Public Sector Pension Investment Board Grows Stock Position in Fortrea Holdings Inc. $FTRE

Key Points

• The Public Sector Pension Investment Board increased its stake in Fortrea Holdings Inc. by 27.3%, acquiring an additional 61,006 shares to own a total of 284,455 shares valued at approximately $2.15 million.
• Fortrea reported a quarterly earnings per share (EPS) of $0.19, exceeding expectations of $0.06, with revenues of $710.3 million against a consensus estimate of $631.61 million.
• Analysts have mixed ratings on Fortrea with one firm upgrading it to a "strong buy", while others have set target prices ranging from $5.00 to $12.22, indicating a cautious outlook on the stock.

Public Sector Pension Investment Board raised its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 27.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 284,455 shares of the company's stock after purchasing an additional 61,006 shares during the period. Public Sector Pension Investment Board owned 0.31% of Fortrea worth $2,148,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Fortrea in the 4th quarter valued at approximately $30,000. GF Fund Management CO. LTD. acquired a new stake in Fortrea during the 4th quarter worth approximately $35,000. GAMMA Investing LLC raised its holdings in Fortrea by 736.6% during the 1st quarter. GAMMA Investing LLC now owns 7,847 shares of the company's stock worth $59,000 after buying an additional 6,909 shares during the period. Quarry LP raised its holdings 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 buying an additional 4,034 shares during the period. Finally, Pekin Hardy Strauss Inc. acquired a new stake in Fortrea during the 1st quarter worth approximately $91,000.

Fortrea Trading Up 1.4%

Shares of NASDAQ FTRE traded up $0.12 during trading hours on Tuesday, hitting $8.98. 4,304,328 shares of the company traded hands, compared to its average volume of 1,809,470. The stock has a market capitalization of $815.38 million, a price-to-earnings ratio of -0.79 and a beta of 1.81. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.87. The company's 50 day moving average price is $6.11 and its 200 day moving average price is $7.24. Fortrea Holdings Inc. has a 12 month low of $3.97 and a 12 month high of $25.28.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 positive return on equity of 5.25% and a negative net margin of 37.57%. On average, equities research analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FTRE. Baird R W raised shares of Fortrea from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 4th. Cowen restated a "hold" rating on shares of Fortrea in a report on Wednesday, May 14th. Truist Financial began coverage on Fortrea in a report on Friday, May 2nd. They set a "hold" rating and a $7.00 price target on the stock. Mizuho lowered their price target on Fortrea from $8.00 to $7.00 and set a "neutral" rating for the company in a research report on Friday, July 11th. 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 equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Fortrea presently has a consensus rating of "Hold" and a consensus target price of $12.22.

Insider Activity

In other news, Director Peter M. Neupert bought 32,500 shares of the firm's stock in a transaction dated Monday, August 11th. The shares were acquired at an average price of $6.26 per share, for a total transaction of $203,450.00. Following the completion of the transaction, 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Jill G. Mcconnell sold 4,886 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were 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 approximately $438,707.70. This represents a 8.19% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,207 shares of company stock worth $61,325. 0.38% of the stock is owned by corporate 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.