AQR Capital Management LLC Boosts Stock Position 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 raised its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 181.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,095,282 shares of the company's stock after purchasing an additional 706,779 shares during the period. AQR Capital Management LLC owned about 1.21% of Fortrea worth $8,269,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of FTRE. Northern Trust Corp grew its holdings in Fortrea by 28.2% in the fourth quarter. Northern Trust Corp now owns 697,275 shares of the company's stock valued at $13,004,000 after purchasing an additional 153,184 shares during the period. 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 valued at $9,356,000 after purchasing an additional 177,608 shares during the period. BNP Paribas Financial Markets acquired a new stake in Fortrea in the fourth quarter valued at approximately $546,000. Cubist Systematic Strategies LLC acquired a new stake in Fortrea in the fourth quarter valued at approximately $893,000. Finally, D. E. Shaw & Co. Inc. acquired a new stake in Fortrea in the fourth quarter valued at approximately $226,000.

Insider Buying and Selling at Fortrea

In other Fortrea news, Director Erin L. Russell bought 9,854 shares of Fortrea stock in a transaction on Tuesday, September 2nd. The shares were bought at an average price of $10.15 per share, for a total transaction of $100,018.10. Following the completion of the transaction, the director directly owned 9,854 shares of the company's stock, valued at $100,018.10. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Jill G. Mcconnell sold 3,156 shares of Fortrea stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $10.23, for a total value of $32,285.88. Following the completion of the sale, the chief financial officer owned 58,770 shares in the company, valued at $601,217.10. This represents a 5.10% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 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 Up 2.5%

NASDAQ FTRE traded up $0.25 on Wednesday, reaching $10.31. 1,158,646 shares of the company were exchanged, compared to its average volume of 1,830,530. The business's fifty day moving average price is $7.72 and its 200 day moving average price is $6.77. The stock has a market capitalization of $936.15 million, a P/E ratio of -0.91 and a beta of 1.91. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.87. Fortrea Holdings Inc. has a fifty-two week low of $3.97 and a fifty-two week high of $25.28.

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

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Evercore ISI lifted their price target on Fortrea from $5.00 to $7.00 and gave the stock an "in-line" rating in a research note on Friday, August 8th. Mizuho lowered their price target on Fortrea from $8.00 to $7.00 and set a "neutral" rating on the stock in a research note on Friday, July 11th. Jefferies Financial Group lifted their price target on Fortrea from $7.00 to $9.50 and gave the stock a "hold" rating in a research note on Tuesday, September 9th. Citigroup reaffirmed a "neutral" rating on shares of Fortrea in a research note on Thursday, May 22nd. Finally, Baird R W raised Fortrea from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $11.50.

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.