Brokerages Set Forestar Group Inc (NYSE:FOR) Price Target at $31.75

Forestar Group Inc (NYSE:FOR) has earned an average recommendation of “Hold” from the six analysts that are currently covering the company, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $31.75.

A number of analysts have recently issued reports on FOR shares. Citigroup raised their price target on shares of Forestar Group from $36.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, January 28th. BTIG Research started coverage on shares of Forestar Group in a report on Monday, March 30th. They set 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. Weiss Ratings restated a “hold (c)” rating on shares of Forestar Group in a report on Thursday, January 22nd. Finally, Wall Street Zen downgraded shares of Forestar Group from a “buy” rating to a “hold” rating in a report on Friday, January 23rd.

Forestar Group Stock Up 2.7%

Shares of NYSE FOR opened at $26.66 on Thursday. The company has a 50 day simple moving average of $26.75 and a 200-day simple moving average of $26.10. The company has a market capitalization of $1.36 billion, a P/E ratio of 8.15 and a beta of 1.45. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.71 and a quick ratio of 0.71. Forestar Group has a 1 year low of $18.12 and a 1 year high of $30.74.

Forestar Group (NYSE:FOR) last announced its quarterly earnings results on Tuesday, January 20th. The oil and gas exploration company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.09. The business had revenue of $273.00 million during the quarter, compared to the consensus estimate of $265.48 million. Forestar Group had a net margin of 9.90% and a return on equity of 9.76%. The business’s revenue was up 9.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.32 EPS. On average, equities research analysts predict that Forestar Group will post 3.44 earnings per share for the current year.

Hedge Funds Weigh In On Forestar Group

A number of hedge funds have recently made changes to their positions in the stock. Corient Private Wealth LLC purchased a new position in shares of Forestar Group during the 4th quarter worth approximately $225,000. NewEdge Advisors LLC boosted its position in shares of Forestar Group by 367.2% during the 4th quarter. NewEdge Advisors LLC now owns 17,166 shares of the oil and gas exploration company’s stock worth $423,000 after purchasing an additional 13,492 shares during the period. XTX Topco Ltd purchased a new position in shares of Forestar Group during the 4th quarter worth approximately $266,000. SummitTX Capital L.P. boosted its position in shares of Forestar Group by 10.8% during the 4th quarter. SummitTX Capital L.P. now owns 170,822 shares of the oil and gas exploration company’s stock worth $4,207,000 after purchasing an additional 16,718 shares during the period. Finally, Susquehanna Portfolio Strategies LLC purchased a new position in shares of Forestar Group during the 4th quarter worth approximately $207,000. Hedge funds and other institutional investors own 35.50% of the company’s stock.

Forestar Group Company Profile

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.