Bank of America Corp DE Trims Stake in Fortrea Holdings Inc. $FTRE

Key Points

• Bank of America reduced its Fortrea stake by 60.7% in the first quarter, selling 455,268 shares and retaining 295,176 shares valued at approximately $2.78 million.
• Analyst sentiment remains mixed, with five Buy, six Hold, and one Sell rating. The consensus rating is Hold, with an average price target of $20.75.
• Fortrea’s latest quarterly results exceeded expectations, reporting $0.23 in adjusted EPS versus a $0.18 estimate and revenue of $678.2 million versus $647.6 million expected. Shares opened at $18.37, while CEO Anshul Thakral sold nearly 100,000 shares to cover tax obligations related to vested equity awards.

Bank of America Corp DE trimmed its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 60.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 295,176 shares of the company's stock after selling 455,268 shares during the quarter. Bank of America Corp DE owned approximately 0.31% of Fortrea worth $2,781,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Larson Financial Group LLC grew its position 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 valued at $32,000 after acquiring an additional 1,072 shares during the period. Osaic Holdings Inc. boosted its position in Fortrea by 74.3% during the second quarter. Osaic Holdings Inc. now owns 6,844 shares of the company's stock worth $38,000 after purchasing an additional 2,918 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in Fortrea by 137.0% in 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 acquired a new stake in Fortrea in the fourth quarter valued at approximately $51,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of Fortrea by 662.9% in the second quarter. EverSource Wealth Advisors LLC now owns 11,963 shares of the company's stock valued at $59,000 after buying an additional 10,395 shares in the last quarter.

Wall Street Analyst Weigh In

Several brokerages recently commented on FTRE. Weiss Ratings reissued a "sell (d-)" rating on shares of Fortrea in a report on Friday, July 17th. Truist Financial boosted their target price on shares of Fortrea from $19.00 to $26.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Evercore reissued an "outperform" rating on shares of Fortrea in a report on Wednesday, July 29th. Mizuho raised their target price on Fortrea from $13.00 to $16.00 and gave the company a "neutral" rating in a research report on Monday, July 13th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $20.00 price target on shares of Fortrea in a research note on Thursday, July 30th. Five analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $20.75.

Fortrea Stock Down 2.3%

NASDAQ FTRE opened at $18.37 on Tuesday. Fortrea Holdings Inc. has a 52 week low of $8.31 and a 52 week high of $21.39. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.98. The business's fifty day simple moving average is $18.21 and its 200-day simple moving average is $14.12. The firm has a market cap of $1.75 billion, a PE ratio of -20.19, a P/E/G ratio of 0.45 and a beta of 1.99.

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 firm had revenue of $678.20 million during the quarter, compared to analyst estimates of $647.57 million. As a group, equities analysts anticipate that Fortrea Holdings Inc. will post 0.85 earnings per share for the current year.

Insider Buying and Selling at Fortrea

In related news, CEO Anshul Thakral sold 99,869 shares of the firm's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $19.16, for a total transaction of $1,913,490.04. Following the completion of the sale, the chief executive officer directly 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 Securities & Exchange Commission, which can be accessed through this hyperlink. 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.

Fortrea Company Profile

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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