Ausbil Investment Management Ltd lessened its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 21.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 229,826 shares of the company's stock after selling 63,315 shares during the period. Fortrea comprises about 1.8% of Ausbil Investment Management Ltd's holdings, making the stock its 21st biggest position. Ausbil Investment Management Ltd owned about 0.24% of Fortrea worth $4,040,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in FTRE. Larson Financial Group LLC increased its stake in shares of Fortrea by 136.7% during the 4th quarter. Larson Financial Group LLC now owns 1,856 shares of the company's stock worth $32,000 after purchasing an additional 1,072 shares during the last quarter. Osaic Holdings Inc. lifted its stake in Fortrea by 74.3% in the second quarter. Osaic Holdings Inc. now owns 6,844 shares of the company's stock valued at $38,000 after purchasing an additional 2,918 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in Fortrea by 137.0% during the second quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company's stock valued at $43,000 after purchasing an additional 5,036 shares during the period. Toronto Dominion Bank bought a new position in Fortrea during the fourth quarter valued at $51,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Fortrea by 662.9% during the second quarter. EverSource Wealth Advisors LLC now owns 11,963 shares of the company's stock valued at $59,000 after purchasing an additional 10,395 shares during the period.
Insider Buying and Selling at Fortrea
In other news, CEO Anshul Thakral sold 99,869 shares of the firm's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $19.16, for a total transaction of $1,913,490.04. Following the sale, the chief executive officer owned 316,797 shares in the company, valued at approximately $6,069,830.52. This trade represents a 23.97% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 0.73% of the company's stock.
Fortrea Stock Up 3.0%
Shares of NASDAQ FTRE opened at $18.99 on Tuesday. Fortrea Holdings Inc. has a 12 month low of $6.07 and a 12 month high of $21.39. 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 $1.81 billion, a price-to-earnings ratio of -20.87, a PEG ratio of 0.44 and a beta of 1.99. The business has a 50-day moving average of $17.55 and a 200-day moving average of $13.89.
Fortrea (NASDAQ:FTRE - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $0.23 earnings per share 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 the consensus estimate of $647.57 million. Sell-side analysts expect that Fortrea Holdings Inc. will post 0.85 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
Several analysts have issued reports on the company. Robert W. Baird set a $23.00 target price on Fortrea in a research note on Thursday, July 30th. TD Cowen increased their price target on Fortrea from $19.00 to $23.00 and gave the stock a "buy" rating in a research note on Tuesday, August 4th. Evercore reissued an "outperform" rating on shares of Fortrea in a report on Wednesday, July 29th. Zacks Research cut Fortrea from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 4th. Finally, Truist Financial upped their price objective on shares of Fortrea from $19.00 to $26.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Five research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Fortrea presently has an average rating of "Hold" and an average price target of $20.75.
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About Fortrea
(
Free Report)
Fortrea, Inc is a global contract development and manufacturing organization (CDMO) that provides integrated solutions for pharmaceutical and biotechnology companies. Established as a spin-off from Thermo Fisher Scientific's Pharma Services business in October 2023, Fortrea leverages a legacy of scientific expertise and manufacturing scale to support drug development from early-stage research through commercial production. The company's comprehensive offerings address the complex needs of both small-molecule and biologics programs, making it a single source for clients seeking to accelerate timelines and manage costs.
Fortrea's core services encompass analytical and formulation development, process optimization, clinical and commercial manufacturing, and packaging services.
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