Charles Schwab Investment Management Inc. Acquires 29,285 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Charles Schwab Investment Management Inc. lifted its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 5.2% in the third quarter, according to its most recent filing with the SEC. The firm owned 590,428 shares of the company's stock after acquiring an additional 29,285 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.66% of Fortrea worth $11,809,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the business. CWM LLC lifted its stake in Fortrea by 12.5% during the second quarter. CWM LLC now owns 4,273 shares of the company's stock worth $100,000 after purchasing an additional 475 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in Fortrea by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company's stock valued at $64,000 after buying an additional 572 shares in the last quarter. Arizona State Retirement System boosted its stake in Fortrea by 2.5% in the 2nd quarter. Arizona State Retirement System now owns 23,769 shares of the company's stock valued at $555,000 after buying an additional 585 shares in the last quarter. Louisiana State Employees Retirement System grew its position in Fortrea by 2.3% in the second quarter. Louisiana State Employees Retirement System now owns 45,000 shares of the company's stock valued at $1,050,000 after acquiring an additional 1,000 shares during the period. Finally, nVerses Capital LLC acquired a new position in Fortrea during the second quarter worth $26,000.

Fortrea Trading Up 4.0 %

Fortrea stock traded up $0.86 during trading hours on Monday, reaching $22.53. 1,294,704 shares of the company's stock traded hands, compared to its average volume of 1,295,265. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. Fortrea Holdings Inc. has a fifty-two week low of $16.53 and a fifty-two week high of $41.02. The firm's 50 day moving average is $19.52 and its 200-day moving average is $22.32.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings data on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.02). The business had revenue of $674.90 million during the quarter, compared to analyst estimates of $674.86 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The company's quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.24 earnings per share. As a group, research analysts forecast that Fortrea Holdings Inc. will post 0.57 earnings per share for the current year.

Wall Street Analyst Weigh In

FTRE has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Fortrea from $28.00 to $23.00 and set a "hold" rating on the stock in a report on Tuesday, August 20th. Baird R W cut shares of Fortrea from a "strong-buy" rating to a "hold" rating in a research note on Friday. Evercore ISI cut their target price on shares of Fortrea from $22.00 to $20.00 and set an "in-line" rating for the company in a research note on Tuesday, October 8th. Bank of America decreased their price target on Fortrea from $26.00 to $21.00 and set an "underperform" rating on the stock in a research report on Tuesday, August 13th. Finally, Barclays lifted their price objective on Fortrea from $20.00 to $25.00 and gave the company an "equal weight" rating in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $24.00.

Fortrea Profile

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.