1,774,842 Shares in Forestar Group Inc $FOR Bought by BlackRock Inc.

Key Points

• BlackRock acquired 1.77 million Forestar Group shares worth approximately $56.2 million, giving it a 3.48% stake. Other institutional investors also increased or initiated positions, with institutions collectively owning 35.5% of the company.
• Forestar reported quarterly earnings of $0.70 per share, below the $0.81 consensus estimate, while revenue of $407 million also missed expectations of $437.7 million. Revenue nevertheless increased 4.2% year over year.
• Analysts maintain a consensus “Hold” rating with a $32.67 price target; the stock recently opened at $28.23, compared with a 52-week range of $22.81 to $32.06.

BlackRock Inc. bought a new position in shares of Forestar Group Inc (NYSE:FOR - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,774,842 shares of the oil and gas exploration company's stock, valued at approximately $56,174,000. BlackRock Inc. owned approximately 3.48% of Forestar Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the company. Deutsche Bank AG purchased a new stake in Forestar Group in the 2nd quarter valued at approximately $3,192,000. Bank of New York Mellon Corp purchased a new position in Forestar Group during the second quarter worth $7,214,000. Versant Capital Management Inc increased its position in Forestar Group by 74.0% during the second quarter. Versant Capital Management Inc now owns 2,727 shares of the oil and gas exploration company's stock worth $86,000 after buying an additional 1,160 shares in the last quarter. NewEdge Advisors LLC increased its position in Forestar Group by 35.3% during the first quarter. NewEdge Advisors LLC now owns 23,221 shares of the oil and gas exploration company's stock worth $568,000 after buying an additional 6,055 shares in the last quarter. Finally, Glenmede Trust Co. NA raised its holdings in shares of Forestar Group by 3.4% in the first quarter. Glenmede Trust Co. NA now owns 21,687 shares of the oil and gas exploration company's stock worth $530,000 after acquiring an additional 714 shares during the last quarter. Institutional investors and hedge funds own 35.50% of the company's stock.

Forestar Group Stock Performance

NYSE FOR opened at $28.23 on Tuesday. The business's 50-day moving average price is $29.51 and its 200 day moving average price is $27.91. 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 twelve month low of $22.81 and a twelve month high of $32.06. The company has a market capitalization of $1.44 billion, a PE ratio of 8.48 and a beta of 1.41.

Forestar Group (NYSE:FOR - Get Free Report) last announced its quarterly earnings data 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). 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 analysts' expectations of $437.73 million. During the same quarter in the previous year, the company earned $0.65 earnings per share. The company's revenue was up 4.2% on a year-over-year basis.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Citizens Jmp reaffirmed a "market outperform" rating and set a $35.00 price objective on shares of Forestar Group in a research note 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 investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price 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.

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