Penn Davis Mcfarland Inc. Acquires 508,664 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Penn Davis Mcfarland Inc. grew its position in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 86.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,097,196 shares of the company's stock after purchasing an additional 508,664 shares during the period. Fortrea makes up approximately 2.5% of Penn Davis Mcfarland Inc.'s holdings, making the stock its 16th largest holding. Penn Davis Mcfarland Inc. owned approximately 1.23% of Fortrea worth $21,944,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. Vanguard Group Inc. acquired a new position in shares of Fortrea during the fourth quarter worth $347,110,000. Baupost Group LLC MA lifted its holdings in Fortrea by 933.7% in the 2nd quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company's stock worth $73,296,000 after buying an additional 2,836,563 shares in the last quarter. Magnetar Financial LLC boosted its position in Fortrea by 228.6% in the 2nd quarter. Magnetar Financial LLC now owns 1,985,854 shares of the company's stock valued at $46,350,000 after buying an additional 1,381,489 shares during the last quarter. Diamond Hill Capital Management Inc. purchased a new position in Fortrea in the 2nd quarter valued at about $23,192,000. Finally, Nordea Investment Management AB grew its stake in shares of Fortrea by 4,500.5% during the first quarter. Nordea Investment Management AB now owns 982,215 shares of the company's stock valued at $39,259,000 after acquiring an additional 960,865 shares in the last quarter.

Fortrea Price Performance

FTRE traded down $0.96 during trading on Monday, hitting $18.93. The company's stock had a trading volume of 868,621 shares, compared to its average volume of 1,270,315. Fortrea Holdings Inc. has a 12 month low of $18.04 and a 12 month high of $41.02. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of -14.06, a price-to-earnings-growth ratio of 2.37 and a beta of 0.54. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.77. The firm's 50 day moving average price is $21.00 and its two-hundred day moving average price is $26.08.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings data on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.10). Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The firm had revenue of $662.40 million for the quarter, compared to the consensus estimate of $689.08 million. During the same period in the prior year, the firm posted $0.52 earnings per share. The business's revenue for the quarter was down 8.6% compared to the same quarter last year. Sell-side analysts forecast that Fortrea Holdings Inc. will post 0.59 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on FTRE shares. Citigroup dropped their target price on shares of Fortrea from $42.00 to $30.00 and set a "buy" rating on the stock in a report on Tuesday, August 13th. William Blair reissued a "market perform" rating on shares of Fortrea in a report on Wednesday, September 11th. TD Cowen reduced their price objective on Fortrea from $27.00 to $23.00 and set a "hold" rating for the company in a research note on Tuesday, August 13th. Robert W. Baird reduced their price target on shares of Fortrea from $38.00 to $28.00 and set an "outperform" rating for the company in a research report on Tuesday, August 13th. Finally, Barclays lowered their target price on Fortrea from $21.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Fortrea presently has a consensus rating of "Hold" and an average price target of $23.60.

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.