Healthcare of Ontario Pension Plan Trust Fund Cuts Stock Position in Fortrea Holdings Inc. $FTRE

Key Points

• Healthcare of Ontario Pension Plan Trust Fund cut its Fortrea stake by 18% in the first quarter, selling 69,067 shares and retaining 314,800 shares valued at approximately $3.0 million. Several other institutional investors, including Renaissance Technologies and Dimensional Fund Advisors, increased their positions.
• Fortrea reported quarterly adjusted EPS of $0.23 versus the $0.18 consensus estimate, while revenue of $678.2 million also exceeded expectations. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $19.75, and some firms recently raised their targets.
• Despite improved operating results and stronger guidance, Fortrea continues to face concerns including a negative net margin and a management transition involving an interim CFO amid an ongoing legal dispute with its former CFO.

Healthcare of Ontario Pension Plan Trust Fund reduced its stake in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 18.0% during the first quarter, according to its most recent filing with the SEC. The fund owned 314,800 shares of the company's stock after selling 69,067 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund owned 0.33% of Fortrea worth $2,965,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Renaissance Technologies LLC grew its stake 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. State of Wyoming grew its stake in Fortrea by 43.5% during the first 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. Dimensional Fund Advisors LP grew its position in shares of Fortrea by 163.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,299,862 shares of the company's stock valued at $12,241,000 after purchasing an additional 807,081 shares in the last quarter. KBC Group NV grew its position in Fortrea by 9.1% during the first quarter. KBC Group NV now owns 33,262 shares of the company's stock worth $313,000 after buying an additional 2,762 shares in the last quarter. Finally, Swiss National Bank grew its holdings in shares of Fortrea by 2.1% during the first quarter. Swiss National Bank now owns 182,700 shares of the company's stock worth $1,721,000 after purchasing an additional 3,700 shares in the last quarter.

Analysts Set New Price Targets

FTRE has been the topic of a number of research analyst reports. TD Cowen reissued a "buy" rating on shares of Fortrea in a research note on Wednesday, May 6th. Evercore restated an "outperform" rating on shares of Fortrea in a report on Wednesday. Robert W. Baird set a $23.00 price target on Fortrea in a report on Thursday. Citigroup upped their price objective on shares of Fortrea from $16.00 to $20.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Finally, Zacks Research raised 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 given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $19.75.

Fortrea News Summary

Here are the key news stories impacting Fortrea this week:

• Positive Sentiment: Fortrea reported second-quarter adjusted earnings of $0.23 per share, exceeding the $0.18 analyst consensus, while revenue of $678.2 million topped expectations of $647.6 million. Earnings also increased from $0.19 per share a year earlier. Fortrea Q2 Earnings Beat
• Positive Sentiment: The company raised or increased its full-year outlook, forecasting 2026 revenue of approximately $2.62 billion to $2.69 billion. Management highlighted four consecutive quarters of improved commercial, operational and financial execution, supporting the bullish case. Fortrea Reports Second Quarter 2026 Results
• Positive Sentiment: Truist Financial raised its price target on Fortrea from $19 to $26 and upgraded the stock to “Buy,” implying substantial potential upside from recent trading levels. The change reflects increased confidence following the earnings results and guidance. Truist Raises Fortrea Price Target
• Neutral Sentiment: Fortrea’s positive quarterly performance was accompanied by a negative net margin, indicating that profitability remains uneven despite the adjusted earnings beat. Analysts currently expect approximately $0.80 in earnings per share for the full fiscal year. Fortrea Earnings Report
• Negative Sentiment: The board appointed director David Smith as interim chief financial officer amid an ongoing legal dispute involving former CFO Michael Madlock and a related covenant proceeding. The management transition and legal uncertainty could weigh on investor confidence and partially offset the strong operating results. Fortrea Names Interim CFO

Fortrea Price Performance

Shares of FTRE opened at $19.08 on Friday. Fortrea Holdings Inc. has a 1-year low of $5.26 and a 1-year high of $21.39. The firm has a fifty day simple moving average of $16.93 and a two-hundred day simple moving average of $13.80. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. The firm has a market cap of $1.80 billion, a PE ratio of -20.97, a P/E/G ratio of 0.62 and a beta of 2.03.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.05. The business had revenue of $678.20 million for the quarter, compared to analysts' expectations of $647.57 million. Fortrea had a positive return on equity of 10.72% and a negative net margin of 3.18%. On average, equities analysts anticipate that Fortrea Holdings Inc. will post 0.8 EPS for the current year.

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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