Forestar Group (NYSE:FOR) Reaches New 1-Year Low After Earnings Miss

Forestar Group Inc. (NYSE:FOR) reached a new 52-week low on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $23.80 and last traded at $24.35, with a volume of 571250 shares. The stock had previously closed at $26.79.

The oil and gas exploration company reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.33). Forestar Group had a net margin of 13.48% and a return on equity of 13.59%. The business had revenue of $250.40 million during the quarter, compared to analyst estimates of $318,000 billion. Forestar Group’s quarterly revenue was down 18.1% compared to the same quarter last year.

Analyst Upgrades and Downgrades

Separately, Citigroup reduced their target price on Forestar Group from $43.00 to $39.00 and set a “buy” rating for the company in a report on Monday, January 6th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in FOR. Dimensional Fund Advisors LP raised its stake in shares of Forestar Group by 9.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,438,669 shares of the oil and gas exploration company’s stock worth $78,012,000 after buying an additional 201,032 shares during the last quarter. Woodson Capital Management LP raised its stake in shares of Forestar Group by 12.0% during the 3rd quarter. Woodson Capital Management LP now owns 560,000 shares of the oil and gas exploration company’s stock worth $18,127,000 after buying an additional 60,000 shares during the last quarter. Moody Aldrich Partners LLC raised its stake in shares of Forestar Group by 27.2% during the 3rd quarter. Moody Aldrich Partners LLC now owns 216,354 shares of the oil and gas exploration company’s stock worth $7,003,000 after buying an additional 46,250 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Forestar Group by 13.7% during the 3rd quarter. Principal Financial Group Inc. now owns 360,471 shares of the oil and gas exploration company’s stock worth $11,668,000 after buying an additional 43,369 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in shares of Forestar Group during the 3rd quarter worth $1,013,000. Institutional investors and hedge funds own 35.50% of the company’s stock.

Forestar Group Stock Down 9.1 %

The firm has a market cap of $1.23 billion, a price-to-earnings ratio of 6.07 and a beta of 1.74. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.44. The firm has a 50 day moving average price of $27.49 and a 200-day moving average price of $30.01.

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.