Vanguard Group Inc. grew its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 1.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,884,256 shares of the company's stock after buying an additional 120,599 shares during the period. Vanguard Group Inc. owned 11.02% of Fortrea worth $184,341,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also modified their holdings of FTRE. Charles Schwab Investment Management Inc. lifted its stake in Fortrea by 5.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 590,428 shares of the company's stock worth $11,809,000 after purchasing an additional 29,285 shares in the last quarter. Verition Fund Management LLC acquired a new stake in shares of Fortrea in the third quarter valued at approximately $220,000. Centiva Capital LP purchased a new position in Fortrea during the third quarter worth approximately $220,000. Janus Henderson Group PLC boosted its stake in Fortrea by 2.0% during the third quarter. Janus Henderson Group PLC now owns 41,292 shares of the company's stock worth $825,000 after buying an additional 792 shares during the last quarter. Finally, State Street Corp grew its holdings in Fortrea by 7.7% in 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 in the last quarter.
Insider Transactions at Fortrea
In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the business's stock in a transaction 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 transaction, the chief executive officer now 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 transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last quarter, insiders have sold 13,029 shares of company stock valued at $226,168. 0.12% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
Several research firms have recently commented on FTRE. Barclays reiterated an "underweight" rating and set a $6.00 price target (down previously from $12.00) on shares of Fortrea in a report on Thursday. William Blair reaffirmed a "market perform" rating on shares of Fortrea in a research note on Tuesday, March 4th. Mizuho dropped their price target on shares of Fortrea from $12.00 to $10.00 and set a "neutral" rating for the company in a research note on Wednesday. Evercore ISI cut their price target on shares of Fortrea from $20.00 to $15.00 and set an "in-line" rating for the company in a report on Tuesday, March 4th. Finally, The Goldman Sachs Group decreased their price objective on Fortrea from $22.00 to $11.00 and set a "neutral" rating on the stock in a report on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company. Based on data from MarketBeat.com, Fortrea currently has a consensus rating of "Hold" and a consensus target price of $16.70.
Read Our Latest Report on Fortrea
Fortrea Trading Down 0.6 %
NASDAQ FTRE traded down $0.03 on Friday, reaching $5.18. The stock had a trading volume of 2,624,748 shares, compared to its average volume of 1,588,289. Fortrea Holdings Inc. has a 12-month low of $4.96 and a 12-month high of $39.49. The stock has a fifty day moving average price of $10.77 and a two-hundred day moving average price of $16.20. The firm has a market capitalization of $467.24 million, a price-to-earnings ratio of -1.51, a P/E/G ratio of 1.78 and a beta of 2.10. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74.
Fortrea (NASDAQ:FTRE - Get Free Report) last posted its earnings results on Monday, March 3rd. The company reported $0.18 earnings per share (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 firm had revenue of $697.00 million for the quarter, compared to analyst estimates of $703.22 million. During the same period in the previous year, the company posted $0.19 EPS. As a group, sell-side analysts forecast that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal 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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