147,704 Shares in Forestar Group Inc $FOR Acquired by Algert Global LLC

Key Points

• Algert Global LLC acquired 147,704 shares of Forestar Group in the second quarter, worth approximately $4.7 million and representing about 0.29% of the company. Institutional investors collectively own 35.5% of FOR.
• Forestar shares opened at $28.54, down 1.5%, while the company’s latest quarterly results missed expectations: EPS was $0.70 versus an $0.81 consensus estimate, and revenue reached $407 million compared with $437.7 million expected.
• Analysts maintain a consensus “Hold” rating with an average price target of $32.67; JMP remains more bullish, reiterating an “Outperform” rating and a $35 target.

Algert Global LLC purchased a new stake in Forestar Group Inc (NYSE:FOR - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 147,704 shares of the oil and gas exploration company's stock, valued at approximately $4,675,000. Algert Global LLC owned about 0.29% of Forestar Group as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FOR. AQR Capital Management LLC lifted its position in Forestar Group by 32.1% during the 1st quarter. AQR Capital Management LLC now owns 227,559 shares of the oil and gas exploration company's stock valued at $4,811,000 after purchasing an additional 55,266 shares during the period. Millennium Management LLC lifted its stake in Forestar Group by 50.8% in the first quarter. Millennium Management LLC now owns 489,230 shares of the oil and gas exploration company's stock valued at $10,342,000 after buying an additional 164,753 shares in the last quarter. NewEdge Advisors LLC lifted its stake in Forestar Group by 63.7% in the first quarter. NewEdge Advisors LLC now owns 4,829 shares of the oil and gas exploration company's stock valued at $102,000 after buying an additional 1,879 shares in the last quarter. Jane Street Group LLC acquired a new position in shares of Forestar Group in the first quarter valued at approximately $850,000. Finally, Strs Ohio acquired a new position in shares of Forestar Group in the first quarter valued at approximately $74,000. Institutional investors and hedge funds own 35.50% of the company's stock.

Forestar Group Trading Down 1.5%

FOR stock opened at $28.54 on Friday. The company has a fifty day moving average price of $29.54 and a two-hundred day moving average price of $27.92. 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 stock has a market cap of $1.46 billion, a price-to-earnings ratio of 8.57 and a beta of 1.41. Forestar Group Inc has a one year low of $22.81 and a one year high of $32.06.

Forestar Group (NYSE:FOR - Get Free Report) last released 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 the consensus estimate of $437.73 million. During the same quarter last year, the firm earned $0.65 earnings per share. The business's revenue for the quarter was up 4.2% compared to the same quarter last year.

Analysts Set New Price Targets

FOR has been the topic of a number of research analyst reports. Citizens Jmp restated a "market outperform" rating and set a $35.00 price objective on shares of Forestar Group in a report on Wednesday, July 22nd. Weiss Ratings raised shares of Forestar Group from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, August 12th. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $32.67.

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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