Financial Counselors Inc. decreased its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 73.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 26,401 shares of the company's stock after selling 71,358 shares during the period. Financial Counselors Inc.'s holdings in Fortrea were worth $492,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently bought and sold shares of FTRE. Charles Schwab Investment Management Inc. increased its stake in Fortrea by 5.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 590,428 shares of the company's stock valued at $11,809,000 after purchasing an additional 29,285 shares during the last quarter. FMR LLC raised its stake in Fortrea by 91.6% during the third quarter. FMR LLC now owns 4,821,404 shares of the company's stock worth $96,428,000 after acquiring an additional 2,304,677 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Fortrea by 192.1% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 472,918 shares of the company's stock worth $9,458,000 after acquiring an additional 311,018 shares during the last quarter. Capstone Investment Advisors LLC boosted its stake in Fortrea by 120.7% in the third quarter. Capstone Investment Advisors LLC now owns 23,534 shares of the company's stock valued at $471,000 after acquiring an additional 12,871 shares during the period. Finally, Verition Fund Management LLC bought a new position in shares of Fortrea during the third quarter valued at approximately $220,000.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on FTRE. William Blair restated a "market perform" rating on shares of Fortrea in a research note on Tuesday, March 4th. Evercore ISI dropped their target price on Fortrea from $20.00 to $15.00 and set an "in-line" rating on the stock in a research report on Tuesday, March 4th. Baird R W cut shares of Fortrea from a "strong-buy" rating to a "hold" rating in a report on Friday, December 6th. Robert W. Baird set a $12.00 price target on Fortrea in a research report on Tuesday, March 4th. Finally, Citigroup lowered Fortrea from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $30.00 to $23.00 in a report on Wednesday, December 11th. One analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $19.00.
Read Our Latest Stock Analysis on FTRE
Fortrea Stock Performance
Shares of FTRE stock traded up $0.24 during mid-day trading on Wednesday, reaching $7.29. The stock had a trading volume of 740,112 shares, compared to its average volume of 1,747,360. The firm has a market cap of $657.11 million, a PE ratio of -2.13, a P/E/G ratio of 1.78 and a beta of 1.34. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea Holdings Inc. has a one year low of $6.91 and a one year high of $40.57. The firm's 50 day simple moving average is $12.96 and its 200 day simple moving average is $17.25.
Fortrea (NASDAQ:FTRE - Get Free Report) last posted its quarterly earnings results on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing analysts' consensus estimates of $0.36 by ($0.18). The business had revenue of $697.00 million for the quarter, compared to analyst estimates of $703.22 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. During the same quarter in the prior year, the firm earned $0.19 EPS. On average, analysts forecast that Fortrea Holdings Inc. will post 0.51 EPS for the current year.
Insider Buying and Selling
In related news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $18.04, for a total value of $203,274.72. Following the completion of the sale, the chief executive officer now directly owns 159,868 shares in the company, valued at $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 13,029 shares of company stock worth $226,168 in the last 90 days. Corporate insiders own 0.12% of the company's stock.
Fortrea Company Profile
(
Free Report)
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.
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