Nuveen LLC Takes $2.48 Million Position in Fortrea Holdings Inc. $FTRE

Key Points

• Nuveen LLC has initiated a new position in Fortrea Holdings Inc. with a $2.48 million stake, acquiring 328,371 shares, representing approximately 0.36% of the company.
• Fortrea reported stronger-than-expected quarterly earnings, with an EPS of $0.19, surpassing analyst estimates of $0.06 and generating revenue of $710.30 million against expectations of $631.61 million.
• Insider activity includes Director Peter M. Neupert purchasing 32,500 shares at $6.26 each, while CFO Jill G. McConnell sold 4,886 shares at an average price of $8.01, indicating mixed insider sentiment towards the stock.

Nuveen LLC bought a new position in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 328,371 shares of the company's stock, valued at approximately $2,479,000. Nuveen LLC owned about 0.36% of Fortrea as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of FTRE. Corvex Management LP grew its stake in Fortrea by 56.7% during the 4th quarter. Corvex Management LP now owns 3,480,898 shares of the company's stock worth $64,919,000 after buying an additional 1,260,156 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in Fortrea in the 1st quarter worth about $9,232,000. Deutsche Bank AG grew its stake in shares of Fortrea by 17,183.6% in the first quarter. Deutsche Bank AG now owns 1,165,086 shares of the company's stock worth $8,796,000 after purchasing an additional 1,158,345 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in Fortrea during the 4th quarter valued at about $7,787,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Fortrea by 55.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 952,021 shares of the company's stock worth $7,188,000 after buying an additional 339,124 shares in the last quarter.

Fortrea Stock Up 7.3%

FTRE traded up $0.73 on Wednesday, reaching $10.74. 1,353,887 shares of the company traded hands, compared to its average volume of 2,327,423. The company has a market cap of $975.19 million, a price-to-earnings ratio of -0.94 and a beta of 1.91. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.02 and a quick ratio of 1.02. The stock's 50 day moving average price is $6.55 and its 200-day moving average price is $7.06. Fortrea Holdings Inc. has a 52-week low of $3.97 and a 52-week high of $25.28.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.06 by $0.13. The business had revenue of $710.30 million for 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, sell-side analysts expect that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

FTRE has been the subject of a number of research analyst reports. Mizuho cut their target price on Fortrea from $8.00 to $7.00 and set a "neutral" rating for the company in a research report on Friday, July 11th. Evercore ISI upped their price objective on Fortrea from $5.00 to $7.00 and gave the company an "in-line" rating in a report on Friday, August 8th. Baird R W raised Fortrea from a "hold" rating to a "strong-buy" rating in a report on Monday, August 4th. Cowen restated a "hold" rating on shares of Fortrea in a research report on Wednesday, May 14th. Finally, Barclays reiterated an "underweight" rating and issued a $6.00 target price (up from $5.00) on shares of Fortrea in a report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $12.78.

Insider Buying and Selling

In other Fortrea news, Director Peter M. Neupert purchased 32,500 shares of the company's stock in a transaction dated Monday, August 11th. The shares were bought at an average price of $6.26 per share, for a total transaction of $203,450.00. Following the purchase, the director directly owned 98,132 shares in the company, valued at $614,306.32. This trade represents a 49.52% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Jill G. Mcconnell sold 4,886 shares of the business's stock in a transaction dated 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 of the company's stock, valued at $438,707.70. This represents a 8.19% decrease in their position. The disclosure for this sale can be found here. 0.38% of the stock is owned by insiders.

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.