SEB Asset Management AB Buys New Shares in Forestar Group Inc $FOR

SEB Asset Management AB purchased a new position in shares of Forestar Group Inc (NYSE:FOR) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 67,100 shares of the oil and gas exploration company’s stock, valued at approximately $1,640,000.

Several other large investors have also added to or reduced their stakes in the company. Ameriprise Financial Inc. raised its stake in shares of Forestar Group by 232.9% in the second quarter. Ameriprise Financial Inc. now owns 529,863 shares of the oil and gas exploration company’s stock worth $10,597,000 after purchasing an additional 370,685 shares during the last quarter. Millennium Management LLC boosted its position in Forestar Group by 50.8% in the first quarter. Millennium Management LLC now owns 489,230 shares of the oil and gas exploration company’s stock valued at $10,342,000 after buying an additional 164,753 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Forestar Group in the first quarter valued at approximately $3,845,000. Alliancebernstein L.P. increased its holdings in Forestar Group by 235.3% in the 3rd quarter. Alliancebernstein L.P. now owns 159,053 shares of the oil and gas exploration company’s stock worth $4,229,000 after buying an additional 111,620 shares during the period. Finally, Bank of America Corp DE raised its position in Forestar Group by 165.2% during the 3rd quarter. Bank of America Corp DE now owns 152,617 shares of the oil and gas exploration company’s stock worth $4,058,000 after buying an additional 95,065 shares during the last quarter. Hedge funds and other institutional investors own 35.50% of the company’s stock.

Analyst Ratings Changes

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

Forestar Group Stock Performance

NYSE FOR opened at $27.88 on Friday. The stock has a market capitalization of $1.42 billion, a price-to-earnings ratio of 8.37 and a beta of 1.39. The stock has a 50-day moving average of $28.78 and a 200 day moving average of $27.49. 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 twelve month low of $22.81 and a twelve month high of $32.06.

Forestar Group (NYSE:FOR) 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). The business had revenue of $407.00 million during the quarter, compared to analyst estimates of $437.73 million. Forestar Group had a net margin of 9.88% and a return on equity of 9.42%. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.65 earnings per share.

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.