Forestar Group (NYSE:FOR) Stock Rating Lowered by Zacks Investment Research

Forestar Group (NYSE:FOR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Monday, 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. “

Other research analysts have also issued research reports about the company. BTIG Research reduced their price objective on Forestar Group from $26.00 to $19.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Citigroup initiated coverage on Forestar Group in a research report on Wednesday, April 29th. They set a “buy” rating and a $16.00 price objective for the company. Wells Fargo & Co reduced their price objective on Forestar Group from $25.00 to $14.00 in a research report on Monday, April 27th. TheStreet upgraded Forestar Group from a “d+” rating to a “c-” rating in a research report on Tuesday, June 9th. Finally, JPMorgan Chase & Co. reduced their price objective on Forestar Group from $22.00 to $12.00 and set a “neutral” rating for the company in a research report on Tuesday, April 28th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $17.00.

Shares of NYSE FOR opened at $14.69 on Monday. Forestar Group has a twelve month low of $9.43 and a twelve month high of $23.11. The company has a current ratio of 4.49, a quick ratio of 4.49 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $705.71 million, a price-to-earnings ratio of 14.54, a price-to-earnings-growth ratio of 11.76 and a beta of 2.15. The business has a 50 day simple moving average of $14.86 and a 200-day simple moving average of $16.65.

Forestar Group (NYSE:FOR) last issued its quarterly earnings results on Thursday, April 23rd. The oil and gas exploration company reported $0.20 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.17 by $0.03. Forestar Group had a return on equity of 5.82% and a net margin of 6.31%. The business had revenue of $159.10 million during the quarter, compared to the consensus estimate of $159.10 million. As a group, equities analysts predict that Forestar Group will post 0.85 earnings per share for the current year.

In other Forestar Group news, CFO James Douglas Allen purchased 5,200 shares of Forestar Group stock in a transaction on Friday, June 12th. The stock was bought at an average price of $14.41 per share, for a total transaction of $74,932.00. Following the transaction, the chief financial officer now owns 5,200 shares of the company’s stock, valued at approximately $74,932. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.14% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. Sunbelt Securities Inc. acquired a new position in Forestar Group during the 4th quarter worth $7,871,000. Victory Capital Management Inc. raised its stake in shares of Forestar Group by 53.1% in the 4th quarter. Victory Capital Management Inc. now owns 2,892 shares of the oil and gas exploration company’s stock worth $59,000 after buying an additional 1,003 shares in the last quarter. Simplex Trading LLC bought a new stake in shares of Forestar Group in the 1st quarter worth $33,000. C M Bidwell & Associates Ltd. bought a new stake in shares of Forestar Group in the 4th quarter worth $73,000. Finally, Legal & General Group Plc raised its stake in shares of Forestar Group by 62.4% in the 1st quarter. Legal & General Group Plc now owns 3,779 shares of the oil and gas exploration company’s stock worth $39,000 after buying an additional 1,452 shares in the last quarter. Institutional investors own 31.54% of the company’s stock.

About Forestar Group

Forestar Group Inc operates as a real estate lot development company. It engages in the acquisition, entitlement, and development of infrastructure for single-family residential communities. Forestar Group Inc sells residential lots primarily to homebuilders, as well as sells commercial properties. The company is headquartered in Austin, Texas.

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