Victory Capital Management Inc. lowered its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 98.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,108 shares of the company's stock after selling 1,312,549 shares during the quarter. Victory Capital Management Inc.'s holdings in Fortrea were worth $338,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the business. Starboard Value LP raised its stake in Fortrea by 5.0% during the third quarter. Starboard Value LP now owns 8,400,000 shares of the company's stock worth $168,000,000 after purchasing an additional 400,000 shares during the period. FMR LLC lifted its stake in shares of Fortrea by 91.6% in the 3rd quarter. FMR LLC now owns 4,821,404 shares of the company's stock valued at $96,428,000 after purchasing an additional 2,304,677 shares during the last quarter. State Street Corp grew its holdings 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 worth $65,014,000 after purchasing an additional 233,577 shares during the period. Geode Capital Management LLC increased its position in shares of Fortrea by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 1,502,546 shares of the company's stock worth $30,059,000 after purchasing an additional 20,825 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its holdings in Fortrea by 25.0% in 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 buying an additional 227,109 shares during the period.
Insiders Place Their Bets
In related news, CEO Thomas Pike sold 11,268 shares of Fortrea 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 transaction, the chief executive officer now directly owns 159,868 shares in the company, valued at $2,884,018.72. This trade represents a 6.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In the last three months, insiders have sold 13,029 shares of company stock valued at $226,168. Insiders own 0.12% of the company's stock.
Fortrea Stock Down 3.3 %
Shares of FTRE traded down $0.29 during midday trading on Wednesday, hitting $8.45. The company had a trading volume of 1,755,934 shares, compared to its average volume of 1,447,601. Fortrea Holdings Inc. has a 1 year low of $8.27 and a 1 year high of $40.63. The company's 50-day simple moving average is $13.96 and its 200-day simple moving average is $17.70. 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 capitalization of $762.19 million, a P/E ratio of -2.47, a P/E/G ratio of 1.78 and a beta of 1.34.
Fortrea (NASDAQ:FTRE - Get Free Report) last released its quarterly earnings data 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). The business had revenue of $697.00 million for the quarter, compared to analyst estimates of $703.22 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. During the same period in the prior year, the company posted $0.19 earnings per share. As a group, sell-side analysts expect that Fortrea Holdings Inc. will post 0.51 EPS for the current year.
Analysts Set New Price Targets
Several research analysts have weighed in on FTRE shares. William Blair reaffirmed a "market perform" rating on shares of Fortrea in a research note on Tuesday, March 4th. Baird R W downgraded shares of Fortrea from a "strong-buy" rating to a "hold" rating in a report on Friday, December 6th. The Goldman Sachs Group decreased their price target on Fortrea from $22.00 to $11.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 4th. Barclays dropped their price objective on Fortrea from $25.00 to $12.00 and set an "equal weight" rating for the company in a research note on Tuesday, March 4th. Finally, Citigroup lowered Fortrea from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $30.00 to $23.00 in a research note on Wednesday, December 11th. One analyst has rated the stock with a sell rating and eleven have given a hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $19.00.
View Our Latest Stock Analysis on Fortrea
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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