Hahn Capital Management LLC Boosts Stock Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Hahn Capital Management LLC grew its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 47.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 38,720 shares of the company’s stock after buying an additional 12,495 shares during the quarter. Fortrea accounts for 0.3% of Hahn Capital Management LLC’s investment portfolio, making the stock its 29th largest position. Hahn Capital Management LLC’s holdings in Fortrea were worth $722,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Peregrine Capital Management LLC purchased a new stake in shares of Fortrea in the fourth quarter valued at approximately $5,627,000. Principal Financial Group Inc. increased its position in shares of Fortrea by 3.1% in the fourth quarter. Principal Financial Group Inc. now owns 434,953 shares of the company’s stock valued at $8,112,000 after buying an additional 13,026 shares in the last quarter. Rhumbline Advisers increased its position in shares of Fortrea by 1.8% in the fourth quarter. Rhumbline Advisers now owns 234,539 shares of the company’s stock valued at $4,374,000 after buying an additional 4,064 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Fortrea by 21.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 11,073 shares of the company’s stock valued at $207,000 after buying an additional 1,986 shares in the last quarter. Finally, Marks Group Wealth Management Inc increased its position in shares of Fortrea by 16.7% in the fourth quarter. Marks Group Wealth Management Inc now owns 14,000 shares of the company’s stock valued at $261,000 after buying an additional 2,000 shares in the last quarter.

Insider Buying and Selling at Fortrea

In other news, CEO Thomas Pike sold 11,268 shares of the company’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $18.04, for a total value of $203,274.72. Following the transaction, the chief executive officer now owns 159,868 shares of the company’s stock, valued at $2,884,018.72. This represents a 6.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 12,386 shares of company stock worth $219,751 in the last three months. 0.12% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on FTRE shares. Barclays boosted their price target on Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. William Blair reiterated a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. Baird R W cut Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. TD Cowen boosted their price target on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Finally, Robert W. Baird cut Fortrea from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $28.00 to $25.00 in a research report on Friday, December 6th. One analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $23.30.

Fortrea Stock Down 6.8 %

Shares of NASDAQ:FTRE opened at $14.05 on Friday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The business has a fifty day moving average of $17.09 and a two-hundred day moving average of $19.26. The stock has a market cap of $1.26 billion, a P/E ratio of -4.11, a PEG ratio of 1.78 and a beta of 1.21. Fortrea Holdings Inc. has a 52-week low of $13.81 and a 52-week high of $41.02.

About Fortrea

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.