Forestar Group (NYSE:FOR) Sets New 12-Month Low After Analyst Downgrade

Shares of Forestar Group Inc. (NYSE:FOR) hit a new 52-week low during trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $37.00 to $30.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Forestar Group traded as low as $23.32 and last traded at $23.61, with a volume of 80826 shares changing hands. The stock had previously closed at $24.00.

Several other equities analysts have also recently issued reports on the stock. Citigroup lowered their target price on shares of Forestar Group from $39.00 to $32.00 and set a “buy” rating on the stock in a research note on Thursday, January 23rd. StockNews.com lowered shares of Forestar Group from a “hold” rating to a “sell” rating in a report on Monday.

Institutional Trading of Forestar Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Forestar Group by 4.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 8,831 shares of the oil and gas exploration company’s stock valued at $286,000 after acquiring an additional 392 shares in the last quarter. Carolina Wealth Advisors LLC raised its holdings in Forestar Group by 2.3% in the fourth quarter. Carolina Wealth Advisors LLC now owns 20,589 shares of the oil and gas exploration company’s stock worth $534,000 after purchasing an additional 454 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Forestar Group by 7.5% in the second quarter. The Manufacturers Life Insurance Company now owns 10,920 shares of the oil and gas exploration company’s stock worth $349,000 after purchasing an additional 765 shares in the last quarter. Point72 DIFC Ltd bought a new position in Forestar Group in the third quarter worth about $32,000. Finally, nVerses Capital LLC raised its holdings in Forestar Group by 500.0% in the third quarter. nVerses Capital LLC now owns 1,200 shares of the oil and gas exploration company’s stock worth $39,000 after purchasing an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 35.50% of the company’s stock.

Forestar Group Price Performance

The firm has a market cap of $1.20 billion, a PE ratio of 6.60 and a beta of 1.74. The company has a quick ratio of 1.61, a current ratio of 0.50 and a debt-to-equity ratio of 0.50. The stock has a 50 day moving average price of $26.95 and a two-hundred day moving average price of $29.73.

Forestar Group (NYSE:FOR) last issued its quarterly earnings results on Tuesday, January 21st. The oil and gas exploration company reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.33). Forestar Group had a return on equity of 11.74% and a net margin of 12.50%. The business had revenue of $250.40 million for the quarter, compared to analysts’ expectations of $318.00 million. The business’s revenue for the quarter was down 18.1% compared to the same quarter last year. As a group, equities analysts expect that Forestar Group Inc. will post 3.67 earnings per share for the current year.

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.