NewEdge Wealth LLC Grows Holdings in Forestar Group Inc $FOR

NewEdge Wealth LLC lifted its stake in shares of Forestar Group Inc (NYSE:FOR) by 61.8% in the first quarter, Holdings Channel reports. The institutional investor owned 45,442 shares of the oil and gas exploration company’s stock after buying an additional 17,353 shares during the quarter. NewEdge Wealth LLC’s holdings in Forestar Group were worth $1,111,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in FOR. Caitong International Asset Management Co. Ltd boosted its stake in Forestar Group by 1,206.6% during the 3rd 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 acquiring an additional 917 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in Forestar Group during the 4th quarter worth $27,000. Fifth Third Bancorp bought a new stake in shares of Forestar Group in the 1st quarter worth about $31,000. Comerica Bank increased its position in shares of Forestar Group by 76.5% in the 3rd quarter. Comerica Bank now owns 1,269 shares of the oil and gas exploration company’s stock worth $34,000 after purchasing an additional 550 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its stake in shares of Forestar Group by 201.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,105 shares of the oil and gas exploration company’s stock valued at $42,000 after purchasing an additional 1,406 shares in the last quarter. Institutional investors own 35.50% of the company’s stock.

Forestar Group Trading Up 2.3%

NYSE FOR opened at $28.96 on Tuesday. Forestar Group Inc has a one year low of $22.81 and a one year high of $32.06. The company has a 50-day simple moving average of $28.90 and a 200-day simple moving average of $27.54. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.44 and a current ratio of 1.44. The firm has a market capitalization of $1.48 billion, a PE ratio of 8.70 and a beta of 1.39.

Forestar Group (NYSE:FOR) last released its quarterly earnings data on Tuesday, July 21st. The oil and gas exploration company reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.11). The business had revenue of $407.00 million for the quarter, compared to analyst estimates of $437.73 million. Forestar Group had a return on equity of 9.42% and a net margin of 9.88%.Forestar Group’s revenue was up 4.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.65 EPS.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on FOR. BTIG Research initiated coverage on shares of Forestar Group in a research report on Monday, March 30th. They set a “hold” rating on the stock. Weiss Ratings raised Forestar Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 15th. Citizens Jmp restated a “market outperform” rating and set a $35.00 price objective on shares of Forestar Group in a research note on Wednesday, July 22nd. Finally, Zacks Research downgraded Forestar Group from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $32.67.

About Forestar Group

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.