Public Sector Pension Investment Board Acquires 61,006 Shares of 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% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 284,455 shares of the company's stock after acquiring an additional 61,006 shares during the quarter. Public Sector Pension Investment Board owned approximately 0.31% of Fortrea worth $2,148,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in FTRE. Corvex Management LP boosted its holdings in shares of Fortrea by 56.7% in the 4th quarter. Corvex Management LP now owns 3,480,898 shares of the company's stock valued at $64,919,000 after buying an additional 1,260,156 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Fortrea in the 1st quarter valued at approximately $9,232,000. Deutsche Bank AG boosted its holdings in shares of Fortrea by 17,183.6% in the 1st quarter. Deutsche Bank AG now owns 1,165,086 shares of the company's stock valued at $8,796,000 after buying an additional 1,158,345 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Fortrea in the 4th quarter valued at approximately $7,787,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Fortrea by 55.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 952,021 shares of the company's stock valued at $7,188,000 after buying an additional 339,124 shares during the last quarter.

Insider Buying and Selling at Fortrea

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

Fortrea Trading Down 2.0%

Shares of Fortrea stock opened at $7.73 on Thursday. The business has a fifty day simple moving average of $5.90 and a two-hundred day simple moving average of $7.49. Fortrea Holdings Inc. has a 1 year low of $3.97 and a 1 year high of $25.28. The company has a market capitalization of $701.88 million, a price-to-earnings ratio of -0.68 and a beta of 1.81. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.02 and a quick ratio of 1.02.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $710.30 million during the quarter, compared to the consensus estimate of $631.61 million. Research analysts forecast that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently commented on FTRE. The Goldman Sachs Group cut their price objective on Fortrea from $7.00 to $5.00 and set a "neutral" rating for the company in a report on Wednesday, May 14th. Mizuho cut their price objective on Fortrea from $8.00 to $7.00 and set a "neutral" rating for the company in a report on Friday, July 11th. Evercore ISI increased 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. Citigroup reissued a "neutral" rating on shares of Fortrea in a report on Thursday, May 22nd. Finally, Baird R W raised Fortrea from a "hold" rating to a "strong-buy" rating in a report on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $12.22.

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.

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