Fortrea Holdings Inc. $FTRE Holdings Boosted by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Fortrea Holdings Inc. by 55.3%, acquiring a total of 952,021 shares worth approximately $7.19 million.
• A number of analysts have issued varied ratings on Fortrea, with Goldman Sachs reducing its target price to $5.00, while Robert W. Baird upgraded it to $9.00.
• Fortrea reported an earnings per share of $0.19 for the last quarter, surpassing analyst expectations, with revenues of $710.30 million, significantly above the forecasted $631.61 million.

Charles Schwab Investment Management Inc. raised its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 55.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 952,021 shares of the company's stock after buying an additional 339,124 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.05% of Fortrea worth $7,188,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of FTRE. Raymond James Financial Inc. acquired a new stake in Fortrea during the 4th quarter valued at $1,082,000. Mariner LLC purchased a new stake in Fortrea in the 4th quarter worth approximately $200,000. Marshall Wace LLP purchased a new stake in Fortrea in the 4th quarter worth approximately $224,000. Tower Research Capital LLC TRC grew its stake in Fortrea by 140.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 10,633 shares of the company's stock worth $198,000 after acquiring an additional 6,205 shares during the period. Finally, Stifel Financial Corp grew its stake in Fortrea by 39.8% in the 4th quarter. Stifel Financial Corp now owns 22,520 shares of the company's stock worth $420,000 after acquiring an additional 6,413 shares during the period.

Fortrea Stock Up 2.1%

Shares of Fortrea stock traded up $0.20 during trading on Friday, reaching $9.85. The company had a trading volume of 3,568,782 shares, compared to its average volume of 1,990,274. The company has a market cap of $894.38 million, a price-to-earnings ratio of -0.87 and a beta of 1.81. The firm's fifty day moving average is $6.36 and its 200-day moving average is $7.18. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.02 and a current ratio of 1.02. 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 issued its earnings results on Wednesday, August 6th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.06 by $0.13. The business had revenue of $710.30 million for the quarter, compared to analyst estimates of $631.61 million. Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. On average, analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Insider Transactions at Fortrea

In other Fortrea news, CFO Jill G. Mcconnell sold 4,886 shares of the firm's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $8.01, for a total value 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. This trade represents a 8.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Peter M. Neupert bought 32,500 shares of the business's stock in a transaction on Monday, August 11th. The stock was acquired at an average cost of $6.26 per share, for a total transaction of $203,450.00. Following the acquisition, the director directly owned 98,132 shares of the company's stock, 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. Insiders sold 10,207 shares of company stock worth $61,325 in the last three months. 0.38% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have commented on FTRE shares. Cowen reaffirmed a "hold" rating on shares of Fortrea in a research note on Wednesday, May 14th. Robert W. Baird raised shares of Fortrea from a "neutral" rating to an "outperform" rating and lifted their target price for the stock from $7.00 to $9.00 in a research note on Monday, August 4th. Evercore ISI lifted their target price on shares of Fortrea from $5.00 to $7.00 and gave the stock an "in-line" rating in a research note on Friday, August 8th. Truist Financial started coverage on shares of Fortrea in a research note on Friday, May 2nd. They issued a "hold" rating and a $7.00 target price for the company. Finally, Barclays reaffirmed an "underweight" rating and issued a $6.00 target price (up from $5.00) on shares of Fortrea in a research note on Thursday, August 7th. One investment 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 issued a Sell rating to the stock. According to MarketBeat, Fortrea presently has an average rating of "Hold" and a consensus target price of $12.22.

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.