| Over a week ago | ||||
Virtual Meeting to be… Virtual Meeting to be held on February 10 hosted by BTIG. | ||||
Virtual Meeting to be… Virtual Meeting to be held on February 10 hosted by BTIG. | ||||
| Over a month ago | ||||
Citi analyst Anthony… Citi analyst Anthony Pettinari raised the firm's price target on Forestar Group to $30 from $26 and reiterates a Buy rating on the shares following the company's "solid beat." | ||||
Reports Q1 revenue… Reports Q1 revenue $307.1M, consensus $261.51M. Donald J. Tomnitz, Chairman of the Board, said, "The Forestar team is off to a great start in fiscal 2021 with over 3,500 lot deliveries during our first fiscal quarter. Housing market conditions remain favorable across the country, and we now expect to deliver between 13,500 and 14,000 lots in fiscal 2021 as we continue to consolidate market share in the fragmented and under-capitalized U.S. lot development industry. Forestar's return-focused business model is centered on our high turnover, lower risk lot manufacturing strategy. We are well positioned to effectively operate through changing economic conditions due to our low net leverage and strong liquidity position, our low overhead model and our strategic relationship with D.R. Horton, the nation's largest homebuilder. With 77,500 lots owned and controlled at December 31, 2020, we expect continued robust growth and increasing profitability and returns in the coming years." | ||||
| Over a quarter ago | ||||
Reports Q4 revenue… Reports Q4 revenue $347.6M, consensus $202.1M. Donald J. Tomnitz, Chairman of the Board, said, "Housing market conditions remain favorable across the country, and Forestar is consolidating market share in the fragmented and under-capitalized U.S. lot development industry. The Forestar team achieved a strong fiscal 2020 with over 10,000 lot deliveries, and we now expect to deliver between 13,000 and 13,500 lots in fiscal 2021. Forestar's return-focused business model is centered on our high turnover, lower risk lot manufacturing strategy, and we are well positioned to effectively operate through changing economic conditions due to our low net leverage and strong liquidity position, our low overhead model and our strategic relationship with D.R. Horton, the nation's largest homebuilder. With approximately 60,500 lots owned and controlled at September 30, 2020, we expect continued robust growth in the coming years." | ||||
The company's lot… The company's lot sales pace declined in late March and April as homebuilders slowed their purchases of lots to adjust to lower expected levels of home sales orders as a result of the pandemic. However, as housing market conditions began to improve during May and June, the company's lot sales pace increased. Even with the improvement in demand in May and June, the company remains cautious as to the impact C-19 may have on its operations and on the overall economy in the future. There is significant uncertainty regarding the extent to which and how long C-19 and its related effects will have on the U.S. economy, capital markets and demand for the company's lots. The extent to which C-19 impacts Forestar's operational and financial performance will depend on future developments, including the duration and spread of C-19 and the impact on the Company's customers, trade partners and employees, all of which are highly uncertain and cannot be predicted. | |
Reports Q3 revenue… Reports Q3 revenue $177.9M vs. $88.2M last year. Residential lots sold in the quarter increased 75% to 2,023 lots compared to 1,158 lots in the same quarter of fiscal 2019. Donald J. Tomnitz, Chairman of the Board, said, "Forestar remains uniquely positioned to consolidate market share in the under-served lot development market that lacks well-capitalized and national participants. As housing market conditions improved in May and June, Forestar was able to quickly respond to the increased demand for residential lots and deliver solid third quarter results. We appreciate the continued efforts of our dedicated teams across the country who are focused on developing finished lots for homes at affordable price points during the COVID-19 pandemic. Our priority continues to be the health and safety of our people and the communities we serve. Forestar is well positioned to effectively operate during changing economic conditions due to our low net leverage and strong liquidity position, our low overhead model and our strategic relationship with D.R. Horton, the nation's largest homebuilder." | |
Sees FY20 revenue… Sees FY20 revenue $410M-$430M, consensus $465.76M. | |
Catch up on today's… Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. DuPont (DD) initiated with an Overweight at Wells Fargo. 2. j2 Global (JCOM) initiated with an Overweight at JPMorgan. 3. Roku (ROKU) initiated with a Buy at Benchmark. 4. Forestar Group (FOR) initiated with a Buy at Citi. 5. Viela Bio (VIE) initiated with an Outperform at Wedbush. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here. | |
Citi analyst Anthony… Citi analyst Anthony Pettinari initiated coverage of Forestar Group with a Buy rating and $16 price target. Despite coronavirus damage to the U.S. economy, current homebuilder share prices provide a historically attractive entry point, Pettinari tells investors in a research note. Given lean inventories and balanced land positions, the analyst expects homebuilder acquisitions to return in mid-2021 as the housing market recovers. |