's Next?

Key Points

• Forestar Group shares rose 5.3% to about $26.04 in Friday trading, although volume was 98% below the average daily level.
• Analysts maintain a consensus “Hold” rating with an average price target of $32.67; Citizens JMP reiterated “Market Outperform” with a $35 target.
• The company’s latest quarterly results fell short of expectations, reporting $0.70 in EPS versus $0.81 expected and revenue of $407 million versus $437.73 million forecast.

Forestar Group Inc (NYSE:FOR - Get Free Report)'s stock price traded up 5.3% during mid-day trading on Friday. The company traded as high as $26.01 and last traded at $26.0350. 3,241 shares changed hands during mid-day trading, a decline of 98% from the average daily volume of 153,115 shares. The stock had previously closed at $24.73.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Weiss Ratings upgraded Forestar Group from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, October 8th. Citizens Jmp restated a "market outperform" rating and issued a $35.00 price target on shares of Forestar Group in a research report on Wednesday, July 22nd. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, Forestar Group currently has a consensus rating of "Hold" and an average price target of $32.67.

Forestar Group Trading Up 0.7%

The stock has a market cap of $1.32 billion, a PE ratio of 7.78 and a beta of 1.40. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.44 and a current ratio of 1.44. The stock has a fifty day moving average price of $27.25 and a 200 day moving average price of $27.72.

Forestar Group (NYSE:FOR - Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.11). The company had revenue of $407.00 million for the quarter, compared to analysts' expectations of $437.73 million. Forestar Group had a net margin of 9.88% and a return on equity of 9.42%. The business's quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.65 EPS.

Institutional Investors Weigh In On Forestar Group

Several hedge funds and other institutional investors have recently made changes to their positions in FOR. Engineers Gate Manager LP raised its position in Forestar Group by 22.7% in the 2nd quarter. Engineers Gate Manager LP now owns 10,870 shares of the oil and gas exploration company's stock worth $344,000 after purchasing an additional 2,010 shares during the period. NewEdge Advisors LLC boosted its position in shares of Forestar Group by 17.2% during the second quarter. NewEdge Advisors LLC now owns 27,226 shares of the oil and gas exploration company's stock valued at $862,000 after buying an additional 4,005 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Forestar Group by 4.1% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 41,941 shares of the oil and gas exploration company's stock valued at $1,327,000 after buying an additional 1,656 shares during the last quarter. Empowered Funds LLC bought a new position in shares of Forestar Group during the second quarter valued at approximately $5,269,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of Forestar Group in the second quarter worth approximately $723,000. Hedge funds and other institutional investors own 35.50% of the company's stock.

About Forestar Group

Forestar Group Inc NYSE: FOR is a residential lot development company that acquires, entitles and develops land for single-family and, in some markets, mixed-use communities. The company generally sells finished or partially developed residential lots to homebuilders rather than constructing homes for individual buyers.

Forestar's activities include land acquisition, planning and entitlement, infrastructure development, and the management of residential development projects. Its lots are intended to support a range of housing types and price points, and the company works with national, regional and local homebuilders across its operating markets.

The company operates in multiple markets throughout the United States.

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