Empowered Funds LLC Buys Shares of 166,478 Forestar Group Inc $FOR

Key Points

• Empowered Funds LLC initiated a position of 166,478 Forestar Group shares worth approximately $5.27 million, while institutional investors collectively own 35.5% of the company.
• Analysts maintain a consensus “Hold” rating with a $32.67 average price target; Citizens JMP reiterated an “Outperform” rating with a $35 target.
• Forestar shares opened at $28.23, while the company’s latest quarterly results missed expectations, reporting $0.70 in EPS versus $0.81 forecast and $407 million in revenue versus $437.73 million expected.

Empowered Funds LLC purchased a new position in shares of Forestar Group Inc (NYSE:FOR - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 166,478 shares of the oil and gas exploration company's stock, valued at approximately $5,269,000. Empowered Funds LLC owned about 0.33% of Forestar Group at the end of the most recent reporting period.

Several other large investors have also modified their holdings of FOR. Comerica Bank grew its position 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 buying an additional 550 shares during the last quarter. Glenmede Trust Co. NA increased its stake in Forestar Group by 3.4% in the 1st quarter. Glenmede Trust Co. NA now owns 21,687 shares of the oil and gas exploration company's stock valued at $530,000 after buying an additional 714 shares during the period. Caitong International Asset Management Co. Ltd raised its position in 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 buying an additional 917 shares during the last quarter. First Trust Advisors LP raised its position in Forestar Group by 0.6% during the 2nd quarter. First Trust Advisors LP now owns 160,204 shares of the oil and gas exploration company's stock worth $3,204,000 after buying an additional 952 shares during the last quarter. Finally, Allworth Financial LP acquired a new stake in shares of Forestar Group in the 2nd quarter worth $33,000. Hedge funds and other institutional investors own 35.50% of the company's stock.

Analysts Set New Price Targets

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

Forestar Group Trading Down 1.4%

Shares of FOR stock opened at $28.23 on Tuesday. The business's fifty day moving average price is $29.51 and its 200 day moving average price is $27.91. Forestar Group Inc has a 1-year low of $22.81 and a 1-year high of $32.06. The firm has a market capitalization of $1.44 billion, a PE ratio of 8.48 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.

Forestar Group (NYSE:FOR - Get Free Report) last released its earnings results on Tuesday, July 21st. The oil and gas exploration company reported $0.70 EPS for the quarter, missing analysts' consensus estimates of $0.81 by ($0.11). The business had revenue of $407.00 million during the quarter, compared to analyst estimates of $437.73 million. Forestar Group had a net margin of 9.88% and a return on equity of 9.42%. Forestar Group's revenue was up 4.2% compared to the same quarter last year. During the same period last year, the business posted $0.65 EPS.

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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