Forestar Group (NYSE:FOR) Issues Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Forestar Group (NYSE:FOR) posted its quarterly earnings results on Tuesday. The oil and gas exploration company reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.01), Zacks reports. Forestar Group had a return on equity of 9.76% and a net margin of 9.90%.

Forestar Group Price Performance

Shares of Forestar Group stock opened at $26.56 on Tuesday. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $1.35 billion, a price-to-earnings ratio of 8.12 and a beta of 1.45. Forestar Group has a 1-year low of $18.12 and a 1-year high of $30.74. The firm’s 50-day moving average price is $26.70 and its two-hundred day moving average price is $26.09.

Wall Street Analyst Weigh In

FOR has been the subject of several recent research reports. Wall Street Zen lowered shares of Forestar Group from a “buy” rating to a “hold” rating in a research report on Friday, January 23rd. Citigroup increased their price target on shares of Forestar Group from $36.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, January 28th. Weiss Ratings reissued a “hold (c)” rating on shares of Forestar Group in a research report on Thursday, January 22nd. BTIG Research initiated coverage on shares of Forestar Group in a research report on Monday, March 30th. They issued a “hold” rating for the company. Finally, Zacks Research lowered shares of Forestar Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $32.67.

Institutional Trading of Forestar Group

Several large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its stake in Forestar Group by 0.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,775,459 shares of the oil and gas exploration company’s stock worth $68,360,000 after buying an additional 15,580 shares during the last quarter. Ameriprise Financial Inc. grew its stake in Forestar Group by 232.9% during the second quarter. Ameriprise Financial Inc. now owns 529,863 shares of the oil and gas exploration company’s stock worth $10,597,000 after buying an additional 370,685 shares during the last quarter. Royal Bank of Canada grew its stake in Forestar Group by 2.2% during the fourth quarter. Royal Bank of Canada now owns 511,362 shares of the oil and gas exploration company’s stock worth $12,594,000 after buying an additional 10,987 shares during the last quarter. Geode Capital Management LLC grew its stake in Forestar Group by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 508,877 shares of the oil and gas exploration company’s stock worth $12,536,000 after buying an additional 5,171 shares during the last quarter. Finally, Millennium Management LLC grew its stake in Forestar Group by 50.8% during the first quarter. Millennium Management LLC now owns 489,230 shares of the oil and gas exploration company’s stock worth $10,342,000 after buying an additional 164,753 shares during the last quarter. 35.50% of the stock is owned by institutional investors.

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.