KLP Kapitalforvaltning AS Raises Position in Forestar Group Inc (NYSE:FOR)

Key Points

• KLP Kapitalforvaltning AS increased its stake in Forestar Group Inc by 55.2%, owning approximately 0.06% of the company valued at $630,000 as of the latest SEC filing.
• Forestar Group reported a quarterly EPS of $0.65, missing the consensus estimate by $0.13, while its revenue increased by 22.6% year-over-year, totaling $390.5 million.
• Several research analysts have established an average target price of $30.20, with ratings varying from "hold" to "strong buy" for Forestar Group shares.

KLP Kapitalforvaltning AS boosted its holdings in Forestar Group Inc (NYSE:FOR - Free Report) by 55.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 29,800 shares of the oil and gas exploration company's stock after purchasing an additional 10,600 shares during the quarter. KLP Kapitalforvaltning AS owned 0.06% of Forestar Group worth $630,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of FOR. GAMMA Investing LLC raised its holdings in shares of Forestar Group by 263,300.0% during the 1st quarter. GAMMA Investing LLC now owns 13,170 shares of the oil and gas exploration company's stock worth $278,000 after buying an additional 13,165 shares in the last quarter. Lazard Asset Management LLC bought a new stake in Forestar Group during the 4th quarter worth $38,000. Bank of America Corp DE grew its position in Forestar Group by 106.4% during the 4th quarter. Bank of America Corp DE now owns 39,035 shares of the oil and gas exploration company's stock worth $1,012,000 after acquiring an additional 20,127 shares during the last quarter. MQS Management LLC bought a new stake in Forestar Group during the 1st quarter worth $379,000. Finally, Two Sigma Advisers LP grew its position in Forestar Group by 16.1% during the 4th quarter. Two Sigma Advisers LP now owns 104,781 shares of the oil and gas exploration company's stock worth $2,716,000 after acquiring an additional 14,500 shares during the last quarter. Institutional investors and hedge funds own 35.50% of the company's stock.

Insider Activity at Forestar Group

In other Forestar Group news, Director Elizabeth Parmer sold 1,460 shares of Forestar Group stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $20.57, for a total transaction of $30,032.20. Following the transaction, the director owned 3,357 shares of the company's stock, valued at $69,053.49. This trade represents a 30.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.40% of the stock is currently owned by corporate insiders.

Forestar Group Stock Up 1.0%

FOR stock traded up $0.26 during mid-day trading on Friday, reaching $25.06. 238,711 shares of the company traded hands, compared to its average volume of 201,141. The stock has a market cap of $1.27 billion, a price-to-earnings ratio of 7.86 and a beta of 1.40. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.52. Forestar Group Inc has a fifty-two week low of $18.00 and a fifty-two week high of $34.82. The firm's 50 day moving average price is $21.34 and its 200 day moving average price is $21.51.

Forestar Group (NYSE:FOR - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.65 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.78 by ($0.13). The company had revenue of $390.50 million for the quarter, compared to analyst estimates of $397.50 million. Forestar Group had a net margin of 10.54% and a return on equity of 10.02%. Forestar Group's revenue for the quarter was up 22.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.76 EPS. As a group, equities research analysts predict that Forestar Group Inc will post 3.44 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have commented on FOR shares. Citizens Jmp started coverage on Forestar Group in a report on Tuesday, July 15th. They set an "outperform" rating and a $30.00 target price on the stock. BTIG Research lowered their price objective on Forestar Group from $36.00 to $29.00 and set a "buy" rating for the company in a research report on Monday, April 21st. JMP Securities set a $30.00 price objective on Forestar Group and gave the stock a "market outperform" rating in a research report on Tuesday, July 15th. Finally, Citigroup initiated coverage on Forestar Group in a research report on Tuesday, July 15th. They issued an "outperform" rating for the company. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Forestar Group presently has an average rating of "Moderate Buy" and a consensus price target of $30.20.

About Forestar Group

Forestar Group Inc operates as a residential lot development company in the United States. The company acquires land and develops infrastructure for single-family residential communities. It sells its residential single-family finished lots to local, regional, and national homebuilders. The company was incorporated in 2005 and is headquartered in Arlington, Texas.