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DHI

D.R. Horton

$38.15

0.71 (1.90%)

, FOR

Forestar Group

$17.20

-0.05 (-0.29%)

08:04
09/28/17
09/28
08:04
09/28/17
08:04

D.R. Horton, Forestar report preliminary merger consideration election results

D.R. Horton (DHI) and Forestar (FOR) announced the preliminary results of the elections made by Forestar stockholders regarding the form of merger consideration they wish to receive in connection with D.R. Horton's pending acquisition of approximately 75% of the currently outstanding shares of Forestar pursuant to that certain merger agreement by and among D.R. Horton, Forestar and Force Merger Sub. As previously announced, the cash and stock elections will be subject to proration and adjustment procedures, as set forth in the merger agreement. Subject to those proration and adjustment procedures in the merger agreement, common stockholders of Forestar had the option to elect to receive, for each share of Forestar common stock held, either (i) an amount in cash equal to $17.75 or (ii) one new share of Forestar common stock. As previously announced, the deadline for making this election was 5:00 p.m. Eastern time on September 27.Based on available information as of the election deadline, the preliminary election results were: Holders of 38,259,107 shares of Forestar common stock, or approximately 91.23% of the outstanding shares of Forestar common stock, elected to receive the cash consideration. Holders of 4,260,068 shares of Forestar common stock, or approximately 10.16% of the outstanding shares of Forestar common stock, elected to receive the stock consideration. Because the number of shares subject to elections above exceeds 41,938,936 shares, which was the number of shares of Forestar common stock outstanding as of the close of business of September 27, 2017, it appears there are duplicative elections made pursuant to guaranteed delivery procedures.

DHI

D.R. Horton

$38.15

0.71 (1.90%)

FOR

Forestar Group

$17.20

-0.05 (-0.29%)

  • 09

    Nov

DHI D.R. Horton
$38.15

0.71 (1.90%)

06/27/17
BOFA
06/27/17
NO CHANGE
BOFA
US housing cycle may be inflecting higher, says BofA/Merrill
BofA/Merrill analyst John Lovallo raised single-family house starts and new home sales forecasts for 2018 and 2019 to reflect a continuation in accelerating demand over the past six months. He now expects 2018 single family starts and new homes sales of up 9% year-over-year versus 6% previously, and 2019 growth of up 8% growth year-over-year, versus 5% previously. The analyst believes demand is being supported by the return of first time home buyers, low mortgage rates, and stronger home equity positions. Lovallo raised earnings estimates across the group and reiterated D.R. Horton (DHI) and PulteGroup (PHM) as top picks.
06/30/17
RAJA
06/30/17
UPGRADE
Target $39
RAJA
Outperform
D.R. Horton upgraded to Outperform from Market Perform at Raymond James
Raymond James upgraded D.R. Horton to Outperform and established a $39 price target saying it is uniquely positioned to capitalize on an unexpectedly tight and historically low existing home inventories, while new home demand remains broadly resilient despite rising prices. The analyst believes homebuilders with ample supply of quick delivery homes at affordable price points stand to benefit the most.
06/30/17
06/30/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Cabot Oil & Gas (COG) upgraded to Buy from Neutral at BofA/Merrill with analyst Doug Leggate saying Cabot 's gross Marcellus takeaway capacity will increase to 3.7 bcf/d from 2bcf/d by end of 2018 and positioned to increase free cash flow to $2B from $872M per year for 25 years. 2. Becton Dickinson (BDX) upgraded to Strong Buy from Outperform at Raymond James with analyst Lawrence Keusch saying he believes it should be a core holding based an an above average outlook for 5%-6% organic growth and mid-teens earnings increases with further potential upside. 3. Walgreens Boots Alliance (WBA) upgraded to Buy from Hold at Needham. 4. ManTech (MANT) upgraded to Buy from Hold at Loop Capital with analyst Joseph Vafi saying he sees "company-specific and secular catalysts" driving improving fundamentals and upward revisions to consensus estimates. 5. D.R. Horton (DHI) upgraded to Outperform from Market Perform at Raymond James with the firm saying it is uniquely positioned to capitalize on an unexpectedly tight and historically low existing home inventories, while new home demand remains broadly resilient despite rising prices. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/10/17
WELS
07/10/17
NO CHANGE
WELS
D.R. Horton acquisition positive, says Wells Fargo
Wells Fargo says that D.R. Horton's acquisition of Forestar (FOR) "could ultimately reduce cyclicality and risk, while providing a more visible path to growth." The firm keeps an Outperform rating on D. R. Horton.
FOR Forestar Group
$17.20

-0.05 (-0.29%)

06/06/17
WELS
06/06/17
NO CHANGE
WELS
D.R. Horton acquisition of Forestar Group would be positive, says Wells Fargo
After D.R. Horton (DHI) made an unsolicited bid for Forestar Group (FOR), Wells Fargo says that acquiring Forestar would enable D.R. Horton "to grow at a double digit rate while mitigating incremental risk." The analyst says that the deal would give D.R. Horton "a solid competitive advantage" and enable it to grow more quickly while "mitigating potential impairment risk through the cycle." Wells thinks that D.R. Horton will enter into a "bidding war" with Starwood Capital, which had previously agreed to take Forestar private for $14 per share. Wells keeps an Outperform rating on D.R. Horton.

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UAA

Under Armour; also tag UA

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AGN

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ALIOF

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ARDX

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BVX

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CUTR

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LLY

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LMNS

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MYGN

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MYL

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NVS

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PFE

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PG

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PRGO

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REGN

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SNY

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UL

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MIDD

Middleby

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1.94 (1.46%)

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T

AT&T

$37.14

0.14 (0.38%)

, TWX

Time Warner

$95.37

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T

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CARS

Cars.com

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0.33 (1.14%)

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ONTX

Onconova

$1.07

0.01 (0.94%)

17:29
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683 Capital reports 21.8% stake in Onconova, says shares undervalued »

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GD

General Dynamics

$224.19

-1.21 (-0.54%)

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General Dynamics awarded $148.9M government contract modification »

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ATRS

Antares Pharma

$2.39

0.04 (1.70%)

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HII

Huntington Ingalls

$265.70

10.31 (4.04%)

17:25
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Huntington Ingalls awarded $1.43B government contract modification »

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DIT

AMCON Distributing

$87.50

0.13 (0.15%)

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Breaking Hot Stocks news story on AMCON Distributing »

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GM

General Motors

$41.09

-0.76 (-1.82%)

, TSLA

Tesla

$335.49

1.425 (0.43%)

17:11
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Periodicals
Chevy Bolt sales bolstered by Tesla delays, tax credit worries, Reuters says »

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GM

General Motors

$41.09

-0.76 (-1.82%)

TSLA

Tesla

$335.49

1.425 (0.43%)

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AGN

Allergan

$164.04

-0.43 (-0.26%)

17:11
02/16/18
02/16
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17:11
Syndicate
Breaking Syndicate news story on Allergan »

Allergan files automatic…

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Our team of experts analyze every news story and filter out the noise to deliver real-time market moving news.
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