Forestar Group (NYSE:FOR) Announces Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Forestar Group (NYSE:FOR) posted its earnings results on Tuesday. The oil and gas exploration company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.21 by $0.09, Zacks reports. The firm had revenue of $273.00 million for the quarter, compared to analyst estimates of $265.48 million. Forestar Group had a return on equity of 10.08% and a net margin of 10.11%.

Forestar Group Trading Down 1.8%

NYSE:FOR opened at $27.41 on Tuesday. The company has a market capitalization of $1.39 billion, a PE ratio of 8.33 and a beta of 1.42. Forestar Group has a 52-week low of $18.00 and a 52-week high of $29.44. The stock’s 50 day moving average price is $25.46 and its 200 day moving average price is $25.71. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.45.

Hedge Funds Weigh In On Forestar Group

A number of hedge funds have recently modified their holdings of the business. AQR Capital Management LLC increased its holdings in shares of Forestar Group by 32.1% in the 1st quarter. AQR Capital Management LLC now owns 227,559 shares of the oil and gas exploration company’s stock valued at $4,811,000 after acquiring an additional 55,266 shares during the period. Millennium Management LLC grew its position in Forestar Group by 50.8% during the 1st quarter. Millennium Management LLC now owns 489,230 shares of the oil and gas exploration company’s stock worth $10,342,000 after purchasing an additional 164,753 shares during the last quarter. NewEdge Advisors LLC increased its stake in Forestar Group by 63.7% in the first quarter. NewEdge Advisors LLC now owns 4,829 shares of the oil and gas exploration company’s stock valued at $102,000 after purchasing an additional 1,879 shares during the period. Jane Street Group LLC purchased a new stake in shares of Forestar Group in the first quarter valued at about $850,000. Finally, Strs Ohio purchased a new stake in shares of Forestar Group in the first quarter valued at about $74,000. 35.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. JMP Securities set a $35.00 price objective on Forestar Group in a report on Wednesday, October 29th. JPMorgan Chase & Co. upped their price target on Forestar Group from $23.00 to $25.00 and gave the company a “neutral” rating in a report on Tuesday, November 4th. Citizens Jmp increased their price target on shares of Forestar Group from $30.00 to $35.00 and gave the company a “market outperform” rating in a research note on Wednesday, October 29th. Zacks Research raised shares of Forestar Group from a “strong sell” rating to a “hold” rating in a report on Friday, September 26th. Finally, Wall Street Zen upgraded shares of Forestar Group from a “hold” rating to a “buy” rating in a research report on Friday, November 28th. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $32.00.

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.