Starboard Value LP Increases Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Starboard Value LP boosted its stake in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 5.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,400,000 shares of the company's stock after purchasing an additional 400,000 shares during the period. Fortrea comprises approximately 3.6% of Starboard Value LP's investment portfolio, making the stock its 13th biggest position. Starboard Value LP owned approximately 9.36% of Fortrea worth $168,000,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Penn Davis Mcfarland Inc. lifted its stake in shares of Fortrea by 86.4% in the third quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company's stock worth $21,944,000 after acquiring an additional 508,664 shares during the period. Diamond Hill Capital Management Inc. bought a new stake in shares of Fortrea during the 2nd quarter valued at about $23,192,000. Mutual of America Capital Management LLC lifted its stake in Fortrea by 9.0% in the third quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company's stock valued at $9,909,000 after buying an additional 40,748 shares during the period. First Eagle Investment Management LLC boosted its holdings in Fortrea by 40.4% in the second quarter. First Eagle Investment Management LLC now owns 377,382 shares of the company's stock worth $8,808,000 after acquiring an additional 108,500 shares in the last quarter. Finally, AREX Capital Management LP bought a new position in shares of Fortrea in the second quarter valued at $525,000.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on FTRE shares. Citigroup dropped their price target on shares of Fortrea from $42.00 to $30.00 and set a "buy" rating on the stock in a research report on Tuesday, August 13th. TD Cowen upped their price target on Fortrea from $23.00 to $25.00 and gave the stock a "hold" rating in a report on Monday, November 11th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Fortrea from $28.00 to $23.00 and set a "hold" rating for the company in a report on Tuesday, August 20th. Evercore ISI reduced 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. Finally, William Blair reiterated a "market perform" rating on shares of Fortrea in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Fortrea presently has a consensus rating of "Hold" and an average target price of $24.50.

Fortrea Price Performance

NASDAQ FTRE traded up $0.54 on Monday, reaching $21.59. 421,137 shares of the company's stock traded hands, compared to its average volume of 1,278,035. The stock has a market cap of $1.94 billion, a PE ratio of -6.15, a P/E/G ratio of 3.18 and a beta of 0.70. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. Fortrea Holdings Inc. has a 12 month low of $16.53 and a 12 month high of $41.02. The stock has a 50-day simple moving average of $19.35 and a 200 day simple moving average of $22.48.

Fortrea (NASDAQ:FTRE - Get Free Report) last issued 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 2.00% and a negative net margin of 10.99%. The firm had revenue of $674.90 million during the quarter, compared to the consensus estimate of $674.86 million. During the same quarter in the prior year, the business posted $0.24 EPS. The firm's revenue for the quarter was down 5.4% on a year-over-year basis. As a group, research analysts predict that Fortrea Holdings Inc. will post 0.57 earnings per share for the current year.

Fortrea Company 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.