Forestar Group (NYSE:FOR) Cut to “Sell” at Zacks Investment Research
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 equities research analysts have also issued research reports about the company. TheStreet upgraded Forestar Group from a “d+” rating to a “c-” rating in a research report on Tuesday, June 9th. Citigroup began coverage on Forestar Group in a research report on Wednesday, April 29th. They set a “buy” rating and a $16.00 price objective on the stock. BTIG Research reduced their price objective on Forestar Group from $26.00 to $19.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. Wells Fargo & Co reduced their price target on Forestar Group from $25.00 to $14.00 in a research report on Monday, April 27th. Finally, JPMorgan Chase & Co. reduced their price target on Forestar Group from $22.00 to $12.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 28th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $17.00.
Forestar Group (NYSE:FOR) last issued its quarterly earnings data on Thursday, April 23rd. The oil and gas exploration company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.03. The business had revenue of $159.10 million for the quarter, compared to analyst estimates of $159.10 million. Forestar Group had a return on equity of 5.82% and a net margin of 6.31%. As a group, analysts anticipate that Forestar Group will post 0.85 earnings per share for the current fiscal year.
In related news, CFO James Douglas Allen purchased 5,200 shares of Forestar Group stock in a transaction on Friday, June 12th. The shares were purchased 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 purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.14% of the company’s stock.
Large investors have recently made changes to their positions in the company. State Street Corp lifted its stake in shares of Forestar Group by 59.7% in the 1st quarter. State Street Corp now owns 284,711 shares of the oil and gas exploration company’s stock valued at $2,947,000 after purchasing an additional 106,404 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Forestar Group by 45.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 89,570 shares of the oil and gas exploration company’s stock worth $1,868,000 after buying an additional 28,117 shares during the period. Aperio Group LLC raised its stake in Forestar Group by 40.4% during the 1st quarter. Aperio Group LLC now owns 14,650 shares of the oil and gas exploration company’s stock worth $152,000 after buying an additional 4,218 shares during the period. Heartland Advisors Inc. raised its stake in Forestar Group by 4.3% during the 4th quarter. Heartland Advisors Inc. now owns 174,016 shares of the oil and gas exploration company’s stock worth $3,628,000 after buying an additional 7,113 shares during the period. Finally, Mackay Shields LLC acquired a new position in Forestar Group during the 1st quarter worth approximately $906,000. 31.54% of the stock is currently owned by institutional investors.
Forestar Group Company Profile
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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