Hillsdale Investment Management Inc. Buys New Shares in Fortrea Holdings Inc. $FTRE

Key Points

• Hillsdale Investment Management opened a new position in Fortrea Holdings, buying 317,400 shares worth about $2.99 million in the first quarter, or roughly 0.34% of the company.
• Fortrea reported better-than-expected quarterly results, with EPS of $0.16 versus a $0.03 estimate and revenue of $636.5 million, while analysts now expect about $0.80 EPS for the full year.
• Analyst sentiment has improved, with price targets raised by firms including Barclays, Mizuho, and Citigroup; the stock currently carries a Moderate Buy consensus and an average target price of $17.75.

Hillsdale Investment Management Inc. purchased a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 317,400 shares of the company's stock, valued at approximately $2,990,000. Hillsdale Investment Management Inc. owned about 0.34% of Fortrea as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently made changes to their positions in the stock. Larson Financial Group LLC raised its position in shares of 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 buying an additional 1,072 shares during the period. Osaic Holdings Inc. grew its position in 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 acquiring an additional 2,918 shares during the period. Tower Research Capital LLC TRC increased its stake in Fortrea by 137.0% during the second quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company's stock worth $43,000 after acquiring an additional 5,036 shares during the last quarter. Toronto Dominion Bank purchased a new position in shares of Fortrea in the 4th quarter worth about $51,000. Finally, Allworth Financial LP raised its holdings in shares of Fortrea by 19.6% in the 3rd quarter. Allworth Financial LP now owns 6,769 shares of the company's stock worth $57,000 after purchasing an additional 1,109 shares during the period.

Fortrea Price Performance

Shares of FTRE stock opened at $17.91 on Thursday. The firm has a fifty day simple moving average of $15.91 and a 200-day simple moving average of $13.67. The company has a market capitalization of $1.69 billion, a PE ratio of -3.65, a price-to-earnings-growth ratio of 0.55 and a beta of 2.03. Fortrea Holdings Inc. has a twelve month low of $4.45 and a twelve month high of $18.67. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98.

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on FTRE shares. Barclays boosted their target price on Fortrea from $16.00 to $18.00 and gave the stock an "equal weight" rating in a report on Wednesday, June 24th. Mizuho lifted their price target on shares of Fortrea from $13.00 to $16.00 and gave the company a "neutral" rating in a research report on Monday. Wall Street Zen upgraded shares of Fortrea from a "hold" rating to a "buy" rating in a research note on Monday. Citigroup increased their price objective on shares of Fortrea from $16.00 to $20.00 and gave the stock a "buy" rating in a research report on Wednesday, May 6th. Finally, Robert W. Baird set a $20.00 target price on shares of Fortrea in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $17.75.

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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