Cohen Capital Management Inc. Increases Stake in Fortrea Holdings Inc. (NASDAQ:FTRE)

Cohen Capital Management Inc. grew its stake in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 40.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 146,706 shares of the company's stock after buying an additional 42,187 shares during the period. Cohen Capital Management Inc. owned 0.16% of Fortrea worth $2,934,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in FTRE. Sessa Capital IM L.P. lifted its position in shares of Fortrea by 5.9% during the 2nd quarter. Sessa Capital IM L.P. now owns 6,750,000 shares of the company's stock valued at $157,545,000 after acquiring an additional 375,000 shares during the period. Boston Partners increased its position in Fortrea by 3.2% in the 1st quarter. Boston Partners now owns 3,938,584 shares of the company's stock valued at $157,075,000 after buying an additional 121,126 shares in the last quarter. Baupost Group LLC MA raised its stake in Fortrea by 933.7% during 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 during the period. Victory Capital Management Inc. boosted its holdings in Fortrea by 59.3% in the second quarter. Victory Capital Management Inc. now owns 2,466,181 shares of the company's stock worth $57,561,000 after acquiring an additional 918,240 shares in the last quarter. Finally, Brandes Investment Partners LP grew its stake in Fortrea by 27.1% in the second quarter. Brandes Investment Partners LP now owns 2,438,159 shares of the company's stock valued at $56,845,000 after acquiring an additional 519,344 shares during the period.

Fortrea Price Performance

Fortrea stock traded up $0.02 during midday trading on Monday, reaching $16.87. 998,412 shares of the stock were exchanged, compared to its average volume of 1,266,009. The company's fifty day moving average is $20.11 and its 200-day moving average is $24.61. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.19 and a current ratio of 1.19. Fortrea Holdings Inc. has a 52 week low of $16.53 and a 52 week high of $41.02. The firm has a market cap of $1.51 billion, a PE ratio of -5.22, a PEG ratio of 2.71 and a beta of 0.70.

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

Analysts Set New Price Targets

A number of brokerages have commented on FTRE. TD Cowen decreased their price objective on Fortrea from $27.00 to $23.00 and set a "hold" rating for the company in a report on Tuesday, August 13th. William Blair reiterated a "market perform" rating on shares of Fortrea in a report on Wednesday, September 11th. Deutsche Bank Aktiengesellschaft dropped their price objective on Fortrea from $28.00 to $23.00 and set a "hold" rating on the stock in a research note on Tuesday, August 20th. The Goldman Sachs Group reduced their target price on shares of Fortrea from $26.00 to $23.00 and set a "neutral" rating for the company in a research note on Tuesday, October 8th. Finally, Barclays dropped their price target on shares of Fortrea from $21.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $23.60.

About Fortrea

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.