Forestar Group Inc $FOR Shares Newly Bought by Bank of America Corp DE

Key Points

• Bank of America acquired a new Forestar Group position of 132,589 shares worth approximately $4.2 million, representing about 0.26% of the company.
• Other institutions also increased exposure, including new stakes from BlackRock, Heartland Advisors and Jupiter Topco; hedge funds and institutional investors collectively own 35.5% of Forestar’s shares.
• Analysts remain cautious, with an average rating of “Hold” and a consensus price target of $32.67. Forestar’s latest quarterly results missed estimates, reporting $0.70 in EPS versus $0.81 expected and revenue of $407 million versus $437.73 million expected.

Bank of America Corp DE acquired a new position in shares of Forestar Group Inc (NYSE:FOR - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 132,589 shares of the oil and gas exploration company's stock, valued at approximately $4,196,000. Bank of America Corp DE owned approximately 0.26% of Forestar Group as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its position in Forestar Group by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 2,805,806 shares of the oil and gas exploration company's stock worth $68,573,000 after purchasing an additional 30,347 shares during the last quarter. BlackRock Inc. bought a new stake in shares of Forestar Group in the 2nd quarter worth approximately $56,174,000. Heartland Advisors Inc. purchased a new position in Forestar Group in the second quarter valued at approximately $15,028,000. Jupiter Topco LLC purchased a new position in Forestar Group in the second quarter valued at approximately $8,459,000. Finally, Janus Henderson Group PLC grew its holdings in Forestar Group by 28.2% during the first quarter. Janus Henderson Group PLC now owns 256,842 shares of the oil and gas exploration company's stock valued at $6,286,000 after purchasing an additional 56,514 shares during the period. 35.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on FOR. Citizens Jmp reaffirmed a "market outperform" rating and set a $35.00 price target on shares of Forestar Group in a research report on Wednesday, July 22nd. Weiss Ratings cut Forestar Group from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, September 8th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $32.67.

Forestar Group Price Performance

Shares of NYSE:FOR opened at $26.28 on Tuesday. The company has a 50 day moving average of $28.02 and a 200 day moving average of $27.68. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.43. The stock has a market cap of $1.34 billion, a P/E ratio of 7.89 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.

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 for the quarter, missing the consensus estimate of $0.81 by ($0.11). The firm had revenue of $407.00 million during the quarter, compared to the consensus estimate of $437.73 million. Forestar Group had a return on equity of 9.42% and a net margin of 9.88%.The company's revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.65 EPS.

Forestar Group Profile

Forestar Group Inc NYSE: FOR is a residential lot development company headquartered in Arlington, Texas. The company acquires and develops land into finished or partially finished residential lots, which it sells primarily to homebuilders for the construction of single-family homes.

Forestar's activities generally include land acquisition, entitlement, planning, development and infrastructure installation, such as roads, utilities and other improvements needed to prepare communities for home construction.

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