Harel Insurance Investments & Financial Services Ltd. Buys New Position in Forestar Group Inc $FOR

Harel Insurance Investments & Financial Services Ltd. bought a new stake in Forestar Group Inc (NYSE:FOR) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 75,500 shares of the oil and gas exploration company’s stock, valued at approximately $2,003,000. Harel Insurance Investments & Financial Services Ltd. owned approximately 0.15% of Forestar Group as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in FOR. Swedbank AB lifted its position in shares of Forestar Group by 400.0% in the third quarter. Swedbank AB now owns 500,000 shares of the oil and gas exploration company’s stock worth $13,295,000 after purchasing an additional 400,000 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of 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 buying an additional 370,685 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Forestar Group by 50.8% in the 1st quarter. Millennium Management LLC now owns 489,230 shares of the oil and gas exploration company’s stock valued at $10,342,000 after acquiring an additional 164,753 shares in the last quarter. Dimension Capital Management LLC acquired a new stake in shares of Forestar Group in the second quarter valued at about $1,512,000. Finally, AQR Capital Management LLC raised its holdings in Forestar Group by 30.3% during the second quarter. AQR Capital Management LLC now owns 296,553 shares of the oil and gas exploration company’s stock worth $5,931,000 after acquiring an additional 68,994 shares in the last quarter. 35.50% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FOR. Zacks Research upgraded Forestar Group from a “strong sell” rating to a “hold” rating in a research note on Friday, September 26th. JPMorgan Chase & Co. increased their price target on shares of Forestar Group from $23.00 to $25.00 and gave the company a “neutral” rating in a research note on Tuesday, November 4th. JMP Securities set a $35.00 price objective on shares of Forestar Group in a research note on Wednesday, October 29th. Citizens Jmp upped their target price on shares of Forestar Group from $30.00 to $35.00 and gave the company a “market outperform” rating in a report on Wednesday, October 29th. Finally, Citigroup lifted their price target on Forestar Group from $33.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Forestar Group presently has an average rating of “Moderate Buy” and an average target price of $32.00.

Forestar Group Stock Down 1.8%

Forestar Group stock opened at $27.41 on Monday. The company’s 50-day moving average price is $25.40 and its two-hundred day moving average price is $25.67. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.45. The stock has a market cap of $1.39 billion, a P/E ratio of 8.33 and a beta of 1.42. Forestar Group Inc has a twelve month low of $18.00 and a twelve month high of $29.44.

Forestar Group (NYSE:FOR) last posted its earnings results on Tuesday, October 28th. The oil and gas exploration company reported $1.70 EPS for the quarter, beating the consensus estimate of $1.17 by $0.53. The company had revenue of $670.50 million for the quarter, compared to the consensus estimate of $556.59 million. Forestar Group had a return on equity of 10.08% and a net margin of 10.11%.The firm’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.60 earnings per share. As a group, analysts expect that Forestar Group Inc will post 3.44 EPS for the current year.

Forestar Group Company 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.