Short Interest in Forestar Group Inc. (NYSE:FOR) Declines By 6.6%

Forestar Group Inc. (NYSE:FOR) saw a significant drop in short interest during the month of July. As of July 31st, there was short interest totalling 198,100 shares, a drop of 6.6% from the June 30th total of 212,100 shares. Based on an average daily trading volume, of 36,800 shares, the short-interest ratio is presently 5.4 days. Approximately 1.9% of the shares of the company are sold short.

FOR stock opened at $19.01 on Friday. Forestar Group has a fifty-two week low of $12.77 and a fifty-two week high of $25.95. The business’s 50-day moving average is $19.69 and its two-hundred day moving average is $18.35. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.63 and a quick ratio of 2.63.

Forestar Group (NYSE:FOR) last posted its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.07. The firm had revenue of $88.20 million during the quarter. Equities research analysts forecast that Forestar Group will post 0.56 earnings per share for the current fiscal year.

Several equities research analysts recently commented on the company. Wells Fargo & Co assumed coverage on Forestar Group in a research report on Monday, July 8th. They set an “outperform” rating and a $23.00 price objective on the stock. Buckingham Research assumed coverage on Forestar Group in a research report on Wednesday, June 5th. They set a “buy” rating and a $23.00 price objective on the stock. Zacks Investment Research cut Forestar Group from a “buy” rating to a “hold” rating in a research report on Wednesday, June 26th. Finally, BTIG Research set a $24.00 price objective on Forestar Group and gave the company a “buy” rating in a research report on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $21.80.

Hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC lifted its holdings in Forestar Group by 8.0% in the fourth quarter. Geode Capital Management LLC now owns 115,042 shares of the oil and gas exploration company’s stock valued at $1,593,000 after acquiring an additional 8,551 shares during the period. Assenagon Asset Management S.A. lifted its holdings in Forestar Group by 67.1% in the first quarter. Assenagon Asset Management S.A. now owns 35,645 shares of the oil and gas exploration company’s stock valued at $616,000 after acquiring an additional 14,319 shares during the period. Norges Bank bought a new position in Forestar Group in the fourth quarter valued at about $302,000. BNP Paribas Arbitrage SA lifted its holdings in Forestar Group by 299.8% in the first quarter. BNP Paribas Arbitrage SA now owns 2,199 shares of the oil and gas exploration company’s stock valued at $38,000 after acquiring an additional 1,649 shares during the period. Finally, Millennium Management LLC bought a new position in Forestar Group in the fourth quarter valued at about $175,000. 21.41% of the stock is currently owned by institutional investors.

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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