JPMorgan Chase & Co. Trims Forestar Group (NYSE:FOR) Target Price to $36.00

Forestar Group (NYSE:FOR) had its price objective dropped by JPMorgan Chase & Co. from $37.50 to $36.00 in a report issued on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the oil and gas exploration company’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 15.50% from the stock’s previous close.

Several other research firms have also issued reports on FOR. Citigroup lowered their target price on shares of Forestar Group from $46.00 to $43.00 and set a “buy” rating on the stock in a research note on Tuesday, July 2nd. BTIG Research dropped their price target on shares of Forestar Group from $41.00 to $37.00 and set a “buy” rating for the company in a research note on Friday, July 19th. Finally, StockNews.com cut shares of Forestar Group from a “buy” rating to a “hold” rating in a research note on Friday, April 26th.

Forestar Group Stock Performance

Shares of FOR traded up $0.53 during trading hours on Thursday, reaching $31.17. 24,964 shares of the company traded hands, compared to its average volume of 214,666. Forestar Group has a 12-month low of $22.71 and a 12-month high of $40.92. The company has a quick ratio of 1.85, a current ratio of 1.50 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $1.58 billion, a P/E ratio of 7.75 and a beta of 1.77. The business has a fifty day moving average price of $32.49 and a 200-day moving average price of $33.70.

Insider Activity

In other news, Director Elizabeth Parmer sold 1,547 shares of Forestar Group stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $32.24, for a total value of $49,875.28. Following the sale, the director now owns 1,548 shares of the company’s stock, valued at $49,907.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Elizabeth Parmer sold 1,547 shares of Forestar Group stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $32.24, for a total value of $49,875.28. Following the sale, the director now owns 1,548 shares of the company’s stock, valued at $49,907.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director G.F. (Rick) Ringler III sold 2,000 shares of Forestar Group stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $31.38, for a total transaction of $62,760.00. Following the completion of the sale, the director now directly owns 7,951 shares in the company, valued at approximately $249,502.38. The disclosure for this sale can be found here. Company insiders own 0.49% of the company’s stock.

Institutional Trading of Forestar Group

A number of institutional investors have recently added to or reduced their stakes in FOR. Vanguard Group Inc. raised its holdings in Forestar Group by 3.4% in the 3rd quarter. Vanguard Group Inc. now owns 2,761,849 shares of the oil and gas exploration company’s stock valued at $74,404,000 after acquiring an additional 90,291 shares during the last quarter. SG Americas Securities LLC grew its stake in Forestar Group by 25.0% during the fourth quarter. SG Americas Securities LLC now owns 10,356 shares of the oil and gas exploration company’s stock worth $342,000 after buying an additional 2,074 shares during the period. Ritholtz Wealth Management increased its position in shares of Forestar Group by 79.3% in the fourth quarter. Ritholtz Wealth Management now owns 46,451 shares of the oil and gas exploration company’s stock worth $1,536,000 after acquiring an additional 20,549 shares in the last quarter. McGlone Suttner Wealth Management Inc. purchased a new stake in Forestar Group during the 4th quarter worth $35,000. Finally, Denali Advisors LLC raised its holdings in shares of Forestar Group by 81.1% during the 4th quarter. Denali Advisors LLC now owns 81,728 shares of the oil and gas exploration company’s stock valued at $2,703,000 after buying an additional 36,600 shares during the period. Hedge funds and other institutional investors own 35.50% of the company’s stock.

Forestar Group Company Profile

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.