Invesco Ltd. Raises Stock Position in Fortrea Holdings Inc. $FTRE

Key Points

• Invesco Ltd. increased its stake in Fortrea Holdings Inc. by 29.9%, owning approximately 0.78% of the company with a value of $5.36 million as of the latest SEC filing.
• Fortrea's CFO recently sold shares, while a director increased their holdings by 49.52%, indicating active insider trading and varying confidence levels among executives.
• Fortrea reported an earnings per share (EPS) of $0.19 for the last quarter, surpassing expectations of $0.06, with revenues also exceeding forecasts at $710.30 million.

Invesco Ltd. boosted its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 29.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 709,498 shares of the company's stock after acquiring an additional 163,338 shares during the quarter. Invesco Ltd. owned 0.78% of Fortrea worth $5,357,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Fortrea during the 4th quarter valued at $30,000. GF Fund Management CO. LTD. bought a new position in shares of Fortrea during the 4th quarter valued at $35,000. Quarry LP lifted its holdings in shares of Fortrea by 1,218.7% during the 4th quarter. Quarry LP now owns 4,365 shares of the company's stock valued at $81,000 after buying an additional 4,034 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Fortrea by 736.6% during the 1st quarter. GAMMA Investing LLC now owns 7,847 shares of the company's stock valued at $59,000 after buying an additional 6,909 shares during the period. Finally, Nomura Holdings Inc. bought a new position in shares of Fortrea during the 4th quarter valued at $196,000.

Analyst Ratings Changes

FTRE has been the topic of several research analyst reports. Citigroup reissued a "neutral" rating on shares of Fortrea in a report on Thursday, May 22nd. Mizuho lowered their price target on Fortrea from $8.00 to $7.00 and set a "neutral" rating on the stock in a report on Friday, July 11th. Evercore ISI increased their price target on Fortrea from $5.00 to $7.00 and gave the company an "in-line" rating in a report on Friday, August 8th. The Goldman Sachs Group reduced their price objective on Fortrea from $7.00 to $5.00 and set a "neutral" rating for the company in a research note on Wednesday, May 14th. Finally, Barclays restated an "underweight" rating and issued a $6.00 price objective (up from $5.00) on shares of Fortrea in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $12.22.

Insider Buying and Selling

In other news, Director Peter M. Neupert acquired 32,500 shares of Fortrea stock in a transaction on Monday, August 11th. The shares were acquired at an average price of $6.26 per share, with a total value of $203,450.00. Following the purchase, the director directly owned 98,132 shares in the company, valued at $614,306.32. The trade was a 49.52% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Jill G. Mcconnell sold 4,886 shares of Fortrea stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $8.01, for a total value of $39,136.86. Following the completion of the sale, the chief financial officer directly owned 54,770 shares in the company, valued at approximately $438,707.70. The trade was a 8.19% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,207 shares of company stock worth $61,325. Corporate insiders own 0.38% of the company's stock.

Fortrea Price Performance

FTRE stock traded up $0.20 during trading on Friday, reaching $9.85. The company's stock had a trading volume of 3,568,782 shares, compared to its average volume of 1,990,274. Fortrea Holdings Inc. has a 1 year low of $3.97 and a 1 year high of $25.28. The company's fifty day moving average is $6.36 and its 200-day moving average is $7.18. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.87. The company has a market capitalization of $894.38 million, a P/E ratio of -0.87 and a beta of 1.81.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.13. The company had revenue of $710.30 million during the quarter, compared to analysts' expectations of $631.61 million. Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. On average, research analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Fortrea Profile

Fortrea Holdings Inc, a contract research organization, primarily engages in the provision of biopharmaceutical product and medical device development services worldwide. The company operates through two segments: Clinical Services and Enabling Services. The Clinical Services segment provides across the clinical pharmacology and clinical development spectrum.