Fortrea Holdings Inc. $FTRE Holdings Raised by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. increased its stake in Fortrea Holdings Inc. by 0.7%, now holding about 10.99% of the company with a total value of approximately $75.1 million.
• Fortrea's stock recently traded up 7.8%, with a market cap of $757.27 million and a 12-month price range between $3.97 and $25.28.
• In the latest earnings report, Fortrea exceeded expectations with an EPS of $0.19, significantly above the anticipated $0.06, alongside revenue of $710.3 million.

Vanguard Group Inc. raised its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 0.7% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,953,261 shares of the company's stock after purchasing an additional 69,005 shares during the quarter. Vanguard Group Inc. owned 10.99% of Fortrea worth $75,147,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Fortrea in the fourth quarter worth approximately $30,000. GF Fund Management CO. LTD. bought a new stake in shares of Fortrea during the fourth quarter valued at approximately $35,000. GAMMA Investing LLC increased its position in Fortrea by 736.6% in the first quarter. GAMMA Investing LLC now owns 7,847 shares of the company's stock worth $59,000 after purchasing an additional 6,909 shares during the last quarter. Quarry LP increased its position in Fortrea by 1,218.7% in the fourth quarter. Quarry LP now owns 4,365 shares of the company's stock worth $81,000 after purchasing an additional 4,034 shares during the last quarter. Finally, Pekin Hardy Strauss Inc. bought a new stake in Fortrea in the first quarter worth $91,000.

Analyst Ratings Changes

A number of research firms have weighed in on FTRE. Mizuho cut their price objective on shares of Fortrea from $8.00 to $7.00 and set a "neutral" rating on the stock in a research report on Friday, July 11th. Citigroup reaffirmed a "neutral" rating on shares of Fortrea in a research note on Thursday, May 22nd. Barclays reissued an "underweight" rating and set a $6.00 price target (up from $5.00) on shares of Fortrea in a research report on Thursday, August 7th. Robert W. Baird raised shares of Fortrea from a "neutral" rating to an "outperform" rating and increased their price objective for the company from $7.00 to $9.00 in a research report on Monday, August 4th. Finally, The Goldman Sachs Group decreased their price objective on shares of Fortrea from $7.00 to $5.00 and set a "neutral" rating for the company in a research report on Wednesday, May 14th. One equities research 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 assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $12.22.

Fortrea Trading Up 2.1%

Shares of NASDAQ:FTRE traded up $0.20 during midday trading on Friday, reaching $9.85. 3,568,782 shares of the company's stock were exchanged, compared to its average volume of 1,990,274. The stock has a market cap of $894.38 million, a price-to-earnings ratio of -0.87 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. The firm's 50 day simple moving average is $6.36 and its two-hundred day simple moving average is $7.18. Fortrea Holdings Inc. has a fifty-two week low of $3.97 and a fifty-two week high of $25.28.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced 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. The business had revenue of $710.30 million during the quarter, compared to the consensus estimate of $631.61 million. Fortrea had a positive return on equity of 5.25% and a negative net margin of 37.57%. As a group, sell-side analysts forecast that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Insider Activity at Fortrea

In other Fortrea news, CFO Jill G. Mcconnell sold 4,886 shares of the stock in a transaction 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 transaction, the chief financial officer owned 54,770 shares in the company, valued at approximately $438,707.70. This represents a 8.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Peter M. Neupert bought 32,500 shares of the stock in a transaction on Monday, August 11th. The stock was purchased at an average cost of $6.26 per share, for a total transaction of $203,450.00. Following the acquisition, the director directly owned 98,132 shares of the company's stock, valued at $614,306.32. The trade was a 49.52% increase in their position. The disclosure for this purchase can be found here. Insiders have sold 10,207 shares of company stock valued at $61,325 in the last 90 days. Company insiders own 0.38% of the company's stock.

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.