Eagle Health Investments LP Has $12.32 Million Holdings in Fortrea Holdings Inc. $FTRE

Key Points

• Eagle Health Investments LP increased its Fortrea stake by 7.3% in the first quarter, holding 1.31 million shares valued at approximately $12.32 million, or 1.38% of the company.
• Fortrea reported quarterly earnings of $0.16 per share, exceeding the $0.03 consensus estimate, while revenue of $636.5 million also surpassed expectations. Despite the earnings beat, the company posted a negative net margin of 16.5%.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and a $17.75 average price target; shares opened at $19.20 after rising substantially from their 12-month low of $5.26.

Eagle Health Investments LP lifted its position in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 7.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,307,560 shares of the company's stock after purchasing an additional 89,000 shares during the quarter. Fortrea accounts for 2.2% of Eagle Health Investments LP's portfolio, making the stock its 16th largest position. Eagle Health Investments LP owned about 1.38% of Fortrea worth $12,317,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FTRE. The Manufacturers Life Insurance Company boosted its stake in Fortrea by 39.2% during the first quarter. The Manufacturers Life Insurance Company now owns 37,988 shares of the company's stock worth $358,000 after buying an additional 10,697 shares in the last quarter. Quantinno Capital Management LP raised its stake in shares of Fortrea by 11.1% in the 1st quarter. Quantinno Capital Management LP now owns 157,583 shares of the company's stock valued at $1,484,000 after buying an additional 15,727 shares in the last quarter. Entropy Technologies LP bought a new position in shares of Fortrea during the 1st quarter worth about $113,000. Renaissance Technologies LLC lifted its holdings in shares of Fortrea by 81.4% during the 1st quarter. Renaissance Technologies LLC now owns 1,432,709 shares of the company's stock worth $13,496,000 after acquiring an additional 643,000 shares during the period. Finally, State of Wyoming boosted its position in shares of Fortrea by 43.5% during the 1st quarter. State of Wyoming now owns 54,857 shares of the company's stock valued at $517,000 after acquiring an additional 16,629 shares in the last quarter.

Fortrea Trading Down 1.6%

Shares of FTRE stock opened at $19.20 on Tuesday. The company has a market capitalization of $1.82 billion, a P/E ratio of -3.91, a P/E/G ratio of 0.59 and a beta of 2.03. Fortrea Holdings Inc. has a 12-month low of $5.26 and a 12-month high of $20.19. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.98. The firm has a 50-day moving average price of $16.54 and a 200 day moving average price of $13.74.

Fortrea (NASDAQ:FTRE - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.13. The firm had revenue of $636.50 million for the quarter, compared to analysts' expectations of $628.50 million. Fortrea had a negative net margin of 16.50% and a positive return on equity of 9.51%. Research analysts forecast that Fortrea Holdings Inc. will post 0.8 earnings per share for the current fiscal year.

Analyst Ratings Changes

FTRE has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $14.00 price target on shares of Fortrea in a research report on Thursday, May 7th. Mizuho lifted their price objective on Fortrea from $13.00 to $16.00 and gave the company a "neutral" rating in a report on Monday, July 13th. Truist Financial set a $19.00 price objective on Fortrea in a research note on Wednesday, May 6th. Robert W. Baird set a $20.00 target price on Fortrea in a report on Wednesday, May 6th. Finally, Zacks Research upgraded Fortrea from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Fortrea currently has a consensus rating of "Moderate Buy" and a consensus target price of $17.75.

Fortrea Profile

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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