Heartland Advisors Inc. Takes $15.03 Million Position in Forestar Group Inc $FOR

Heartland Advisors Inc. acquired a new position in shares of Forestar Group Inc (NYSE:FOR) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 474,813 shares of the oil and gas exploration company’s stock, valued at approximately $15,028,000.

Other institutional investors have also modified their holdings of the company. Caitong International Asset Management Co. Ltd grew its stake in shares of Forestar Group by 1,206.6% during the third quarter. Caitong International Asset Management Co. Ltd now owns 993 shares of the oil and gas exploration company’s stock worth $26,000 after purchasing an additional 917 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in Forestar Group in the fourth quarter valued at $27,000. Fifth Third Bancorp acquired a new stake in Forestar Group in the first quarter valued at $31,000. Allworth Financial LP purchased a new stake in Forestar Group during the 2nd quarter worth about $33,000. Finally, 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 worth $34,000 after buying an additional 550 shares during the last quarter. 35.50% of the stock is owned by hedge funds and other institutional investors.

Forestar Group Trading Up 0.9%

NYSE FOR opened at $29.15 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.44 and a quick ratio of 1.44. The firm’s fifty day moving average price is $29.54 and its 200 day moving average price is $27.92. The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of 8.75 and a beta of 1.41. Forestar Group Inc has a 12 month low of $22.81 and a 12 month high of $32.06.

Forestar Group (NYSE:FOR) last announced its quarterly earnings results 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 return on equity of 9.42% and a net margin of 9.88%.The company had revenue of $407.00 million for the quarter, compared to analyst estimates of $437.73 million. During the same quarter in the prior year, the business earned $0.65 earnings per share. Forestar Group’s revenue was up 4.2% compared to the same quarter last year.

Analysts Set New Price Targets

Several research firms have recently issued reports on FOR. Citizens Jmp reaffirmed a “market outperform” rating and set a $35.00 price objective on shares of Forestar Group in a research report on Wednesday, July 22nd. Weiss Ratings raised Forestar Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, August 12th. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Forestar Group currently has an average rating of “Hold” and a consensus 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.