Cove Street Capital buys $37.8 Million stake in Forestar Group (FOR)

Forestar Group (FOR) : Cove Street Capital scooped up 282,796 additional shares in Forestar Group during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 3,210,085 shares of Forestar Group which is valued at $37.8 Million.Forestar Group makes up approximately 5.08% of Cove Street Capital’s portfolio.

Other Hedge Funds, Including , Sg Americas Securities boosted its stake in FOR in the latest quarter, The investment management firm added 1,091 additional shares and now holds a total of 11,294 shares of Forestar Group which is valued at $133,043.Swiss National Bank boosted its stake in FOR in the latest quarter, The investment management firm added 9,600 additional shares and now holds a total of 54,400 shares of Forestar Group which is valued at $687,072.Russell Frank Co boosted its stake in FOR in the latest quarter, The investment management firm added 131,754 additional shares and now holds a total of 500,000 shares of Forestar Group which is valued at $6.8 Million. Forestar Group makes up approx 0.01% of Russell Frank Co’s portfolio.

Forestar Group opened for trading at $11.25 and hit $11.49 on the upside on Friday, eventually ending the session at $11.48, with a gain of 2.23% or 0.25 points. The heightened volatility saw the trading volume jump to 1,25,017 shares. Company has a market cap of $389 M.

On the company’s financial health, Forestar Group reported $0.45 EPS for the quarter, beating the analyst consensus estimate by $ 0.10 according to the earnings call on Mar 2, 2016. Analyst had a consensus of $0.35. The company had revenue of $114.00 million for the quarter, compared to analysts expectations of $62.67 million. The company’s revenue was up 42.0% compared to the same quarter last year.

Forestar Group Inc. is a real estate and oil and gas company. The Company owns directly or through ventures approximately 113000 acres of real estate located in 10 states and 13 markets including approximately 102000 acres with timber primarily in Georgia. It also has approximately 960000 net acres of oil and gas mineral interests. The Company operates in three segments: real estate oil and gas and other natural resources. Its real estate segment conducts project planning and management activities related to the acquisition entitlement development and sale of real estate primarily residential and mixed-use communities. Its oil and gas segment is engaged in the exploration development and production of oil and gas on the Company’s owned and leasehold mineral interests. Its other natural resources segment sells wood fiber from portions of its land primarily in Georgia and leases land for recreational uses.

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