Empowered Funds LLC Makes New Investment in Forestar Group Inc $FOR

Empowered Funds LLC acquired a new position in shares of Forestar Group Inc (NYSE:FOR) in the 1st quarter, HoldingsChannel reports. The firm acquired 79,159 shares of the oil and gas exploration company’s stock, valued at approximately $1,935,000.

A number of other institutional investors also recently modified their holdings of the company. Ameriprise Financial Inc. grew its position in 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 worth $10,597,000 after acquiring an additional 370,685 shares during the last quarter. Millennium Management LLC raised its position in Forestar Group by 50.8% in the 1st quarter. Millennium Management LLC now owns 489,230 shares of the oil and gas exploration company’s stock valued at $10,342,000 after purchasing an additional 164,753 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new position in Forestar Group in the 1st quarter valued at $3,845,000. Alliancebernstein L.P. boosted its stake in Forestar Group by 235.3% in the third quarter. Alliancebernstein L.P. now owns 159,053 shares of the oil and gas exploration company’s stock worth $4,229,000 after purchasing an additional 111,620 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in Forestar Group by 165.2% in the third quarter. Bank of America Corp DE now owns 152,617 shares of the oil and gas exploration company’s stock worth $4,058,000 after purchasing an additional 95,065 shares in the last quarter. Institutional investors own 35.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on FOR shares. Weiss Ratings lowered Forestar Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, July 29th. Citizens Jmp reiterated a “market outperform” rating and set a $35.00 price target on shares of Forestar Group in a research report on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $32.67.

Forestar Group Stock Down 1.3%

NYSE:FOR opened at $29.21 on Friday. The firm has a market capitalization of $1.49 billion, a P/E ratio of 8.77 and a beta of 1.41. Forestar Group Inc has a 12-month low of $22.81 and a 12-month high of $32.06. The stock’s fifty day simple moving average is $29.33 and its 200-day simple moving average is $27.66. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.43.

Forestar Group (NYSE:FOR) last announced its quarterly earnings results 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 net margin of 9.88% and a return on equity of 9.42%. The firm had revenue of $407.00 million during the quarter, compared to analyst estimates of $437.73 million. During the same period last year, the firm earned $0.65 EPS. Forestar Group’s quarterly revenue was up 4.2% on a year-over-year basis.

Forestar Group 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.