Eagle Health Investments LP Buys 229,788 Shares of Fortrea Holdings Inc. $FTRE

Key Points

• Eagle Health Investments LP boosted its Fortrea stake by 23.2% in the fourth quarter, buying 229,788 more shares to bring its total to 1,218,560 shares. The position was worth about $21.0 million and represented 4.6% of the fund’s portfolio.
• Insider selling continued, with CFO Jill G. Mcconnell selling 5,061 shares at $9.07 each, while insiders now own only 0.38% of the company. Over the last quarter, insiders sold 8,792 shares total.
• Analyst sentiment is mixed: recent target-price increases from Barclays and Citigroup were offset by hold and sell ratings, leaving the stock with an average Hold rating and a $17.25 consensus price target. Fortrea also recently beat quarterly EPS and revenue estimates.

Eagle Health Investments LP raised its stake in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 23.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,218,560 shares of the company's stock after buying an additional 229,788 shares during the quarter. Fortrea accounts for about 4.6% of Eagle Health Investments LP's portfolio, making the stock its 9th largest position. Eagle Health Investments LP owned approximately 1.32% of Fortrea worth $21,020,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC lifted its stake in Fortrea by 1.7% in the fourth quarter. Sanctuary Advisors LLC now owns 36,648 shares of the company's stock valued at $632,000 after buying an additional 627 shares during the period. Oregon Public Employees Retirement Fund lifted its stake in Fortrea by 3.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 21,166 shares of the company's stock valued at $365,000 after buying an additional 700 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in Fortrea by 27.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,490 shares of the company's stock valued at $77,000 after buying an additional 980 shares during the period. Amalgamated Bank lifted its stake in Fortrea by 4.0% in the third quarter. Amalgamated Bank now owns 26,688 shares of the company's stock valued at $225,000 after buying an additional 1,026 shares during the period. Finally, Larson Financial Group LLC lifted its stake in Fortrea by 136.7% in the fourth quarter. Larson Financial Group LLC now owns 1,856 shares of the company's stock valued at $32,000 after buying an additional 1,072 shares during the period.

Insider Transactions at Fortrea

In related news, CFO Jill G. Mcconnell sold 5,061 shares of Fortrea stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $9.07, for a total value of $45,903.27. Following the sale, the chief financial officer owned 69,796 shares of the company's stock, valued at approximately $633,049.72. This trade represents a 6.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders sold 8,792 shares of company stock valued at $80,014. 0.38% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

FTRE has been the topic of several analyst reports. Barclays increased their target price on Fortrea from $11.00 to $16.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 6th. Citigroup raised their price target on Fortrea from $16.00 to $20.00 and gave the stock a "buy" rating in a research report on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $14.00 price target on shares of Fortrea in a research report on Thursday, May 7th. Mizuho raised their price target on Fortrea from $11.00 to $13.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 12th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Fortrea in a research report on Tuesday, April 21st. Five analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $17.25.

Fortrea Trading Down 0.1%

NASDAQ FTRE opened at $13.70 on Thursday. The firm has a market cap of $1.30 billion, a P/E ratio of -2.79, a P/E/G ratio of 0.42 and a beta of 1.92. The company has a debt-to-equity ratio of 1.98, a current ratio of 0.95 and a quick ratio of 0.95. The stock's 50-day moving average is $10.86 and its 200-day moving average is $12.82. Fortrea Holdings Inc. has a one year low of $3.97 and a one year high of $18.67.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.16 EPS for the quarter, topping analysts' consensus estimates of $0.03 by $0.13. The company had revenue of $636.50 million for the quarter, compared to analyst estimates of $628.51 million. Fortrea had a positive return on equity of 9.51% and a negative net margin of 16.50%. Sell-side analysts anticipate that Fortrea Holdings Inc. will post 0.8 earnings per share for the current fiscal year.

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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