Beck Mack & Oliver LLC Cuts Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Beck Mack & Oliver LLC cut its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 3.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,635,996 shares of the company's stock after selling 217,403 shares during the quarter. Fortrea accounts for about 1.9% of Beck Mack & Oliver LLC's holdings, making the stock its 21st biggest holding. Beck Mack & Oliver LLC owned approximately 6.28% of Fortrea worth $105,111,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. FMR LLC raised its stake in shares of Fortrea by 67.7% during the fourth quarter. FMR LLC now owns 8,086,806 shares of the company's stock worth $150,819,000 after acquiring an additional 3,265,402 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Fortrea by 2,996.0% during the fourth quarter. Renaissance Technologies LLC now owns 321,982 shares of the company's stock valued at $6,005,000 after purchasing an additional 311,582 shares during the period. Peregrine Capital Management LLC bought a new position in shares of Fortrea in the fourth quarter worth approximately $5,627,000. Trexquant Investment LP purchased a new position in shares of Fortrea in the fourth quarter worth $4,621,000. Finally, Kennedy Capital Management LLC raised its holdings in Fortrea by 43.6% during the 4th quarter. Kennedy Capital Management LLC now owns 568,897 shares of the company's stock valued at $10,610,000 after buying an additional 172,856 shares during the last quarter.

Fortrea Stock Down 3.3 %

Shares of FTRE traded down $0.18 during mid-day trading on Wednesday, reaching $5.32. The company had a trading volume of 3,205,362 shares, compared to its average volume of 1,633,366. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. The company has a market capitalization of $479.86 million, a price-to-earnings ratio of -1.56, a price-to-earnings-growth ratio of 1.78 and a beta of 2.10. The firm has a 50-day moving average price of $9.38 and a 200 day moving average price of $15.51. Fortrea Holdings Inc. has a 52 week low of $4.77 and a 52 week high of $38.04.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its earnings results on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.18). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The company had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. During the same period last year, the firm posted $0.19 earnings per share. On average, sell-side analysts forecast that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on FTRE. The Goldman Sachs Group dropped their price objective on Fortrea from $22.00 to $11.00 and set a "neutral" rating for the company in a report on Tuesday, March 4th. Robert W. Baird set a $12.00 price target on shares of Fortrea in a report on Tuesday, March 4th. Evercore ISI decreased their price objective on shares of Fortrea from $20.00 to $15.00 and set an "in-line" rating for the company in a report on Tuesday, March 4th. Mizuho reduced their price target on shares of Fortrea from $12.00 to $10.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 9th. Finally, William Blair restated a "market perform" rating on shares of Fortrea in a report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating and ten have issued a hold rating to the stock. Based on data from MarketBeat, Fortrea has a consensus rating of "Hold" and an average price target of $16.70.

About Fortrea

Fortrea Holdings Inc, a contract research organization, primarily engages in the provision of biopharmaceutical product and medical device development services worldwide. The company operates through two segments: Clinical Services and Enabling Services. The Clinical Services segment provides across the clinical pharmacology and clinical development spectrum.