Healthcare of Ontario Pension Plan Trust Fund Grows Stock Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Healthcare of Ontario Pension Plan Trust Fund boosted its position in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 192.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 472,918 shares of the company's stock after buying an additional 311,018 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund owned approximately 0.53% of Fortrea worth $9,458,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of the company. Sessa Capital IM L.P. boosted its stake in shares of Fortrea by 2.3% during the 3rd quarter. Sessa Capital IM L.P. now owns 6,908,044 shares of the company's stock worth $138,161,000 after buying an additional 158,044 shares during the last quarter. Pacer Advisors Inc. raised its holdings in Fortrea by 5,021,169.7% during the third quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company's stock worth $122,519,000 after acquiring an additional 6,125,827 shares in the last quarter. FMR LLC boosted its position in Fortrea by 91.6% during the third quarter. FMR LLC now owns 4,821,404 shares of the company's stock valued at $96,428,000 after purchasing an additional 2,304,677 shares during the last quarter. Baupost Group LLC MA grew its stake in Fortrea by 933.7% in the second 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 in the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Fortrea by 59.3% during the 2nd quarter. Victory Capital Management Inc. now owns 2,466,181 shares of the company's stock worth $57,561,000 after purchasing an additional 918,240 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on FTRE shares. The Goldman Sachs Group cut their price objective on Fortrea from $26.00 to $23.00 and set a "neutral" rating for the company in a report on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Fortrea from $28.00 to $23.00 and set a "hold" rating on the stock in a research note on Tuesday, August 20th. Citigroup reduced their price target on Fortrea from $42.00 to $30.00 and set a "buy" rating for the company in a report on Tuesday, August 13th. TD Cowen raised their price objective on Fortrea from $23.00 to $25.00 and gave the company a "hold" rating in a research report on Monday, November 11th. Finally, Bank of America decreased their target price on Fortrea from $26.00 to $21.00 and set an "underperform" rating on the stock in a report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $24.50.

Fortrea Stock Performance

Shares of NASDAQ FTRE traded down $0.50 during trading on Friday, reaching $21.05. 440,347 shares of the stock traded hands, compared to its average volume of 1,281,839. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. The stock has a market capitalization of $1.89 billion, a P/E ratio of -6.15, a price-to-earnings-growth ratio of 3.25 and a beta of 0.70. Fortrea Holdings Inc. has a 52-week low of $16.53 and a 52-week high of $41.02. The company has a 50-day moving average of $19.35 and a 200-day moving average of $22.57.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its quarterly earnings data 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). The business had revenue of $674.90 million for the quarter, compared to the consensus estimate of $674.86 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. Fortrea's quarterly revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.24 EPS. Analysts forecast that Fortrea Holdings Inc. will post 0.57 EPS for the current fiscal 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.