Bank of New York Mellon Corp reduced its position in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 9.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 592,071 shares of the company's stock after selling 62,444 shares during the quarter. Bank of New York Mellon Corp owned about 0.66% of Fortrea worth $11,042,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. US Bancorp DE raised its holdings in shares of Fortrea by 97.5% during the 3rd quarter. US Bancorp DE now owns 12,960 shares of the company's stock worth $259,000 after buying an additional 6,398 shares in the last quarter. Assetmark Inc. grew its position in Fortrea by 10.7% in the third quarter. Assetmark Inc. now owns 16,238 shares of the company's stock valued at $325,000 after acquiring an additional 1,566 shares during the last quarter. Covestor Ltd raised its stake in Fortrea by 102.4% during the third quarter. Covestor Ltd now owns 2,763 shares of the company's stock worth $55,000 after acquiring an additional 1,398 shares in the last quarter. Natixis Advisors LLC lifted its holdings in shares of Fortrea by 73.9% in the third quarter. Natixis Advisors LLC now owns 183,501 shares of the company's stock worth $3,670,000 after acquiring an additional 78,010 shares during the last quarter. Finally, Mutual of America Capital Management LLC lifted its holdings in shares of Fortrea by 9.0% in the third quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company's stock worth $9,909,000 after acquiring an additional 40,748 shares during the last quarter.
Analyst Ratings Changes
A number of equities analysts recently issued reports on FTRE shares. Evercore ISI lowered their price objective on shares of Fortrea from $20.00 to $15.00 and set an "in-line" rating for the company in a research report on Tuesday, March 4th. The Goldman Sachs Group decreased their target price 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. Barclays dropped their price target on Fortrea from $25.00 to $12.00 and set an "equal weight" rating for the company in a research note on Tuesday, March 4th. Citigroup lowered Fortrea from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $30.00 to $23.00 in a research report on Wednesday, December 11th. Finally, Robert W. Baird set a $12.00 target price on Fortrea in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating and eleven have given a hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $19.00.
Read Our Latest Report on Fortrea
Fortrea Trading Up 3.3 %
NASDAQ:FTRE traded up $0.32 on Monday, reaching $9.98. 1,513,544 shares of the stock traded hands, compared to its average volume of 1,391,357. The firm has a market capitalization of $900.20 million, a price-to-earnings ratio of -2.92, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34. Fortrea Holdings Inc. has a 1-year low of $9.47 and a 1-year high of $41.02. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. The company's 50 day moving average is $15.27 and its 200-day moving average is $18.33.
Fortrea (NASDAQ:FTRE - Get Free Report) last announced its 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 firm had revenue of $697.00 million for the quarter, compared to the consensus estimate 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 earned $0.19 EPS. Equities research analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.
Insider Activity
In related news, CEO Thomas Pike sold 11,268 shares of the firm's stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $18.04, for a total transaction of $203,274.72. Following the completion of the sale, the chief executive officer now owns 159,868 shares of the company's stock, valued at $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold 13,029 shares of company stock valued at $226,168 in the last ninety days. 0.12% of the stock is owned by company insiders.
About Fortrea
(
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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