Man Group plc Makes New $1.97 Million Investment in Forestar Group Inc $FOR

Key Points

• Man Group plc initiated a $1.97 million position in Forestar Group during the second quarter, purchasing 62,324 shares and holding approximately 0.12% of the company.
• Forestar shares were trading at $27.50, down 2.7%, after the company reported quarterly EPS of $0.70 and revenue of $407 million—both below analyst expectations—though revenue increased 4.2% year over year.
• Analysts maintain an overall “Hold” rating, with an average price target of $32.67; institutional investors collectively own 35.5% of Forestar’s shares.

Man Group plc bought a new position in shares of Forestar Group Inc (NYSE:FOR - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 62,324 shares of the oil and gas exploration company's stock, valued at approximately $1,973,000. Man Group plc owned about 0.12% of Forestar Group at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Comerica Bank lifted its holdings in Forestar Group by 76.5% during 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 in the last quarter. Glenmede Trust Co. NA raised its stake in shares of Forestar Group by 3.4% during the first quarter. Glenmede Trust Co. NA now owns 21,687 shares of the oil and gas exploration company's stock valued at $530,000 after acquiring an additional 714 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Forestar Group by 1,206.6% in the third quarter. Caitong International Asset Management Co. Ltd now owns 993 shares of the oil and gas exploration company's stock valued at $26,000 after purchasing an additional 917 shares during the period. First Trust Advisors LP grew its stake in Forestar Group by 0.6% in the second quarter. First Trust Advisors LP now owns 160,204 shares of the oil and gas exploration company's stock worth $3,204,000 after purchasing an additional 952 shares in the last quarter. Finally, Allworth Financial LP purchased a new position in Forestar Group during the 2nd quarter worth $33,000. 35.50% of the stock is owned by hedge funds and other institutional investors.

Forestar Group Trading Down 2.7%

NYSE:FOR opened at $27.50 on Wednesday. The firm has a fifty day simple moving average of $29.47 and a 200-day simple moving average of $27.90. Forestar Group Inc has a 12 month low of $22.81 and a 12 month high of $32.06. 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 company has a market capitalization of $1.40 billion, a P/E ratio of 8.26 and a beta of 1.41.

Forestar Group (NYSE:FOR - Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The oil and gas exploration company reported $0.70 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.11). The business had revenue of $407.00 million during 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 was up 4.2% on a year-over-year basis. During the same period last year, the company earned $0.65 earnings per share.

Wall Street Analysts Forecast Growth

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

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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