Royal Bank of Canada Grows Stock Holdings in Forestar Group Inc $FOR

Key Points

• Royal Bank of Canada increased its holdings in Forestar Group Inc by 27.6% during the first quarter, owning approximately 487,582 shares valued at $10.3 million.
• Forestar Group's stock price rose 2.9%, with the firm reporting $0.65 EPS for the latest quarter, which missed analysts' expectations of $0.78 EPS.
• Brokerages have generally rated Forestar Group as a "Buy", with a consensus price target of $30.20, following several positive analyst upgrades.

Royal Bank of Canada lifted its position in shares of Forestar Group Inc (NYSE:FOR - Free Report) by 27.6% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 487,582 shares of the oil and gas exploration company's stock after buying an additional 105,361 shares during the quarter. Royal Bank of Canada owned approximately 0.96% of Forestar Group worth $10,308,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of FOR. Price T Rowe Associates Inc. MD lifted its stake in shares of Forestar Group by 9.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 13,021 shares of the oil and gas exploration company's stock valued at $338,000 after buying an additional 1,076 shares in the last quarter. Northern Trust Corp lifted its stake in Forestar Group by 6.1% in the 4th quarter. Northern Trust Corp now owns 217,260 shares of the oil and gas exploration company's stock worth $5,631,000 after purchasing an additional 12,502 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its stake in Forestar Group by 27.8% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 8,535 shares of the oil and gas exploration company's stock worth $221,000 after purchasing an additional 1,856 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in Forestar Group by 254.1% in the 4th quarter. BNP Paribas Financial Markets now owns 14,058 shares of the oil and gas exploration company's stock worth $364,000 after purchasing an additional 10,088 shares in the last quarter. Finally, Bank of America Corp DE lifted its stake in Forestar Group by 106.4% in 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 purchasing an additional 20,127 shares in the last quarter. Hedge funds and other institutional investors own 35.50% of the company's stock.

Forestar Group Stock Up 2.9%

Shares of NYSE FOR opened at $28.42 on Friday. The firm's 50-day moving average price is $25.62 and its 200-day moving average price is $22.18. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of 8.91 and a beta of 1.43. Forestar Group Inc has a 12-month low of $18.00 and a 12-month high of $34.82.

Forestar Group (NYSE:FOR - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.13). The business had revenue of $390.50 million for the quarter, compared to analysts' expectations of $397.50 million. Forestar Group had a net margin of 10.54% and a return on equity of 10.02%. The firm's quarterly revenue was up 22.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.76 earnings per share. Forestar Group has set its FY 2025 guidance at EPS. On average, equities research analysts anticipate that Forestar Group Inc will post 3.44 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have commented on FOR. JMP Securities set a $30.00 price target on shares of Forestar Group and gave the stock a "market outperform" rating in a research note on Tuesday, July 15th. Citigroup began coverage on shares of Forestar Group in a research note on Tuesday, July 15th. They issued an "outperform" rating on the stock. Finally, Citizens Jmp began coverage on shares of Forestar Group in a research note on Tuesday, July 15th. They issued an "outperform" rating and a $30.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Forestar Group currently has a consensus rating of "Buy" and a consensus price target of $30.20.

Forestar Group Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.