Thrivent Financial for Lutherans Raises Stock Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Thrivent Financial for Lutherans boosted its position in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 78.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 125,294 shares of the company's stock after purchasing an additional 54,932 shares during the period. Thrivent Financial for Lutherans owned approximately 0.14% of Fortrea worth $2,337,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of FTRE. Starboard Value LP increased its stake in Fortrea by 5.0% in the 3rd quarter. Starboard Value LP now owns 8,400,000 shares of the company's stock worth $168,000,000 after buying an additional 400,000 shares during the period. FMR LLC grew its stake in Fortrea by 91.6% in the 3rd 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 in the last quarter. State Street Corp increased its position in shares of Fortrea by 7.7% during the third quarter. State Street Corp now owns 3,250,693 shares of the company's stock worth $65,014,000 after acquiring an additional 233,577 shares during the period. Geode Capital Management LLC raised its stake in shares of Fortrea by 1.4% during the third quarter. Geode Capital Management LLC now owns 1,502,546 shares of the company's stock valued at $30,059,000 after acquiring an additional 20,825 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its stake in Fortrea by 25.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,135,619 shares of the company's stock worth $22,712,000 after purchasing an additional 227,109 shares in the last quarter.

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Analysts Set New Price Targets

A number of equities research analysts have weighed in on FTRE shares. Baird R W lowered Fortrea from a "strong-buy" rating to a "hold" rating in a research report on Friday, December 6th. Barclays decreased their price objective on Fortrea from $25.00 to $12.00 and set an "equal weight" rating for the company in a report on Tuesday, March 4th. Evercore ISI dropped their target price on shares of Fortrea from $20.00 to $15.00 and set an "in-line" rating on the stock in a report on Tuesday, March 4th. Citigroup lowered shares of Fortrea from a "buy" rating to a "neutral" rating and reduced their price target for the company from $30.00 to $23.00 in a report on Wednesday, December 11th. Finally, The Goldman Sachs Group dropped their price objective on shares of Fortrea from $22.00 to $11.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating and eleven have given a hold rating to the company. According to MarketBeat.com, Fortrea has a consensus rating of "Hold" and an average target price of $19.00.

Insider Buying and Selling at Fortrea

In other news, CEO Thomas Pike sold 11,268 shares of the 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 transaction, the chief executive officer now directly owns 159,868 shares of the company's stock, valued at approximately $2,884,018.72. This 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 is accessible through the SEC website. In the last quarter, insiders have sold 13,029 shares of company stock worth $226,168. 0.12% of the stock is owned by corporate insiders.

Fortrea Stock Down 6.0 %

Shares of Fortrea stock traded down $0.48 during trading on Monday, reaching $7.55. The company's stock had a trading volume of 1,777,450 shares, compared to its average volume of 1,481,847. Fortrea Holdings Inc. has a 1-year low of $7.45 and a 1-year high of $40.63. The company has a 50-day simple moving average of $13.19 and a two-hundred day simple moving average of $17.36. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The company has a market cap of $681.01 million, a price-to-earnings ratio of -2.21, a P/E/G ratio of 1.78 and a beta of 1.34.

Fortrea (NASDAQ:FTRE - Get Free Report) last issued its quarterly earnings results on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.18). The business had revenue of $697.00 million during 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 period in the prior year, the business posted $0.19 EPS. As a group, equities analysts forecast that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

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.