Vanguard Group Inc. Grows Stock Position in Fortrea Holdings Inc. $FTRE

Key Points

• Vanguard boosted its Fortrea stake by 3.2% in the fourth quarter, ending with 8.33 million shares worth about $143.7 million, or roughly 9.02% of the company.
• Fortrea beat earnings expectations in its latest quarterly report, posting EPS of $0.16 versus the $0.03 consensus and revenue of $636.5 million, slightly above estimates.
• Wall Street remains mixed on the stock: the consensus rating is “Hold,” but recent target hikes from firms like Citigroup and Barclays lifted the average price target to $16.32.

Vanguard Group Inc. grew its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 3.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 8,331,016 shares of the company's stock after acquiring an additional 258,098 shares during the quarter. Vanguard Group Inc. owned about 9.02% of Fortrea worth $143,710,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FTRE. Nisa Investment Advisors LLC boosted its stake in Fortrea by 214.3% in the third quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company's stock valued at $28,000 after acquiring an additional 2,278 shares in the last quarter. Osaic Holdings Inc. lifted its holdings in shares of Fortrea by 74.3% in the 2nd quarter. Osaic Holdings Inc. now owns 6,844 shares of the company's stock valued at $38,000 after purchasing an additional 2,918 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in shares of Fortrea by 137.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company's stock valued at $43,000 after purchasing an additional 5,036 shares during the period. Allworth Financial LP boosted its position in shares of Fortrea by 19.6% in the 3rd quarter. Allworth Financial LP now owns 6,769 shares of the company's stock valued at $57,000 after purchasing an additional 1,109 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in Fortrea by 662.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 11,963 shares of the company's stock worth $59,000 after buying an additional 10,395 shares during the last quarter.

Fortrea Price Performance

Shares of NASDAQ:FTRE opened at $14.99 on Tuesday. Fortrea Holdings Inc. has a 52 week low of $3.97 and a 52 week high of $18.67. The company has a 50-day moving average price of $10.33 and a 200 day moving average price of $12.65. The company has a market cap of $1.42 billion, a P/E ratio of -3.05, a PEG ratio of 0.50 and a beta of 1.92. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.98.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.13. The company had revenue of $636.50 million for the quarter, compared to analysts' expectations of $628.51 million. Fortrea had a positive return on equity of 9.51% and a negative net margin of 16.50%. Research analysts predict that Fortrea Holdings Inc. will post 0.76 earnings per share for the current year.

Insiders Place Their Bets

In other Fortrea news, CFO Jill G. Mcconnell sold 5,061 shares of the stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $9.07, for a total value of $45,903.27. Following the completion of the transaction, the chief financial officer owned 69,796 shares in the company, valued at approximately $633,049.72. This represents a 6.76% 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. Insiders sold a total of 8,792 shares of company stock worth $80,014 over the last quarter. Corporate insiders own 0.38% of the company's stock.

Analysts Set New Price Targets

FTRE has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $14.00 target price on shares of Fortrea in a report on Thursday. Citigroup raised their price target on Fortrea from $16.00 to $20.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Weiss Ratings restated a "sell (d-)" rating on shares of Fortrea in a research report on Tuesday, April 21st. Barclays upped their price objective on Fortrea from $11.00 to $16.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 6th. Finally, TD Cowen reiterated a "buy" rating on shares of Fortrea in a research note on Wednesday, May 6th. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Fortrea presently has a consensus rating of "Hold" and an average price target of $16.32.

Fortrea Company Profile

Fortrea, Inc is a global contract development and manufacturing organization (CDMO) that provides integrated solutions for pharmaceutical and biotechnology companies. Established as a spin-off from Thermo Fisher Scientific's Pharma Services business in October 2023, Fortrea leverages a legacy of scientific expertise and manufacturing scale to support drug development from early-stage research through commercial production. The company's comprehensive offerings address the complex needs of both small-molecule and biologics programs, making it a single source for clients seeking to accelerate timelines and manage costs.

Fortrea's core services encompass analytical and formulation development, process optimization, clinical and commercial manufacturing, and packaging services.

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