Dimensional Fund Advisors LP Increases Stake in Fortrea Holdings Inc. $FTRE

Key Points

• Dimensional Fund Advisors increased its Fortrea stake by 163.8% in the first quarter, acquiring 807,081 additional shares and ending with a 1.37% ownership position valued at approximately $12.2 million.
• Fortrea reported quarterly adjusted earnings of $0.23 per share, exceeding the $0.18 analyst consensus, while revenue of $678.2 million also surpassed estimates. The stock recently traded at $18.43, up 4.2%.
• Analyst sentiment remains mixed, with Fortrea carrying a consensus “Hold” rating and an average price target of $20.75; recent targets range from $16 to $23. CEO Anshul Thakral sold shares to cover tax obligations related to vested equity awards.

Dimensional Fund Advisors LP lifted its position in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 163.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,299,862 shares of the company's stock after acquiring an additional 807,081 shares during the quarter. Dimensional Fund Advisors LP owned 1.37% of Fortrea worth $12,241,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in FTRE. Larson Financial Group LLC raised its position in Fortrea by 136.7% in 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 period. Osaic Holdings Inc. boosted its position in shares of Fortrea by 74.3% during the second quarter. Osaic Holdings Inc. now owns 6,844 shares of the company's stock valued at $38,000 after buying an additional 2,918 shares during the period. Tower Research Capital LLC TRC grew its stake in shares of 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 buying an additional 5,036 shares during the last quarter. Toronto Dominion Bank purchased a new stake in shares of Fortrea in the fourth quarter worth approximately $51,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in Fortrea by 662.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 11,963 shares of the company's stock valued at $59,000 after acquiring an additional 10,395 shares during the period.

Fortrea Trading Up 4.2%

FTRE opened at $18.43 on Friday. 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 cap of $1.75 billion, a price-to-earnings ratio of -20.25, a PEG ratio of 0.44 and a beta of 1.99. Fortrea Holdings Inc. has a 12 month low of $6.07 and a 12 month high of $21.39. The stock has a fifty day moving average price of $17.48 and a 200-day moving average price of $13.89.

Fortrea (NASDAQ:FTRE - Get Free Report) last issued its quarterly earnings data 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. The company had revenue of $678.20 million for the quarter, compared to the consensus estimate of $647.57 million. Fortrea had a positive return on equity of 10.72% and a negative net margin of 3.18%. As a group, equities research analysts anticipate that Fortrea Holdings Inc. will post 0.85 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Anshul Thakral sold 99,869 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 316,797 shares in the company, valued at $6,069,830.52. The trade was a 23.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.73% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on FTRE. Mizuho upped their price target on shares of Fortrea from $13.00 to $16.00 and gave the stock a "neutral" rating in a report on Monday, July 13th. Zacks Research lowered Fortrea from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 4th. Barclays upped their price objective on shares of Fortrea from $18.00 to $22.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 30th. Wall Street Zen upgraded shares of Fortrea from a "hold" rating to a "buy" rating in a report on Saturday, August 1st. Finally, TD Cowen raised their target price on shares of Fortrea from $19.00 to $23.00 and gave the company a "buy" rating in a research report on Tuesday. Five analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $20.75.

About Fortrea

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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