Citigroup Lowers Forestar Group (NYSE:FOR) Price Target to $32.00

Forestar Group (NYSE:FOR) had its price target cut by equities research analysts at Citigroup from $39.00 to $32.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the oil and gas exploration company’s stock. Citigroup’s price objective points to a potential upside of 36.43% from the company’s current price.

Forestar Group Stock Down 3.2 %

FOR stock opened at $23.46 on Thursday. The stock has a market cap of $1.19 billion, a PE ratio of 6.57 and a beta of 1.74. The firm’s 50-day simple moving average is $27.16 and its 200 day simple moving average is $29.88. Forestar Group has a fifty-two week low of $23.38 and a fifty-two week high of $40.92. The company has a quick ratio of 1.61, a current ratio of 0.50 and a debt-to-equity ratio of 0.50.

Forestar Group (NYSE:FOR) last announced its quarterly earnings results on Tuesday, January 21st. The oil and gas exploration company reported $0.32 EPS for the quarter, missing the consensus estimate of $0.65 by ($0.33). The firm had revenue of $250.40 million during the quarter, compared to analyst estimates of $318,000 billion. Forestar Group had a net margin of 12.50% and a return on equity of 11.74%. The business’s quarterly revenue was down 18.1% compared to the same quarter last year. As a group, sell-side analysts predict that Forestar Group will post 3.67 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP raised its stake in shares of Forestar Group by 9.0% during the second quarter. Dimensional Fund Advisors LP now owns 2,438,669 shares of the oil and gas exploration company’s stock valued at $78,012,000 after purchasing an additional 201,032 shares in the last quarter. Woodson Capital Management LP raised its position in shares of Forestar Group by 12.0% during the 3rd quarter. Woodson Capital Management LP now owns 560,000 shares of the oil and gas exploration company’s stock worth $18,127,000 after buying an additional 60,000 shares in the last quarter. State Street Corp lifted its stake in shares of Forestar Group by 0.9% in the 3rd quarter. State Street Corp now owns 427,487 shares of the oil and gas exploration company’s stock worth $13,838,000 after acquiring an additional 3,922 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Forestar Group by 13.7% in the third quarter. Principal Financial Group Inc. now owns 360,471 shares of the oil and gas exploration company’s stock valued at $11,668,000 after acquiring an additional 43,369 shares in the last quarter. Finally, Empowered Funds LLC boosted its holdings in shares of Forestar Group by 3.8% in the third quarter. Empowered Funds LLC now owns 317,989 shares of the oil and gas exploration company’s stock valued at $10,293,000 after acquiring an additional 11,780 shares in the last quarter. Institutional investors own 35.50% of the company’s stock.

Forestar Group Company Profile

Forestar Group Inc operates as a residential lot development company in the United States. The company acquires land and develops infrastructure for single-family residential communities. It sells its residential single-family finished lots to local, regional, and national homebuilders. The company was incorporated in 2005 and is headquartered in Arlington, Texas.