Natixis Advisors LLC Grows Stock Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Natixis Advisors LLC grew its stake in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 16.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 214,506 shares of the company's stock after purchasing an additional 31,005 shares during the period. Natixis Advisors LLC owned approximately 0.24% of Fortrea worth $4,001,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of FTRE. FMR LLC raised its holdings in shares of Fortrea by 91.6% in the third quarter. FMR LLC now owns 4,821,404 shares of the company's stock worth $96,428,000 after buying an additional 2,304,677 shares during the period. Starboard Value LP grew its position in Fortrea by 5.0% in the 3rd 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 last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Fortrea by 192.1% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 472,918 shares of the company's stock worth $9,458,000 after purchasing an additional 311,018 shares during the period. Peregrine Capital Management LLC purchased a new stake in shares of Fortrea during the fourth quarter valued at $5,627,000. Finally, State Street Corp grew its holdings in shares of Fortrea by 7.7% in the third quarter. State Street Corp now owns 3,250,693 shares of the company's stock worth $65,014,000 after purchasing an additional 233,577 shares during the last quarter.

Fortrea Stock Down 3.3 %

FTRE stock traded down $0.29 on Wednesday, hitting $8.45. 1,756,088 shares of the company's stock were exchanged, compared to its average volume of 1,447,601. The firm has a 50 day moving average price of $13.96 and a two-hundred day moving average price of $17.70. Fortrea Holdings Inc. has a 12-month low of $8.27 and a 12-month high of $40.63. The stock has a market cap of $762.19 million, a P/E ratio of -2.47, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18.

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Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings data on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.18). The company had revenue of $697.00 million during the quarter, compared to analysts' expectations of $703.22 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. During the same period in the previous year, the business earned $0.19 earnings per share. As a group, equities research analysts expect that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Insider Transactions at Fortrea

In related news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction dated 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. The trade was a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last ninety days, insiders sold 13,029 shares of company stock worth $226,168. Company insiders own 0.12% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on FTRE. 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. Barclays lowered their price target on Fortrea from $25.00 to $12.00 and set an "equal weight" rating for the company in a report on Tuesday, March 4th. Baird R W lowered Fortrea from a "strong-buy" rating to a "hold" rating in a research report on Friday, December 6th. Citigroup downgraded Fortrea from a "buy" rating to a "neutral" rating and dropped their price target 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 price objective on shares of Fortrea in a research note on Tuesday, March 4th. One 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, Fortrea currently has a consensus rating of "Hold" and an average price target of $19.00.

Fortrea 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.