NewEdge Wealth LLC Takes Position in Forestar Group Inc $FOR

NewEdge Wealth LLC acquired a new position in Forestar Group Inc (NYSE:FOR – Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 57,390 shares of the oil and gas exploration company’s stock, valued at approximately $1,816,000.

Several other institutional investors have also recently made changes to their positions in FOR. Vanguard Group Inc. lifted its position in Forestar Group by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 2,813,034 shares of the oil and gas exploration company’s stock valued at $69,285,000 after purchasing an additional 43,440 shares during the period. Dimensional Fund Advisors LP grew its position in Forestar Group by 1.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,805,806 shares of the oil and gas exploration company’s stock worth $68,573,000 after purchasing an additional 30,347 shares during the period. BlackRock Inc. purchased a new position in shares of Forestar Group during the 2nd quarter valued at about $56,174,000. Ameriprise Financial Inc. raised its stake in shares of Forestar Group by 232.9% during the 2nd quarter. Ameriprise Financial Inc. now owns 529,863 shares of the oil and gas exploration company’s stock valued at $10,597,000 after buying an additional 370,685 shares during the last quarter. Finally, Royal Bank of Canada lifted its holdings in shares of Forestar Group by 2.2% in the 4th quarter. Royal Bank of Canada now owns 511,362 shares of the oil and gas exploration company’s stock valued at $12,594,000 after buying an additional 10,987 shares during the period. Hedge funds and other institutional investors own 35.50% of the company’s stock.

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Forestar Group Stock Performance

Shares of NYSE FOR opened at $28.96 on Friday. The company has a market capitalization of $1.48 billion, a PE ratio of 8.70 and a beta of 1.41. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.44 and a current ratio of 1.44. The company’s fifty day moving average price is $29.54 and its 200 day moving average price is $27.91. Forestar Group Inc has a 1 year low of $22.81 and a 1 year high of $32.06.

Forestar Group (NYSE:FOR – Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The oil and gas exploration company reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.11). The firm had revenue of $407.00 million during the quarter, compared to analysts’ expectations of $437.73 million. Forestar Group had a net margin of 9.88% and a return on equity of 9.42%. The firm’s quarterly revenue was up 4.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.65 EPS.

Analyst Ratings Changes

A number of brokerages have recently commented on FOR. Citizens Jmp restated a “market outperform” rating and issued a $35.00 target price on shares of Forestar Group in a research note on Wednesday, July 22nd. Weiss Ratings upgraded Forestar Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, August 12th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Forestar Group has a consensus rating of “Hold” and an average price target of $32.67.

Read Our Latest Stock Analysis on Forestar Group

Forestar Group Profile

(Free Report)

Forestar Group Inc, headquartered in Austin, Texas, is a residential lot development and management company focused on delivering finished home sites to homebuilders across the United States. The company acquires, entitles and develops land for single-family and multi-family housing, managing zoning, infrastructure and environmental approvals to prepare lots for construction. Forestar’s integrated approach to land development spans from initial site acquisition through final lot delivery, providing homebuilders with ready-to-build parcels in a variety of markets.

In addition to lot development, Forestar operates a retail homebuilding segment through joint ventures and strategic partnerships with national and regional homebuilders.

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