111,271 Shares of Fortrea Holdings Inc. $FTRE Bought by Pullen Investment Management LLC

Key Points

• Pullen Investment Management acquired 111,271 Fortrea shares worth approximately $2.22 million, representing a 0.12% stake. Other institutional investors, including Wellington Management and Dimensional Fund Advisors, also increased or initiated positions.
• Fortrea reported quarterly revenue of $678.2 million and EPS of $0.23, exceeding analyst estimates of $647.6 million in revenue and $0.18 EPS. Analysts expect full-year EPS of $0.86.
• FTRE recently traded at $23.63, near its 52-week high of $24.83. Despite several analyst upgrades and a consensus target of $22.80, the overall analyst consensus remains “Hold.”

Pullen Investment Management LLC acquired a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 111,271 shares of the company's stock, valued at approximately $2,220,000. Pullen Investment Management LLC owned 0.12% of Fortrea as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Wellington Management Group LLP bought a new position in shares of Fortrea during the second quarter worth approximately $41,488,000. Renaissance Technologies LLC boosted its stake in shares of Fortrea by 81.4% in the first quarter. Renaissance Technologies LLC now owns 1,432,709 shares of the company's stock valued at $13,496,000 after buying an additional 643,000 shares during the period. Eagle Health Investments LP boosted its stake in shares of Fortrea by 7.3% in the first quarter. Eagle Health Investments LP now owns 1,307,560 shares of the company's stock valued at $12,317,000 after buying an additional 89,000 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Fortrea by 163.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,299,862 shares of the company's stock valued at $12,241,000 after buying an additional 807,081 shares during the period. Finally, WINTON GROUP Ltd grew its position in Fortrea by 26.7% during the second quarter. WINTON GROUP Ltd now owns 389,155 shares of the company's stock worth $6,771,000 after buying an additional 82,059 shares in the last quarter.

Fortrea Stock Performance

NASDAQ FTRE opened at $23.63 on Monday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.98. The firm has a market capitalization of $2.25 billion, a price-to-earnings ratio of -25.97, a P/E/G ratio of 0.57 and a beta of 1.93. The firm's 50 day simple moving average is $19.70 and its 200 day simple moving average is $16.93. Fortrea Holdings Inc. has a 1 year low of $8.55 and a 1 year high of $24.83.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.18 by $0.05. Fortrea had a negative net margin of 3.18% and a positive return on equity of 10.72%. The business had revenue of $678.20 million for the quarter, compared to analysts' expectations of $647.57 million. As a group, research analysts expect that Fortrea Holdings Inc. will post 0.86 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortrea

In other Fortrea news, CEO Anshul Thakral sold 99,869 shares of the firm's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $19.16, for a total value of $1,913,490.04. Following the sale, the chief executive officer owned 316,797 shares of the company's stock, valued at approximately $6,069,830.52. This trade represents a 23.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 0.73% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on FTRE shares. Evercore restated an "outperform" rating on shares of Fortrea in a research note on Wednesday, July 29th. Wall Street Zen raised Fortrea from a "hold" rating to a "buy" rating in a report on Saturday, October 10th. Truist Financial upped their target price on Fortrea from $19.00 to $26.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. William Blair raised Fortrea to a "hold" rating in a report on Wednesday, July 29th. Finally, Barclays raised Fortrea from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $22.00 to $23.00 in a report on Tuesday, October 6th. Seven analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $22.80.

Fortrea Profile

Fortrea Holdings Inc is a global contract research organization (CRO) that provides services to pharmaceutical, biotechnology and medical device companies. The company helps clients plan, manage and execute clinical development programs, supporting the testing of new medicines and therapies from early-stage research through regulatory approval and post-approval activities.

Its services include Phase I through Phase IV clinical trials, clinical operations, patient recruitment and access, data management, biostatistics, medical monitoring, pharmacovigilance and regulatory support.

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