Empowered Funds LLC purchased a new position in shares of Forestar Group Inc (NYSE:FOR – Free Report) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 166,478 shares of the oil and gas exploration company’s stock, valued at approximately $5,269,000.
A number of other institutional investors and hedge funds have also modified their holdings of FOR. Vanguard Group Inc. increased its stake in Forestar Group by 1.6% in the 4th 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 in the last quarter. Dimensional Fund Advisors LP raised its holdings in Forestar Group by 1.1% during the first 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 last quarter. BlackRock Inc. purchased a new stake in Forestar Group during the second quarter worth $56,174,000. Ameriprise Financial Inc. boosted its position in Forestar Group by 232.9% during the second quarter. Ameriprise Financial Inc. now owns 529,863 shares of the oil and gas exploration company’s stock worth $10,597,000 after purchasing an additional 370,685 shares in the last quarter. Finally, Royal Bank of Canada grew its holdings in Forestar Group by 2.2% in the fourth 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 purchasing an additional 10,987 shares during the last quarter. Institutional investors and hedge funds own 35.50% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on FOR. Citizens Jmp restated a “market outperform” rating and issued a $35.00 price target on shares of Forestar Group in a research report on Wednesday, July 22nd. Weiss Ratings upgraded shares of Forestar Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, August 12th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $32.67.
Forestar Group Trading Down 1.4%
Shares of FOR opened at $28.23 on Tuesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.44 and a quick ratio of 1.44. The firm has a 50 day simple moving average of $29.51 and a 200-day simple moving average of $27.91. Forestar Group Inc has a 1-year low of $22.81 and a 1-year high of $32.06. The stock has a market cap of $1.44 billion, a price-to-earnings ratio of 8.48 and a beta of 1.41.
Forestar Group (NYSE:FOR – Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The oil and gas exploration company reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.11). Forestar Group had a return on equity of 9.42% and a net margin of 9.88%.The company had revenue of $407.00 million for the quarter, compared to analyst estimates of $437.73 million. During the same quarter in the prior year, the firm earned $0.65 earnings per share. The company’s revenue for the quarter was up 4.2% on a year-over-year basis.
Forestar Group Company Profile
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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