Gratia Capital Lowers stake in Forestar Group (FOR)

Forestar Group (FOR) : Gratia Capital reduced its stake in Forestar Group by 33.14% during the most recent quarter end. The investment management company now holds a total of 885,789 shares of Forestar Group which is valued at $10.4 Million after selling 438,963 shares in Forestar Group , the firm said in a disclosure report filed with the SEC on May 13, 2016.Forestar Group makes up approximately 4.53% of Gratia Capital’s portfolio.

Other Hedge Funds, Including , Renaissance Technologies added FOR to its portfolio by purchasing 31,800 company shares during the most recent quarter which is valued at $374,604.Teacher Retirement System Of Texas boosted its stake in FOR in the latest quarter, The investment management firm added 979 additional shares and now holds a total of 3,916 shares of Forestar Group which is valued at $46,130.

Forestar Group opened for trading at $12.16 and hit $12.38 on the upside on Wednesday, eventually ending the session at $12.27, with a gain of 1.74% or 0.21 points. The heightened volatility saw the trading volume jump to 92,288 shares. Company has a market cap of $416 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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