Beck Mack & Oliver LLC Cuts Stake in Fortrea Holdings Inc. $FTRE

Key Points

• Beck Mack & Oliver LLC has significantly reduced its stake in Fortrea Holdings Inc. by 47.9%, now holding approximately 3.24% of the company's shares, valued at about $22.16 million.
• Recent insider trading includes CFO Jill G. Mcconnell selling 4,886 shares while Director Peter M. Neupert purchased 32,500 shares, highlighting mixed insider sentiment within the company.
• Fortrea's stock has a current price of $9.85, with a market cap of $894.38 million, and it reported earnings of $0.19 EPS, exceeding analyst expectations.

Beck Mack & Oliver LLC cut its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 47.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,935,111 shares of the company's stock after selling 2,700,885 shares during the quarter. Beck Mack & Oliver LLC owned about 3.24% of Fortrea worth $22,160,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in FTRE. Raymond James Financial Inc. acquired a new position in shares of Fortrea during the 4th quarter worth $1,082,000. Mariner LLC acquired a new position in shares of Fortrea during the 4th quarter worth $200,000. Marshall Wace LLP acquired a new position in shares of Fortrea during the 4th quarter worth $224,000. Tower Research Capital LLC TRC grew its stake in shares of Fortrea by 140.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 10,633 shares of the company's stock worth $198,000 after purchasing an additional 6,205 shares during the period. Finally, Stifel Financial Corp grew its stake in shares of Fortrea by 39.8% during the 4th quarter. Stifel Financial Corp now owns 22,520 shares of the company's stock worth $420,000 after purchasing an additional 6,413 shares during the period.

Insider Activity

In other Fortrea news, CFO Jill G. Mcconnell sold 4,886 shares of Fortrea stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $8.01, for a total transaction of $39,136.86. Following the transaction, the chief financial officer owned 54,770 shares of the company's stock, valued at $438,707.70. The trade was a 8.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Peter M. Neupert purchased 32,500 shares of Fortrea stock in a transaction dated Monday, August 11th. The shares were purchased at an average price of $6.26 per share, with a total value of $203,450.00. Following the completion of the acquisition, the director owned 98,132 shares in the company, valued at $614,306.32. The trade was a 49.52% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 10,207 shares of company stock worth $61,325. Company insiders own 0.38% of the company's stock.

Fortrea Price Performance

Shares of Fortrea stock opened at $9.85 on Friday. 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's 50-day moving average price is $6.36 and its two-hundred day moving average price is $7.13. Fortrea Holdings Inc. has a 52 week low of $3.97 and a 52 week high of $25.28. The stock has a market cap of $894.38 million, a PE ratio of -0.87 and a beta of 1.81.

Fortrea (NASDAQ:FTRE - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.06 by $0.13. The firm had revenue of $710.30 million for 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%. As a group, sell-side analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FTRE has been the topic of a number of recent analyst reports. Baird R W raised shares of Fortrea from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 4th. Citigroup reissued a "neutral" rating on shares of Fortrea in a research note on Thursday, May 22nd. Barclays reissued an "underweight" rating and issued a $6.00 price objective (up from $5.00) on shares of Fortrea in a research note on Thursday, August 7th. Robert W. Baird raised shares of Fortrea from a "neutral" rating to an "outperform" rating and raised their price target for the stock from $7.00 to $9.00 in a research note on Monday, August 4th. Finally, Cowen reiterated a "hold" rating on shares of Fortrea in a report on Wednesday, May 14th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $12.22.

Fortrea Company 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.

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