JPMorgan Chase & Co. Purchases 63,766 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

JPMorgan Chase & Co. lifted its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 21.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 364,413 shares of the company's stock after purchasing an additional 63,766 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.41% of Fortrea worth $7,288,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Penn Davis Mcfarland Inc. grew its position in Fortrea by 86.4% in the 3rd quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company's stock worth $21,944,000 after purchasing an additional 508,664 shares during the last quarter. Starboard Value LP increased its stake in Fortrea by 5.0% during the third quarter. Starboard Value LP now owns 8,400,000 shares of the company's stock valued at $168,000,000 after acquiring an additional 400,000 shares during the period. Mutual of America Capital Management LLC raised its holdings in Fortrea by 9.0% in the 3rd quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company's stock valued at $9,909,000 after acquiring an additional 40,748 shares in the last quarter. State Street Corp lifted its position in shares of Fortrea by 7.7% in the 3rd 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. Finally, Diamond Hill Capital Management Inc. grew its holdings in shares of Fortrea by 20.5% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 1,197,696 shares of the company's stock worth $23,954,000 after purchasing an additional 204,021 shares in the last quarter.

Fortrea Trading Up 1.0 %

Shares of FTRE stock traded up $0.18 on Wednesday, reaching $17.82. 670,310 shares of the stock were exchanged, compared to its average volume of 937,001. The stock has a 50 day moving average price of $19.94 and a 200 day moving average price of $21.30. 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 cap of $1.60 billion, a PE ratio of -5.21, a P/E/G ratio of 3.02 and a beta of 1.24. Fortrea Holdings Inc. has a one year low of $16.53 and a one year high of $41.02.

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 negative net margin of 10.99% and a positive return on equity of 2.00%. The business had revenue of $674.90 million during the quarter, compared to the consensus estimate of $674.86 million. During the same period last year, the business posted $0.24 EPS. The firm's revenue for the quarter was down 5.4% compared to the same quarter last year. Equities research analysts forecast that Fortrea Holdings Inc. will post 0.57 EPS for the current fiscal year.

Insider Activity

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the company's stock in a transaction that occurred on Monday, January 13th. The shares were 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 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. 0.12% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on FTRE shares. Barclays raised their target price on Fortrea from $20.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Monday, November 11th. Citigroup lowered shares of Fortrea from a "buy" rating to a "neutral" rating and decreased their target price for the company from $30.00 to $23.00 in a research report on Wednesday, December 11th. Baird R W lowered shares of Fortrea from a "strong-buy" rating to a "hold" rating in a research report on Friday, December 6th. Robert W. Baird downgraded Fortrea from an "outperform" rating to a "neutral" rating and decreased their price objective for the company from $28.00 to $25.00 in a report on Friday, December 6th. Finally, TD Cowen increased their target price on Fortrea from $23.00 to $25.00 and gave the stock a "hold" rating in a report on Monday, November 11th. One analyst has rated the stock with a sell rating and eleven have given a hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $23.30.

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.