SEB Asset Management AB Takes Position in Forestar Group Inc $FOR

Key Points

• SEB Asset Management AB initiated a new position in Forestar Group during the first quarter, buying 67,100 shares worth about $1.64 million. The stake represented roughly 0.13% of the company.
• Analyst sentiment on Forestar Group is mixed: the stock currently carries an average rating of “Hold” with an average target price of $32.67. Recent actions included a Weiss Ratings upgrade, while Zacks and BTIG maintained more cautious views.
• Forestar Group reported quarterly EPS of $0.70, missing the $0.81 consensus, and revenue of $407 million, also below expectations. The shares recently traded at $27.88, with the stock sitting below its 52-week high of $32.06.

SEB Asset Management AB bought a new position in shares of Forestar Group Inc (NYSE:FOR - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund bought 67,100 shares of the oil and gas exploration company's stock, valued at approximately $1,640,000. SEB Asset Management AB owned approximately 0.13% of Forestar Group at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of FOR. Harel Insurance Investments & Financial Services Ltd. bought a new position in Forestar Group in the first quarter worth approximately $3,845,000. Total Wealth Planning & Management Inc. bought a new stake in Forestar Group during the 4th quarter valued at $552,000. Vanguard Group Inc. lifted its holdings in shares of Forestar Group by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 2,813,034 shares of the oil and gas exploration company's stock worth $69,285,000 after buying an additional 43,440 shares during the period. Janney Montgomery Scott LLC purchased a new stake in shares of Forestar Group in the 1st quarter worth $557,000. Finally, Lee Danner & Bass Inc. bought a new position in shares of Forestar Group during the 1st quarter worth $654,000. Institutional investors and hedge funds own 35.50% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently commented on FOR shares. Weiss Ratings upgraded Forestar Group from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, July 15th. Citizens Jmp reiterated a "market outperform" rating and set a $35.00 target price on shares of Forestar Group in a report on Wednesday. Zacks Research lowered shares of Forestar Group from a "strong-buy" rating to a "hold" rating in a report on Monday, March 30th. Finally, BTIG Research started coverage on shares of Forestar Group in a report on Monday, March 30th. They issued a "hold" rating for the company. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $32.67.

Forestar Group Price Performance

NYSE FOR opened at $27.88 on Friday. The firm's fifty day simple moving average is $28.78 and its two-hundred day simple moving average is $27.49. The firm has a market capitalization of $1.42 billion, a P/E ratio of 8.37 and a beta of 1.39. The company has a current ratio of 1.44, a quick ratio of 1.36 and a debt-to-equity ratio of 0.43. Forestar Group Inc has a 12-month low of $22.81 and a 12-month high of $32.06.

Forestar Group (NYSE:FOR - Get Free Report) last issued 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). Forestar Group had a net margin of 9.88% and a return on equity of 9.42%. The business had revenue of $407.00 million for the quarter, compared to analysts' expectations of $437.73 million. During the same quarter in the prior year, the company posted $0.65 EPS. The business's revenue for the quarter was up 4.2% 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.

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