First Eagle Investment Management LLC Trims Stock Holdings in Forestar Group Inc $FOR

First Eagle Investment Management LLC reduced its stake in Forestar Group Inc (NYSE:FOR) by 7.7% during the 4th quarter, Holdings Channel reports. The fund owned 495,769 shares of the oil and gas exploration company’s stock after selling 41,500 shares during the period. First Eagle Investment Management LLC’s holdings in Forestar Group were worth $12,211,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in FOR. Ameriprise Financial Inc. lifted its position in Forestar Group by 232.9% during 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 buying an additional 370,685 shares during the period. Millennium Management LLC lifted its position in Forestar Group by 50.8% during the first quarter. Millennium Management LLC now owns 489,230 shares of the oil and gas exploration company’s stock worth $10,342,000 after buying an additional 164,753 shares during the period. Alliancebernstein L.P. lifted its position in Forestar Group by 235.3% during the third 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. Vanguard Group Inc. lifted its position in Forestar Group by 4.1% during the third quarter. Vanguard Group Inc. now owns 2,769,594 shares of the oil and gas exploration company’s stock worth $73,644,000 after buying an additional 110,286 shares during the period. Finally, Bank of America Corp DE lifted its position in Forestar Group by 165.2% during the third 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 period. 35.50% of the stock is currently owned by hedge funds and other institutional investors.

Forestar Group Stock Performance

Shares of NYSE:FOR opened at $26.48 on Wednesday. The company has a market cap of $1.35 billion, a P/E ratio of 8.07 and a beta of 1.45. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.36 and a current ratio of 1.36. Forestar Group Inc has a one year low of $18.50 and a one year high of $30.74. The business’s 50-day simple moving average is $26.11 and its 200 day simple moving average is $26.24.

Forestar Group (NYSE:FOR) last announced its earnings results on Tuesday, April 21st. The oil and gas exploration company reported $0.63 EPS for the quarter, missing the consensus estimate of $0.72 by ($0.09). The company had revenue of $374.30 million for the quarter, compared to analysts’ expectations of $372.57 million. Forestar Group had a net margin of 9.80% and a return on equity of 9.49%. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.62 earnings per share. On average, sell-side analysts forecast that Forestar Group Inc will post 3.06 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

FOR has been the subject of several research analyst reports. Citigroup upped their price target on Forestar Group from $36.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, January 28th. BTIG Research initiated coverage on Forestar Group in a research note on Monday, March 30th. They set a “hold” rating for the company. Zacks Research lowered Forestar Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. Wall Street Zen lowered Forestar Group from a “buy” rating to a “hold” rating in a research note on Friday, January 23rd. Finally, Weiss Ratings upgraded Forestar Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 4th. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus 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.