Carlson Capital Cuts Exposure To Forestar Group Inc. (NYSE:FOR)


Carlson Capital has disclosed owning 1.68 million shares in Forestar Group Inc. (NYSE:FOR), representing 4.99% equity ownership in the company. But, that’s a steep decline from 2.16 million shares the fund earlier disclosed owning in Forestar. The earlier stake gave Carlson 6.40% equity ownership in the company.

Carlson and Forestar entered a standstill agreement early this year. The agreement involved a number of concessions, including prohibiting Forestar from expanding its board of directors.

Forestar posted adjusted EPS of $0.23 in 3Q16, easily beating consensus estimate that called for EPS of $0.07. Revenue of $47.2 million rose from $32.1 million same quarter a year-ago and topped the consensus estimate for $35.1 million.

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Other Large Investors in Forestar Group Inc. (NYSE:FOR)

Besides Carlson, NWQ Investment Management Company is another largeinvestor in Forestar. NWQ Investment disclosed owning 5.29 million shares valued at about $61.97 million in Forestar as of 3Q16, making it the top investor in the company at that time. The second-largest fund investor as of 3Q16 was Price T Rowe Associates, which disclosed owning 3.16 million shares valued at about $37 million in the company.

Carlson’s Adjusted Positions

Though Carlson remains significantly exposed to Archrock Inc (NYSE:AROC), the fund recently lowered its stake in the company. It now owns 7.62 million shares in Archrock, giving it 10.95% ownership in the company. But, back in November Carlson disclosed owning 8.47 million shares in Archrock, equivalent to 12.17% equity stake in the company.

Carlson’s Top Equity Picks

Carlson Capital maintains LinkedIn Corp (NYSE:LNKD) as its top equity pick. The fund disclosed in its quarterly filings at the end of 3Q16 that it held 1.21 million shares valued at about $231.16 million in the professional networking company. The LinkedIn position accounted for 2.93% of the fund’s portfolio as of the end of the quarter.

Microsoft Corporation (NASDAQ:MSFT) is acquiring LinkedIn for $26 billion.

Carlson’s second equity bet, in dollar terms, is in St. Jude Medical, Inc. (NYSE:STJ) where it discloed a 2.68 million share position valued at about $213.44 million as of the end of 3Q16. The position was equivalent to 2.70% of the fund’s portfolio