Raymond James Financial Inc. acquired a new position in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 57,997 shares of the company's stock, valued at approximately $1,082,000. Raymond James Financial Inc. owned approximately 0.06% of Fortrea at the end of the most recent quarter.
Other institutional investors and hedge funds also recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its position in shares of Fortrea by 21.2% in the third quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company's stock worth $7,288,000 after purchasing an additional 63,766 shares in the last quarter. State Street Corp boosted its stake in shares of Fortrea by 7.7% during the 3rd quarter. State Street Corp now owns 3,250,693 shares of the company's stock valued at $65,014,000 after buying an additional 233,577 shares during the period. Jacobs Levy Equity Management Inc. grew its holdings in shares of Fortrea by 25.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,135,619 shares of the company's stock valued at $22,712,000 after acquiring an additional 227,109 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Fortrea by 5.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 590,428 shares of the company's stock worth $11,809,000 after acquiring an additional 29,285 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Fortrea by 21.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 11,073 shares of the company's stock worth $207,000 after acquiring an additional 1,986 shares in the last quarter.
Insider Activity at Fortrea
In related news, CEO Thomas Pike sold 11,268 shares of the business's 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 transaction, the chief executive officer now directly owns 159,868 shares in the company, valued at $2,884,018.72. The trade was a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold a total of 13,029 shares of company stock worth $226,168 in the last ninety days. 0.12% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
Several equities research analysts recently commented on FTRE shares. The Goldman Sachs Group lowered their price target on Fortrea from $22.00 to $11.00 and set a "neutral" rating for the company in a research note on Tuesday, March 4th. Barclays dropped their price target on shares of Fortrea from $25.00 to $12.00 and set an "equal weight" rating on the stock in a research note on Tuesday, March 4th. Evercore ISI cut their price target on shares of Fortrea from $20.00 to $15.00 and set an "in-line" rating on the stock in a report on Tuesday, March 4th. William Blair reiterated a "market perform" rating on shares of Fortrea in a report on Tuesday, March 4th. Finally, Citigroup cut Fortrea from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $30.00 to $23.00 in a research report on Wednesday, December 11th. One research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to data from MarketBeat, Fortrea has an average rating of "Hold" and an average target price of $19.00.
Check Out Our Latest Stock Report on FTRE
Fortrea Stock Performance
Shares of Fortrea stock traded down $0.57 during trading on Tuesday, reaching $5.70. The company's stock had a trading volume of 2,010,367 shares, compared to its average volume of 1,557,977. Fortrea Holdings Inc. has a one year low of $5.63 and a one year high of $40.57. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. The firm has a market cap of $514.14 million, a price-to-earnings ratio of -1.67, a price-to-earnings-growth ratio of 1.78 and a beta of 2.10. The business's fifty day moving average price is $11.60 and its 200-day moving average price is $16.60.
Fortrea (NASDAQ:FTRE - Get Free Report) last issued its quarterly earnings results on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.18). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The business had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. During the same period in the prior year, the firm earned $0.19 earnings per share. As a group, equities research analysts predict that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.
About Fortrea
(
Free Report)
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.
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