Public Employees Retirement System of Ohio Makes New Investment in Forestar Group Inc $FOR

Public Employees Retirement System of Ohio purchased a new stake in Forestar Group Inc (NYSE:FOR) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 22,858 shares of the oil and gas exploration company’s stock, valued at approximately $723,000.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in 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 in the last quarter. Dimensional Fund Advisors LP raised its stake in Forestar Group by 1.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,805,806 shares of the oil and gas exploration company’s stock valued at $68,573,000 after acquiring an additional 30,347 shares in the last quarter. BlackRock Inc. bought a new stake in Forestar Group during the 2nd quarter valued at $56,174,000. Ameriprise Financial Inc. boosted its position in Forestar Group by 232.9% during the 2nd quarter. Ameriprise Financial Inc. now owns 529,863 shares of the oil and gas exploration company’s stock worth $10,597,000 after acquiring an additional 370,685 shares during the period. Finally, Royal Bank of Canada grew its stake in shares of Forestar Group by 2.2% in the fourth quarter. Royal Bank of Canada now owns 511,362 shares of the oil and gas exploration company’s stock worth $12,594,000 after purchasing an additional 10,987 shares in the last quarter. Institutional investors own 35.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on FOR. Weiss Ratings cut shares of Forestar Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday. Citizens Jmp reiterated a “market outperform” rating and set a $35.00 price objective on shares of Forestar Group in a research note on Wednesday, July 22nd. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Forestar Group presently has a consensus rating of “Hold” and an average price target of $32.67.

Forestar Group Price Performance

NYSE FOR opened at $26.87 on Thursday. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.43. Forestar Group Inc has a 1 year low of $22.81 and a 1 year high of $32.06. The company has a market cap of $1.37 billion, a PE ratio of 8.07 and a beta of 1.41. The stock’s 50-day moving average price is $28.98 and its two-hundred day moving average price is $27.79.

Forestar Group (NYSE:FOR) last released its earnings results 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). 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 analysts’ expectations of $437.73 million. During the same period last year, the business 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.