Man Group plc Makes New $1.97 Million Investment in Forestar Group Inc $FOR

Man Group plc bought a new position in shares of Forestar Group Inc (NYSE:FOR) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 62,324 shares of the oil and gas exploration company’s stock, valued at approximately $1,973,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd raised its holdings in Forestar Group by 1,206.6% in the 3rd 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 during the period. Kestra Advisory Services LLC acquired a new stake in Forestar Group in the fourth quarter valued at approximately $27,000. Fifth Third Bancorp acquired a new stake in Forestar Group in the first quarter valued at approximately $31,000. Allworth Financial LP purchased a new stake in shares of Forestar Group in the second quarter valued at approximately $33,000. Finally, Comerica Bank increased its position in shares of Forestar Group by 76.5% in the third quarter. Comerica Bank now owns 1,269 shares of the oil and gas exploration company’s stock valued at $34,000 after buying an additional 550 shares in the last quarter. Hedge funds and other institutional investors own 35.50% of the company’s stock.

Wall Street Analyst Weigh In

FOR has been the topic of a number of recent analyst reports. Weiss Ratings upgraded Forestar Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, August 12th. Citizens Jmp restated a “market outperform” rating and set a $35.00 price objective on shares of Forestar Group in a research report on Wednesday, July 22nd. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $32.67.

Forestar Group Price Performance

Shares of Forestar Group stock opened at $27.50 on Wednesday. The stock has a market capitalization of $1.40 billion, a P/E ratio of 8.26 and a beta of 1.41. The business has a 50 day simple moving average of $29.47 and a two-hundred day simple moving average of $27.90. Forestar Group Inc has a 12 month low of $22.81 and a 12 month high of $32.06. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.44 and a quick ratio of 1.44.

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

Forestar Group 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.