Forestar Group Inc. (NYSE:FOR) Sees Significant Increase in Short Interest

Forestar Group Inc. (NYSE:FOR) was the recipient of a significant increase in short interest in September. As of September 30th, there was short interest totalling 417,100 shares, an increase of 93.1% from the August 30th total of 216,000 shares. Based on an average daily volume of 115,700 shares, the short-interest ratio is presently 3.6 days. Currently, 4.0% of the shares of the stock are sold short.

Several research firms have issued reports on FOR. Zacks Investment Research upgraded shares of Forestar Group from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research report on Tuesday, October 1st. BTIG Research set a $24.00 price target on shares of Forestar Group and gave the stock a “buy” rating in a research report on Friday, July 26th. Finally, Wells Fargo & Co began coverage on shares of Forestar Group in a research report on Monday, July 8th. They issued an “outperform” rating and a $23.00 price target on the stock. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $21.80.

Forestar Group stock traded up $0.68 during mid-day trading on Friday, hitting $18.36. The company’s stock had a trading volume of 108,543 shares, compared to its average volume of 311,723. The company has a current ratio of 2.63, a quick ratio of 2.63 and a debt-to-equity ratio of 0.66. Forestar Group has a twelve month low of $12.77 and a twelve month high of $23.00. The stock’s fifty day moving average price is $19.26 and its two-hundred day moving average price is $18.93.

Forestar Group (NYSE:FOR) last posted its quarterly earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.07. The business had revenue of $88.20 million during the quarter. On average, research analysts predict that Forestar Group will post 0.57 EPS for the current fiscal year.

A number of institutional investors have recently bought and sold shares of the business. Maltese Capital Management LLC acquired a new position in Forestar Group in the second quarter worth approximately $2,682,000. Bamco Inc. NY purchased a new position in Forestar Group during the 2nd quarter worth approximately $3,580,000. Jacobs Levy Equity Management Inc. purchased a new position in Forestar Group during the 2nd quarter worth approximately $341,000. BlackRock Inc. grew its position in Forestar Group by 1.3% during the 2nd quarter. BlackRock Inc. now owns 742,263 shares of the oil and gas exploration company’s stock worth $14,511,000 after purchasing an additional 9,553 shares in the last quarter. Finally, Northern Trust Corp grew its position in Forestar Group by 3.5% during the 2nd quarter. Northern Trust Corp now owns 139,776 shares of the oil and gas exploration company’s stock worth $2,733,000 after purchasing an additional 4,685 shares in the last quarter. Hedge funds and other institutional investors own 18.70% 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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