Forestar Group (NYSE:FOR) Hits New 1-Year Low on Disappointing Earnings

Forestar Group Inc. (NYSE:FOR) reached a new 52-week low during mid-day trading on Wednesday following a dissappointing earnings announcement. The company traded as low as $23.80 and last traded at $24.35, with a volume of 571250 shares traded. 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). The company had revenue of $250.40 million for the quarter, compared to analysts’ expectations of $318,000 billion. Forestar Group had a return on equity of 13.59% and a net margin of 13.48%. The company’s revenue was down 18.1% on a year-over-year basis.

Wall Street Analysts Forecast Growth

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

Institutional Trading of Forestar Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Forestar Group by 4.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 8,831 shares of the oil and gas exploration company’s stock worth $286,000 after purchasing an additional 392 shares during the period. Carolina Wealth Advisors LLC lifted its position in Forestar Group by 2.3% during the 4th quarter. Carolina Wealth Advisors LLC now owns 20,589 shares of the oil and gas exploration company’s stock worth $534,000 after acquiring an additional 454 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in Forestar Group by 7.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,920 shares of the oil and gas exploration company’s stock worth $349,000 after acquiring an additional 765 shares in the last quarter. Point72 DIFC Ltd acquired a new position in Forestar Group during the 3rd quarter worth approximately $32,000. Finally, nVerses Capital LLC lifted its position in Forestar Group by 500.0% during the 3rd quarter. nVerses Capital LLC now owns 1,200 shares of the oil and gas exploration company’s stock worth $39,000 after acquiring an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 35.50% of the company’s stock.

Forestar Group Stock Down 9.1 %

The firm has a 50-day moving average of $27.49 and a 200 day moving average of $30.01. The stock has a market capitalization 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.

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.