Lee Danner & Bass Inc. Invests $654,000 in Forestar Group Inc $FOR

Lee Danner & Bass Inc. bought a new stake in shares of Forestar Group Inc (NYSE:FOR) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 26,745 shares of the oil and gas exploration company’s stock, valued at approximately $654,000. Lee Danner & Bass Inc. owned approximately 0.05% of Forestar Group as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FOR. Caitong International Asset Management Co. Ltd lifted its position in shares of 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 bought a new position in Forestar Group in the fourth quarter worth approximately $27,000. Comerica Bank raised its stake in 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 worth $34,000 after buying an additional 550 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in Forestar Group by 201.1% during the second quarter. Tower Research Capital LLC TRC now owns 2,105 shares of the oil and gas exploration company’s stock worth $42,000 after buying an additional 1,406 shares during the period. Finally, New York State Teachers Retirement System purchased a new stake in Forestar Group during the first quarter worth $44,000. 35.50% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FOR. Weiss Ratings downgraded Forestar Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, May 18th. Zacks Research lowered Forestar Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. Finally, BTIG Research assumed coverage on shares of Forestar Group in a report on Monday, March 30th. They issued a “hold” rating for the company. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $32.67.

Forestar Group Stock Performance

Shares of FOR stock opened at $30.87 on Monday. Forestar Group Inc has a 12-month low of $20.79 and a 12-month high of $32.06. The business’s fifty day simple moving average is $28.17 and its 200-day simple moving average is $27.05. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.44. The company has a market cap of $1.57 billion, a PE ratio of 9.41 and a beta of 1.39.

Forestar Group (NYSE:FOR) last posted its quarterly earnings data on Tuesday, April 21st. The oil and gas exploration company reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.09). Forestar Group had a return on equity of 9.49% and a net margin of 9.80%.The business had revenue of $374.30 million during the quarter, compared to analyst estimates of $372.56 million. During the same period in the previous year, the business earned $0.62 EPS. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year.

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.