Fortrea Holdings Inc. $FTRE Shares Purchased by Corvex Management LP

Key Points

• Corvex Management LP has increased its stake in Fortrea Holdings Inc. by 28.6%, now owning approximately 4.94% of the company, which is valued at about $33.8 million.
• Fortrea Holdings Inc. reported earnings of $0.19 EPS, surpassing expectations, while its revenue for the quarter reached $710.3 million, exceeding forecasts of $631.61 million.
• Analysts have varying ratings for Fortrea, with targets ranging from $6.00 to $14.00, reflecting a consensus rating of "Hold" with a target price of $12.78.

Corvex Management LP increased its stake in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 28.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,474,898 shares of the company's stock after purchasing an additional 994,000 shares during the quarter. Fortrea accounts for 1.3% of Corvex Management LP's investment portfolio, making the stock its 21st largest position. Corvex Management LP owned approximately 4.94% of Fortrea worth $33,785,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in FTRE. Brooklyn Investment Group increased its holdings in Fortrea by 9,577.5% during the 1st quarter. Brooklyn Investment Group now owns 3,871 shares of the company's stock valued at $29,000 after acquiring an additional 3,831 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in Fortrea during the 4th quarter valued at about $30,000. GF Fund Management CO. LTD. purchased a new position in Fortrea during the 4th quarter valued at about $35,000. Caitong International Asset Management Co. Ltd purchased a new position in Fortrea during the 1st quarter valued at about $39,000. Finally, Quarry LP increased its holdings in Fortrea by 73.4% during the 1st quarter. Quarry LP now owns 7,567 shares of the company's stock valued at $57,000 after acquiring an additional 3,202 shares in the last quarter.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on FTRE shares. Cowen restated a "hold" rating on shares of Fortrea in a report on Wednesday, May 14th. Robert W. Baird raised their target price on shares of Fortrea from $9.00 to $14.00 and gave the company an "outperform" rating in a report on Wednesday, September 3rd. Baird R W upgraded shares of Fortrea from a "hold" rating to a "strong-buy" rating in a report on Monday, August 4th. Barclays reiterated an "underweight" rating and set a $6.00 price target (up from $5.00) on shares of Fortrea in a report on Thursday, August 7th. Finally, Evercore ISI lifted their price target on shares of Fortrea from $5.00 to $7.00 and gave the stock an "in-line" rating in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $11.50.

Fortrea Trading Down 1.1%

Shares of NASDAQ FTRE traded down $0.12 during midday trading on Tuesday, reaching $10.21. 582,632 shares of the stock were exchanged, compared to its average volume of 2,320,285. The company has a market capitalization of $926.61 million, a P/E ratio of -0.90 and a beta of 1.88. Fortrea Holdings Inc. has a 52-week low of $3.97 and a 52-week high of $25.28. 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 stock has a 50 day moving average price of $7.01 and a 200-day moving average price of $6.88.

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

Insider Buying and Selling

In related news, CFO Jill G. Mcconnell sold 4,886 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $8.01, for a total value of $39,136.86. Following the sale, the chief financial officer directly owned 54,770 shares of the company's stock, valued at approximately $438,707.70. This trade represents a 8.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Peter M. Neupert bought 32,500 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The stock was bought at an average cost of $6.26 per share, for a total transaction of $203,450.00. Following the completion of the transaction, the director directly owned 98,132 shares of the company's stock, valued at approximately $614,306.32. The trade was a 49.52% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 72,354 shares of company stock valued at $507,168. Insiders own 0.38% of the company's stock.

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.