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

Zacks Investment Research lowered shares of Forestar Group (NYSE:FOR) from a buy rating to a hold rating in a report released on Tuesday morning, Zacks.com reports.

According to Zacks, “Forestar Group, Inc. formerly known as Forestar Real Estate Group Inc. operates in two business segments: real estate and natural resources. The real estate segment owns directly or through ventures real estate. The natural resources segment manages acres of oil and gas mineral interests. In addition, the company also sells wood fiber from its land primarily located in Georgia, and leases land for recreational uses. “

A number of other equities analysts have also recently weighed in on the company. Wells Fargo & Company started coverage on Forestar Group in a report on Wednesday, April 21st. They issued an overweight rating and a $32.00 price target for the company. Wolfe Research started coverage on Forestar Group in a report on Tuesday, March 16th. They issued an outperform rating for the company. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $29.00.

Shares of FOR stock opened at $20.84 on Tuesday. The firm has a market cap of $1.02 billion, a PE ratio of 11.84 and a beta of 2.02. The company has a 50-day moving average of $23.34. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.69. Forestar Group has a 52-week low of $13.83 and a 52-week high of $26.55.

Forestar Group (NYSE:FOR) last issued its quarterly earnings data on Monday, April 19th. The oil and gas exploration company reported $0.59 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.17. The business had revenue of $287.10 million during the quarter, compared to analysts’ expectations of $285.60 million. Forestar Group had a return on equity of 9.27% and a net margin of 7.56%. As a group, research analysts expect that Forestar Group will post 1.98 EPS for the current year.

A number of large investors have recently bought and sold shares of FOR. Capital Growth Management LP purchased a new stake in Forestar Group during the 1st quarter worth approximately $14,294,000. Premier Fund Managers Ltd purchased a new stake in Forestar Group during the 1st quarter worth approximately $6,649,000. Morgan Stanley increased its stake in Forestar Group by 1,296.5% during the 4th quarter. Morgan Stanley now owns 292,417 shares of the oil and gas exploration company’s stock worth $5,901,000 after buying an additional 271,477 shares in the last quarter. BlackRock Inc. increased its stake in Forestar Group by 4.5% during the 1st quarter. BlackRock Inc. now owns 1,798,572 shares of the oil and gas exploration company’s stock worth $41,870,000 after buying an additional 77,477 shares in the last quarter. Finally, SG Capital Management LLC increased its stake in Forestar Group by 60.5% during the 4th quarter. SG Capital Management LLC now owns 162,329 shares of the oil and gas exploration company’s stock worth $3,276,000 after buying an additional 61,215 shares in the last quarter. Institutional investors own 32.25% of the company’s stock.

About Forestar Group

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

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