Principal Financial Group Inc. Makes New $677,000 Investment in Forestar Group Inc $FOR

Principal Financial Group Inc. acquired a new stake in Forestar Group Inc (NYSE:FOR) during the 1st quarter, Holdings Channel reports. The institutional investor acquired 27,689 shares of the oil and gas exploration company’s stock, valued at approximately $677,000.

Other hedge funds also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd boosted its stake in shares of Forestar Group by 1,206.6% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 993 shares of the oil and gas exploration company’s stock worth $26,000 after acquiring an additional 917 shares during the period. Kestra Advisory Services LLC acquired a new position in shares of Forestar Group during the 4th quarter worth approximately $27,000. Fifth Third Bancorp bought a new stake in Forestar Group in the 1st quarter valued at $31,000. Comerica Bank raised its stake in Forestar Group by 76.5% in the 3rd quarter. Comerica Bank now owns 1,269 shares of the oil and gas exploration company’s stock valued at $34,000 after acquiring an additional 550 shares during the period. Finally, New York State Teachers Retirement System acquired a new stake in Forestar Group during the 1st quarter valued at $44,000. 35.50% of the stock is owned by institutional investors and hedge funds.

Forestar Group Price Performance

Forestar Group stock opened at $28.10 on Friday. The company has a market capitalization of $1.43 billion, a price-to-earnings ratio of 8.44 and a beta of 1.39. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.43. Forestar Group Inc has a 12 month low of $22.81 and a 12 month high of $32.06. The stock’s 50 day moving average is $29.13 and its 200-day moving average is $27.61.

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

Wall Street Analyst Weigh In

FOR has been the subject of a number of research analyst reports. Citizens Jmp reaffirmed a “market outperform” rating and set a $35.00 price objective on shares of Forestar Group in a research report on Wednesday, July 22nd. Weiss Ratings lowered shares of Forestar Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, Forestar Group presently has an average rating of “Hold” and a consensus price target of $32.67.

About Forestar Group

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.