57,390 Shares in Forestar Group Inc $FOR Bought by NewEdge Wealth LLC

Key Points

• NewEdge Wealth LLC acquired 57,390 Forestar Group shares in the second quarter, valued at approximately $1.8 million and representing about 0.11% of the company. Institutional investors collectively own 35.5% of FOR.
• Analysts maintain a generally cautious view, with a consensus rating of “Hold” and an average price target of $32.67; Citizens JMP reiterated a $35 target and “Market Outperform” rating.
• Forestar’s latest quarterly results missed expectations, with EPS of $0.70 versus $0.81 estimated and revenue of $407 million versus $437.73 million expected, although revenue increased 4.2% year over year.

NewEdge Wealth LLC bought a new position in Forestar Group Inc (NYSE:FOR - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 57,390 shares of the oil and gas exploration company's stock, valued at approximately $1,816,000. NewEdge Wealth LLC owned approximately 0.11% of Forestar Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of FOR. BlackRock Inc. bought a new stake in shares of Forestar Group in the 2nd quarter valued at about $56,174,000. Deutsche Bank AG bought a new position in shares of Forestar Group during the 2nd quarter worth approximately $3,192,000. Bank of New York Mellon Corp bought a new position in shares of Forestar Group during the 2nd quarter worth approximately $7,214,000. Versant Capital Management Inc raised its stake in shares of Forestar Group by 74.0% during the 2nd quarter. Versant Capital Management Inc now owns 2,727 shares of the oil and gas exploration company's stock worth $86,000 after acquiring an additional 1,160 shares in the last quarter. Finally, NewEdge Advisors LLC lifted 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 valued at $568,000 after acquiring an additional 6,055 shares during the last quarter. 35.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Weiss Ratings upgraded shares of Forestar Group from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, August 12th. Citizens Jmp reiterated a "market outperform" rating and set a $35.00 price objective on shares of Forestar Group in a report on Wednesday, July 22nd. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $32.67.

Forestar Group Stock Performance

Shares of FOR stock opened at $28.96 on Friday. The firm has a market capitalization of $1.48 billion, a price-to-earnings ratio of 8.70 and a beta of 1.41. 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 business has a fifty day moving average of $29.54 and a 200 day moving average of $27.91. Forestar Group Inc has a 1 year low of $22.81 and a 1 year high of $32.06.

Forestar Group (NYSE:FOR - Get Free Report) last posted 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 analysts' expectations of $437.73 million. Forestar Group had a net margin of 9.88% and a return on equity of 9.42%. The firm's revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.65 EPS.

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.

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