Citigroup Trims Forestar Group (NYSE:FOR) Target Price to $43.00

Forestar Group (NYSE:FOR) had its price objective decreased by Citigroup from $46.00 to $43.00 in a research report released on Tuesday morning, Benzinga reports. Citigroup currently has a buy rating on the oil and gas exploration company’s stock.

Separately, StockNews.com cut Forestar Group from a buy rating to a hold rating in a report on Friday, April 26th.

Forestar Group Price Performance

FOR stock opened at $30.30 on Tuesday. Forestar Group has a 52-week low of $21.88 and a 52-week high of $40.92. The stock’s fifty day simple moving average is $32.69 and its 200-day simple moving average is $33.81. The company has a quick ratio of 1.85, a current ratio of 1.85 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of 7.54 and a beta of 1.77.

Forestar Group (NYSE:FOR) last issued its earnings results on Thursday, April 18th. The oil and gas exploration company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.05. Forestar Group had a return on equity of 14.59% and a net margin of 12.99%. The firm had revenue of $333.80 million for the quarter, compared to analysts’ expectations of $345.60 million. Equities research analysts expect that Forestar Group will post 3.87 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Anthony W. Oxley acquired 3,210 shares of Forestar Group stock in a transaction on Wednesday, April 24th. The shares were bought at an average price of $31.15 per share, for a total transaction of $99,991.50. Following the completion of the purchase, the chief executive officer now directly owns 3,210 shares in the company, valued at approximately $99,991.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Anthony W. Oxley acquired 3,210 shares of Forestar Group stock in a transaction on Wednesday, April 24th. The shares were bought at an average price of $31.15 per share, for a total transaction of $99,991.50. Following the completion of the purchase, the chief executive officer now directly owns 3,210 shares in the company, valued at approximately $99,991.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director G.F. (Rick) Ringler III sold 2,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $31.38, for a total value of $62,760.00. Following the transaction, the director now owns 7,951 shares in the company, valued at approximately $249,502.38. The disclosure for this sale can be found here. 0.49% of the stock is currently owned by insiders.

Institutional Trading of Forestar Group

A number of hedge funds and other institutional investors have recently modified their holdings of FOR. Hsbc Holdings PLC purchased a new stake in shares of Forestar Group during the third quarter worth about $383,000. Federated Hermes Inc. increased its position in shares of Forestar Group by 1,601.6% during the third quarter. Federated Hermes Inc. now owns 1,038 shares of the oil and gas exploration company’s stock worth $28,000 after acquiring an additional 977 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Forestar Group during the third quarter worth about $257,000. Trexquant Investment LP increased its position in shares of Forestar Group by 104.7% during the third quarter. Trexquant Investment LP now owns 45,329 shares of the oil and gas exploration company’s stock worth $1,221,000 after acquiring an additional 23,184 shares during the last quarter. Finally, Glenmede Trust Co. NA purchased a new stake in shares of Forestar Group during the third quarter worth about $679,000. 35.50% of the stock is owned by hedge funds and other institutional investors.

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.