Clearline Capital LP Cuts Stake in Fortrea Holdings Inc. (NASDAQ:FTRE)

Clearline Capital LP reduced its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 12.6% during the third quarter, Holdings Channel reports. The fund owned 218,060 shares of the company’s stock after selling 31,473 shares during the period. Clearline Capital LP’s holdings in Fortrea were worth $4,361,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in FTRE. Price T Rowe Associates Inc. MD raised its position in Fortrea by 5.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,531 shares of the company’s stock worth $2,029,000 after purchasing an additional 2,731 shares during the period. Cetera Advisors LLC bought a new stake in shares of Fortrea in the 1st quarter valued at about $241,000. CWM LLC boosted its holdings in Fortrea by 12.5% during the 2nd quarter. CWM LLC now owns 4,273 shares of the company’s stock valued at $100,000 after acquiring an additional 475 shares during the period. Cardinal Capital Management grew its position in Fortrea by 2.7% during the 2nd quarter. Cardinal Capital Management now owns 31,548 shares of the company’s stock worth $736,000 after acquiring an additional 827 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in Fortrea in the 2nd quarter worth approximately $260,000.

Analyst Ratings Changes

FTRE has been the subject of a number of analyst reports. Evercore ISI dropped their price objective on Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research note on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a report on Tuesday, August 20th. Bank of America lowered their price objective on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a research note on Tuesday, August 13th. William Blair reissued a “market perform” rating on shares of Fortrea in a research note on Friday, November 8th. Finally, Barclays raised their price target on Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $24.50.

Fortrea Price Performance

FTRE opened at $21.05 on Monday. Fortrea Holdings Inc. has a 12-month low of $16.53 and a 12-month high of $41.02. The company has a market cap of $1.89 billion, a price-to-earnings ratio of -6.15, a price-to-earnings-growth ratio of 3.18 and a beta of 0.70. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. The stock has a fifty day simple moving average of $19.35 and a two-hundred day simple moving average of $22.53.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Friday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.02). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The business had revenue of $674.90 million during the quarter, compared to the consensus estimate of $674.86 million. During the same quarter in the previous year, the business earned $0.24 earnings per share. The firm’s revenue was down 5.4% compared to the same quarter last year. Research analysts predict that Fortrea Holdings Inc. will post 0.57 earnings per share for the current fiscal year.

Fortrea Company 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.