Forestar Group (NYSE:FOR) Cut to “Hold” at Zacks Research

Zacks Research downgraded shares of Forestar Group (NYSE:FOR) from a strong-buy rating to a hold rating in a research report sent to investors on Monday morning,Zacks.com reports.

Several other research analysts have also issued reports on the company. BTIG Research initiated coverage on Forestar Group in a research report on Monday. They issued a “hold” rating on the stock. Wall Street Zen downgraded Forestar Group from a “buy” rating to a “hold” rating in a report on Friday, January 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of Forestar Group in a research note on Thursday, January 22nd. Finally, Citigroup raised their target price on Forestar Group from $36.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, January 28th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $31.75.

Forestar Group Stock Up 1.2%

Shares of NYSE:FOR opened at $24.74 on Monday. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.71 and a quick ratio of 0.71. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of 7.56 and a beta of 1.45. The company has a 50 day moving average of $26.95 and a 200-day moving average of $26.16. Forestar Group has a one year low of $18.00 and a one year high of $30.74.

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

Hedge Funds Weigh In On Forestar Group

Several institutional investors and hedge funds have recently made changes to their positions in FOR. Corient Private Wealth LLC bought a new stake in shares of Forestar Group in the 4th quarter valued at $225,000. NewEdge Advisors LLC lifted its holdings in Forestar Group by 367.2% during the fourth quarter. NewEdge Advisors LLC now owns 17,166 shares of the oil and gas exploration company’s stock worth $423,000 after acquiring an additional 13,492 shares in the last quarter. XTX Topco Ltd bought a new position in Forestar Group during the fourth quarter worth about $266,000. SummitTX Capital L.P. grew its stake in Forestar Group by 10.8% in the fourth quarter. SummitTX Capital L.P. now owns 170,822 shares of the oil and gas exploration company’s stock valued at $4,207,000 after acquiring an additional 16,718 shares during the period. Finally, Susquehanna Portfolio Strategies LLC acquired a new position in Forestar Group in the fourth quarter valued at about $207,000. Institutional investors and hedge funds own 35.50% of the company’s stock.

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.