Royal Bank of Canada Raises Position 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 its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 487,582 shares of the oil and gas exploration company's stock after purchasing an additional 105,361 shares during the period. Royal Bank of Canada owned 0.96% of Forestar Group worth $10,308,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Lazard Asset Management LLC purchased a new stake in Forestar Group in the 4th quarter valued at about $38,000. Signaturefd LLC lifted its holdings in Forestar Group by 119.1% during the first quarter. Signaturefd LLC now owns 1,514 shares of the oil and gas exploration company's stock worth $32,000 after acquiring an additional 823 shares during the period. Heck Capital Advisors LLC purchased a new position in Forestar Group in the fourth quarter worth $112,000. Mercer Global Advisors Inc. ADV increased its position in shares of Forestar Group by 27.8% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 8,535 shares of the oil and gas exploration company's stock valued at $221,000 after purchasing an additional 1,856 shares during the last quarter. Finally, Ieq Capital LLC purchased a new position in shares of Forestar Group in the 1st quarter worth about $214,000. 35.50% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on FOR shares. Citizens Jmp started coverage on shares of Forestar Group in a report on Tuesday, July 15th. They set an "outperform" rating and a $30.00 price objective for the company. Citigroup initiated coverage on shares of Forestar Group in a research report on Tuesday, July 15th. They set an "outperform" rating for the company. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $30.20.

Forestar Group Price Performance

NYSE:FOR traded down $0.20 during trading hours on Wednesday, hitting $26.76. The stock had a trading volume of 163,534 shares, compared to its average volume of 135,371. The company has a 50 day simple moving average of $26.09 and a two-hundred day simple moving average of $22.31. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of 8.39 and a beta of 1.43. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.73 and a quick ratio of 0.73. Forestar Group Inc has a one year low of $18.00 and a one year high of $34.82.

Forestar Group (NYSE:FOR - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The oil and gas exploration company reported $0.65 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 return on equity of 10.02% and a net margin of 10.54%.Forestar Group's quarterly revenue was up 22.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.76 earnings per share. Forestar Group has set its FY 2025 guidance at EPS. Research analysts forecast that Forestar Group Inc will post 3.44 earnings per share for the current fiscal year.

Forestar Group 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.