Harel Insurance Investments & Financial Services Ltd. Invests $3.85 Million in Forestar Group Inc $FOR

Key Points

• Harel Insurance Investments bought a new stake in Forestar Group during the first quarter, purchasing 157,313 shares valued at about $3.85 million. The position represents roughly 0.31% of the company.
• Other institutional investors also added to or initiated positions in Forestar Group, and overall 35.5% of the stock is held by hedge funds and other institutions.
• Analysts are generally cautious on the stock: the consensus rating is Hold with an average target price of $32.67, while the company recently reported earnings that missed EPS expectations but slightly beat revenue estimates.

Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Forestar Group Inc (NYSE:FOR - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 157,313 shares of the oil and gas exploration company's stock, valued at approximately $3,845,000. Harel Insurance Investments & Financial Services Ltd. owned about 0.31% of Forestar Group as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of FOR. Principal Financial Group Inc. bought a new stake in shares of Forestar Group in the 1st quarter worth about $677,000. Fifth Third Bancorp bought a new stake in shares of Forestar Group in the 1st quarter valued at approximately $31,000. Lee Danner & Bass Inc. bought a new stake in shares of Forestar Group in the 1st quarter valued at approximately $654,000. New York State Teachers Retirement System purchased a new position in shares of Forestar Group in the 1st quarter worth approximately $44,000. Finally, Janney Montgomery Scott LLC bought a new position in shares of Forestar Group during the 1st quarter valued at approximately $557,000. 35.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on FOR. BTIG Research initiated coverage on Forestar Group in a research report on Monday, March 30th. They issued a "hold" rating for the company. Weiss Ratings downgraded shares of Forestar Group from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday, May 18th. Finally, Zacks Research lowered shares of Forestar Group from a "strong-buy" rating to a "hold" rating in a report on Monday, March 30th. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $32.67.

Forestar Group Trading Up 0.3%

Shares of NYSE FOR opened at $30.42 on Thursday. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.44. The business has a fifty day simple moving average of $28.58 and a two-hundred day simple moving average of $27.32. The firm has a market cap of $1.55 billion, a PE ratio of 9.28 and a beta of 1.39. Forestar Group Inc has a twelve month low of $21.53 and a twelve month high of $32.06.

Forestar Group (NYSE:FOR - Get Free Report) last announced its quarterly earnings results on Tuesday, April 21st. The oil and gas exploration company reported $0.63 EPS for the quarter, missing the consensus estimate of $0.72 by ($0.09). Forestar Group had a net margin of 9.80% and a return on equity of 9.49%. The firm had revenue of $374.30 million for the quarter, compared to analysts' expectations of $372.56 million. During the same quarter in the prior year, the business posted $0.62 EPS. The business's quarterly revenue was up 6.6% on a year-over-year basis.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.