China Universal Asset Management Co. Ltd. Boosts Stock Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

China Universal Asset Management Co. Ltd. lifted its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 10.4% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 19,020 shares of the company’s stock after purchasing an additional 1,787 shares during the period. China Universal Asset Management Co. Ltd.’s holdings in Fortrea were worth $355,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FTRE. Pacer Advisors Inc. boosted its position in Fortrea by 5,021,169.7% during 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 boosted its holdings 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 buying an additional 2,304,677 shares in the last quarter. Penn Davis Mcfarland Inc. grew its position in shares of Fortrea by 86.4% in the 3rd quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company’s stock worth $21,944,000 after buying an additional 508,664 shares during the last quarter. Starboard Value LP raised its stake in shares of Fortrea by 5.0% during the 3rd quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock worth $168,000,000 after acquiring an additional 400,000 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its position in Fortrea by 192.1% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 472,918 shares of the company’s stock valued at $9,458,000 after acquiring an additional 311,018 shares during the last quarter.

Fortrea Trading Up 0.4 %

NASDAQ FTRE opened at $16.81 on Monday. The company has a fifty day moving average of $19.31 and a 200 day moving average of $20.66. The company has a market capitalization of $1.51 billion, a PE ratio of -4.92, a P/E/G ratio of 1.88 and a beta of 1.24. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. Fortrea Holdings Inc. has a 1 year low of $16.30 and a 1 year high of $41.02.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The company had revenue of $674.90 million during the quarter, compared to analysts’ expectations of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The firm’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.24 EPS. Research analysts forecast that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Insider Transactions at Fortrea

In related 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 directly owns 159,868 shares in the company, valued at $2,884,018.72. The trade was a 6.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.12% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FTRE. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. The Goldman Sachs Group decreased their price target on Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Tuesday, October 8th. Evercore ISI dropped their price target on Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a research note on Tuesday, October 8th. TD Cowen increased their price objective on shares of Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Finally, Citigroup downgraded shares of Fortrea from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $30.00 to $23.00 in a research report on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $23.30.

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.