Forestar Group (NYSE:FOR) Reaches New 52-Week Low – Here’s Why

Shares of Forestar Group Inc. (NYSE:FOR) hit a new 52-week low during trading on Wednesday . The company traded as low as $19.00 and last traded at $19.19, with a volume of 394246 shares trading hands. The stock had previously closed at $20.76.

Analyst Ratings Changes

A number of brokerages recently weighed in on FOR. Citigroup decreased their price target on shares of Forestar Group from $39.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, January 23rd. StockNews.com raised Forestar Group from a “sell” rating to a “hold” rating in a research report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. dropped their target price on Forestar Group from $37.00 to $30.00 and set a “neutral” rating on the stock in a report on Tuesday, January 28th.

Forestar Group Trading Down 7.6 %

The business’s 50-day simple moving average is $22.17 and its two-hundred day simple moving average is $26.62. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $972.45 million, a PE ratio of 5.38 and a beta of 1.53.

Forestar Group (NYSE:FOR) last issued its quarterly earnings data 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 net margin of 12.50% and a return on equity of 11.74%. The business had revenue of $250.40 million for the quarter, compared to analyst estimates of $318.00 million. The business’s revenue was down 18.1% on a year-over-year basis. On average, analysts predict that Forestar Group Inc. will post 3.44 earnings per share for the current year.

Insider Activity at Forestar Group

In related news, CEO Anthony W. Oxley bought 4,300 shares of the company’s stock in a transaction dated Friday, February 14th. The stock was bought at an average price of $23.14 per share, with a total value of $99,502.00. Following the transaction, the chief executive officer now owns 4,300 shares of the company’s stock, valued at approximately $99,502. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 0.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Forestar Group

Several institutional investors and hedge funds have recently bought and sold shares of FOR. Charles Schwab Investment Management Inc. increased its holdings in shares of Forestar Group by 4.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 158,959 shares of the oil and gas exploration company’s stock valued at $5,146,000 after acquiring an additional 6,650 shares during the last quarter. Verition Fund Management LLC acquired a new position in Forestar Group in the third quarter worth $337,000. Point72 Asset Management L.P. bought a new stake in Forestar Group during the third quarter valued at $1,013,000. Point72 DIFC Ltd acquired a new stake in shares of Forestar Group during the third quarter worth $32,000. Finally, State Street Corp lifted its position 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 buying an additional 3,922 shares during the last quarter. Institutional investors and hedge funds own 35.50% of the company’s stock.

About Forestar Group

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.