AQR Capital Management LLC Grows Stock Holdings in Fortrea Holdings Inc. $FTRE

Key Points

• AQR Capital Management LLC significantly increased its stake in Fortrea Holdings Inc. by 181.9% in Q1, owning over 1.09 million shares valued at approximately $8.27 million.
• Fortrea's quarterly earnings report indicated an EPS of $0.19, surpassing estimates, with revenues of $710.3 million compared to an expected $631.61 million.
• Analysts have assigned a range of ratings for Fortrea, with the average consensus price target currently at $11.50, reflecting a mix of hold, buy, and underweight ratings from various firms.

AQR Capital Management LLC increased its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 181.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,095,282 shares of the company's stock after buying an additional 706,779 shares during the period. AQR Capital Management LLC owned 1.21% of Fortrea worth $8,269,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. GAMMA Investing LLC grew its holdings in Fortrea by 736.6% in the first quarter. GAMMA Investing LLC now owns 7,847 shares of the company's stock worth $59,000 after purchasing an additional 6,909 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in Fortrea by 56.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 17,343 shares of the company's stock worth $122,000 after purchasing an additional 6,270 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new stake in Fortrea in the first quarter worth $119,000. Ameriprise Financial Inc. grew its holdings in Fortrea by 54.8% in the fourth quarter. Ameriprise Financial Inc. now owns 501,667 shares of the company's stock worth $9,356,000 after purchasing an additional 177,608 shares during the period. Finally, SG Americas Securities LLC grew its holdings in Fortrea by 960.3% in the first quarter. SG Americas Securities LLC now owns 129,318 shares of the company's stock worth $976,000 after purchasing an additional 117,122 shares during the period.

Insider Activity

In related news, CFO Jill G. Mcconnell sold 3,156 shares of Fortrea stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $10.23, for a total transaction of $32,285.88. Following the completion of the transaction, the chief financial officer directly owned 58,770 shares of the company's stock, valued at approximately $601,217.10. The trade was a 5.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Erin L. Russell purchased 9,854 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The shares were purchased at an average cost of $10.15 per share, with a total value of $100,018.10. Following the completion of the purchase, the director owned 9,854 shares in the company, valued at $100,018.10. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 72,354 shares of company stock worth $507,168 and have sold 10,311 shares worth $94,635. Company insiders own 0.38% of the company's stock.

Fortrea Trading Down 2.1%

NASDAQ FTRE traded down $0.21 during trading on Tuesday, hitting $9.99. The company had a trading volume of 522,404 shares, compared to its average volume of 2,296,276. The company's fifty day moving average is $7.51 and its 200-day moving average is $6.72. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.87. The company has a market cap of $907.09 million, a price-to-earnings ratio of -0.88 and a beta of 1.91. Fortrea Holdings Inc. has a one year low of $3.97 and a one year high of $25.28.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.13. The firm had revenue of $710.30 million during the quarter, compared to analysts' expectations of $631.61 million. Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. On average, sell-side analysts predict that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on FTRE shares. Robert W. Baird lifted their price objective on shares of Fortrea from $9.00 to $14.00 and gave the company an "outperform" rating in a report on Wednesday, September 3rd. Evercore ISI increased their price target on shares of Fortrea from $5.00 to $7.00 and gave the stock an "in-line" rating in a report on Friday, August 8th. Baird R W upgraded Fortrea from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 4th. Mizuho lowered their price target on Fortrea from $8.00 to $7.00 and set a "neutral" rating on the stock in a research report on Friday, July 11th. Finally, Citigroup restated a "neutral" rating on shares of Fortrea in a research report on Thursday, May 22nd. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $11.50.

Fortrea 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.