Fortrea Holdings Inc. (NASDAQ:FTRE) Holdings Lifted by Brandes Investment Partners LP

Brandes Investment Partners LP increased its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 38.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,918 shares of the company’s stock after buying an additional 17,324 shares during the quarter. Brandes Investment Partners LP owned 0.07% of Fortrea worth $1,155,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Starboard Value LP grew its holdings in shares of Fortrea by 5.0% during the third quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock valued at $168,000,000 after buying an additional 400,000 shares in the last quarter. Sessa Capital IM L.P. grew its stake in Fortrea by 2.3% in the third quarter. Sessa Capital IM L.P. now owns 6,908,044 shares of the company’s stock valued at $138,161,000 after purchasing an additional 158,044 shares in the last quarter. Pacer Advisors Inc. grew its stake in Fortrea by 5,021,169.7% in the third quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock valued at $122,519,000 after purchasing an additional 6,125,827 shares in the last quarter. FMR LLC grew its stake in Fortrea by 91.6% in the third 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 in the last quarter. Finally, State Street Corp grew its stake in Fortrea by 7.7% in the third quarter. State Street Corp now owns 3,250,693 shares of the company’s stock valued at $65,014,000 after purchasing an additional 233,577 shares in the last quarter.

Insider Buying and Selling at Fortrea

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the company’s stock in a transaction that occurred 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 completion of 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 transaction 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 valued at $226,168 in the last quarter. Corporate insiders own 0.12% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the company. Barclays lowered their target price on Fortrea from $25.00 to $12.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 4th. The Goldman Sachs Group decreased 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. Evercore ISI decreased their price target on Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a research note on Tuesday, March 4th. Baird R W downgraded Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. Finally, Citigroup downgraded Fortrea from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $30.00 to $23.00 in a research note on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. According to MarketBeat, Fortrea currently has a consensus rating of “Hold” and a consensus target price of $19.00.

Fortrea Price Performance

NASDAQ FTRE opened at $9.66 on Friday. Fortrea Holdings Inc. has a twelve month low of $9.47 and a twelve month high of $41.02. 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 stock has a market capitalization of $871.33 million, a PE ratio of -2.82, a P/E/G ratio of 1.78 and a beta of 1.34. The stock has a 50-day simple moving average of $15.27 and a 200 day simple moving average of $18.36.

Fortrea (NASDAQ:FTRE) last posted 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). The firm had revenue of $697.00 million during the quarter, compared to analyst estimates of $703.22 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. During the same period last year, the company earned $0.19 EPS. Research analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current 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.