Mackenzie Financial Corp Invests $717,000 in Fortrea Holdings Inc. (NASDAQ:FTRE)

Mackenzie Financial Corp purchased a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) in the first quarter, according to its most recent filing with the SEC. The fund purchased 95,021 shares of the company's stock, valued at approximately $717,000. Mackenzie Financial Corp owned about 0.10% of Fortrea at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the company. Covestor Ltd boosted its position in Fortrea by 57.7% during the 4th quarter. Covestor Ltd now owns 4,356 shares of the company's stock valued at $81,000 after purchasing an additional 1,593 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in Fortrea during the 4th quarter valued at approximately $30,000. GF Fund Management CO. LTD. acquired a new position in Fortrea during the 4th quarter valued at approximately $35,000. Janus Henderson Group PLC boosted its position in Fortrea by 4.9% during the 4th quarter. Janus Henderson Group PLC now owns 43,298 shares of the company's stock valued at $809,000 after purchasing an additional 2,006 shares during the period. Finally, Quarry LP boosted its position in Fortrea by 1,218.7% during the 4th quarter. Quarry LP now owns 4,365 shares of the company's stock worth $81,000 after acquiring an additional 4,034 shares during the period.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Evercore ISI boosted their price target on Fortrea from $5.00 to $7.00 and gave the stock an "in-line" rating in a research report on Friday. Truist Financial initiated coverage on Fortrea in a report on Friday, May 2nd. They issued a "hold" rating and a $7.00 price objective for the company. Citigroup reaffirmed a "neutral" rating on shares of Fortrea in a research report on Thursday, May 22nd. Cowen reaffirmed a "hold" rating on shares of Fortrea in a research report on Wednesday, May 14th. Finally, Robert W. Baird raised Fortrea from a "neutral" rating to an "outperform" rating and boosted their target price for the stock from $7.00 to $9.00 in a research report on Monday, August 4th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Fortrea has an average rating of "Hold" and a consensus price target of $14.00.

Fortrea Stock Down 9.1%

Shares of Fortrea stock traded down $0.66 during trading on Friday, hitting $6.58. 1,576,440 shares of the stock traded hands, compared to its average volume of 1,947,601. The stock has a market cap of $597.46 million, a P/E ratio of -0.58, a PEG ratio of 0.40 and a beta of 1.81. The company has a debt-to-equity ratio of 1.87, a quick ratio of 0.97 and a current ratio of 1.02. Fortrea Holdings Inc. has a twelve month low of $3.97 and a twelve month high of $25.74. The company has a fifty day moving average price of $5.50 and a two-hundred day moving average price of $7.96.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.19 EPS for the quarter, topping analysts' consensus estimates of $0.06 by $0.13. Fortrea had a positive return on equity of 5.25% and a negative net margin of 37.57%. The firm had revenue of $710.30 million for the quarter, compared to the consensus estimate of $631.61 million. Equities research analysts predict that Fortrea Holdings Inc. will post 0.51 EPS 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.