Vanguard Group Inc. Acquires New Stake in Fortrea Holdings Inc. (NASDAQ:FTRE)

Vanguard Group Inc. bought a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTREFree Report) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 9,945,841 shares of the company’s stock, valued at approximately $347,110,000. Vanguard Group Inc. owned 0.11% of Fortrea at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Cohen Capital Management Inc. bought a new position in Fortrea in the fourth quarter valued at $1,873,000. New York State Teachers Retirement System acquired a new stake in shares of Fortrea in the fourth quarter valued at about $3,913,000. Amalgamated Bank bought a new stake in Fortrea during the fourth quarter worth about $1,320,000. Mutual of America Capital Management LLC acquired a new position in Fortrea during the fourth quarter valued at approximately $9,739,000. Finally, 13D Management LLC bought a new position in Fortrea in the fourth quarter valued at approximately $4,568,000.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on FTRE. Deutsche Bank Aktiengesellschaft cut their price objective on Fortrea from $36.00 to $28.00 and set a “hold” rating for the company in a report on Thursday, May 23rd. TD Cowen assumed coverage on shares of Fortrea in a research note on Wednesday, May 29th. They issued a “hold” rating and a $27.00 price target for the company. The Goldman Sachs Group initiated coverage on shares of Fortrea in a report on Thursday, June 6th. They issued a “neutral” rating and a $28.00 target price on the stock. Mizuho started coverage on Fortrea in a report on Tuesday, May 28th. They set a “neutral” rating and a $27.00 price target for the company. Finally, Evercore ISI dropped their price objective on Fortrea from $43.00 to $31.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 14th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $32.30.

Check Out Our Latest Analysis on FTRE

Fortrea Price Performance

Shares of NASDAQ FTRE opened at $23.34 on Friday. The firm has a market cap of $2.09 billion and a P/E ratio of -16.79. The business’s 50 day moving average is $28.59 and its 200-day moving average is $32.88. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.98. Fortrea Holdings Inc. has a 1-year low of $22.15 and a 1-year high of $41.02.

Fortrea (NASDAQ:FTREGet Free Report) last posted its quarterly earnings data on Monday, May 13th. The company reported ($0.04) earnings per share for the quarter. The firm had revenue of $662.10 million for the quarter, compared to the consensus estimate of $754.58 million. Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. The company’s revenue for the quarter was down 4.6% on a year-over-year basis. Equities research analysts predict that Fortrea Holdings Inc. will post 0.75 earnings per share for the current year.

Insiders Place Their Bets

In other Fortrea news, General Counsel James S. Hanson bought 2,000 shares of the firm’s stock in a transaction on Wednesday, June 12th. The shares were purchased at an average price of $25.30 per share, for a total transaction of $50,600.00. Following the transaction, the general counsel now directly owns 7,475 shares in the company, valued at approximately $189,117.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, General Counsel James S. Hanson bought 2,000 shares of the business’s stock in a transaction dated Wednesday, June 12th. The stock was purchased at an average cost of $25.30 per share, for a total transaction of $50,600.00. Following the transaction, the general counsel now owns 7,475 shares in the company, valued at approximately $189,117.50. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Thomas Pike purchased 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The stock was bought at an average price of $24.81 per share, for a total transaction of $248,100.00. Following the transaction, the chief executive officer now directly owns 57,827 shares of the company’s stock, valued at approximately $1,434,687.87. The disclosure for this purchase can be found here. Corporate insiders own 0.12% of the company’s stock.

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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Institutional Ownership by Quarter for Fortrea (NASDAQ:FTRE)

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