Fortrea Holdings Inc. (NASDAQ:FTRE) Shares Acquired by Diamond Hill Capital Management Inc.

Diamond Hill Capital Management Inc. boosted its stake in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 20.5% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 1,197,696 shares of the company's stock after buying an additional 204,021 shares during the period. Diamond Hill Capital Management Inc. owned approximately 1.34% of Fortrea worth $23,954,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of FTRE. Baupost Group LLC MA lifted its stake in Fortrea by 933.7% in the 2nd quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company's stock valued at $73,296,000 after purchasing an additional 2,836,563 shares during the last quarter. Magnetar Financial LLC lifted its stake in Fortrea by 228.6% in the 2nd quarter. Magnetar Financial LLC now owns 1,985,854 shares of the company's stock valued at $46,350,000 after purchasing an additional 1,381,489 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Fortrea by 59.3% in the 2nd quarter. Victory Capital Management Inc. now owns 2,466,181 shares of the company's stock valued at $57,561,000 after purchasing an additional 918,240 shares during the last quarter. Iron Triangle Partners LP bought a new position in Fortrea in the 1st quarter valued at approximately $31,760,000. Finally, Brandes Investment Partners LP lifted its stake in Fortrea by 27.1% in the 2nd quarter. Brandes Investment Partners LP now owns 2,438,159 shares of the company's stock valued at $56,845,000 after purchasing an additional 519,344 shares during the last quarter.

Fortrea Stock Performance

Fortrea stock traded down $0.29 during midday trading on Monday, hitting $23.21. 908,664 shares of the company were exchanged, compared to its average volume of 1,296,024. The firm has a market capitalization of $2.08 billion, a PE ratio of -7.10, a price-to-earnings-growth ratio of 3.78 and a beta of 0.70. The business has a fifty day simple moving average of $19.70 and a two-hundred day simple moving average of $23.99. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.19 and a current ratio of 1.19. Fortrea Holdings Inc. has a fifty-two week low of $16.53 and a fifty-two week high of $41.02.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its earnings results on Friday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.02). Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The business had revenue of $674.90 million for the quarter, compared to analyst estimates of $674.86 million. During the same period last year, the business earned $0.24 EPS. Fortrea's revenue was down 5.4% compared to the same quarter last year. On average, sell-side analysts forecast that Fortrea Holdings Inc. will post 0.59 earnings per share for the current year.

Analyst Ratings Changes

FTRE has been the subject of several recent analyst reports. Evercore ISI decreased their price objective on shares of Fortrea from $22.00 to $20.00 and set an "in-line" rating for the company in a research report on Tuesday, October 8th. Bank of America lowered their target price on Fortrea from $26.00 to $21.00 and set an "underperform" rating on the stock in a research note on Tuesday, August 13th. Barclays lifted their target price on Fortrea from $20.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Monday. Jefferies Financial Group lowered Fortrea from a "buy" rating to a "hold" rating and reduced their target price for the company from $25.00 to $21.00 in a report on Wednesday, September 25th. Finally, The Goldman Sachs Group dropped their target price on Fortrea from $26.00 to $23.00 and set a "neutral" rating for the company in a research report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Fortrea has a consensus rating of "Hold" and an average price target of $24.50.

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.