Fortrea Holdings Inc. (NASDAQ:FTRE) Stock Holdings Decreased by Sessa Capital IM L.P.

Sessa Capital IM L.P. trimmed its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 3.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,658,044 shares of the company's stock after selling 250,000 shares during the period. Fortrea comprises 4.5% of Sessa Capital IM L.P.'s holdings, making the stock its 8th biggest holding. Sessa Capital IM L.P. owned approximately 7.42% of Fortrea worth $124,173,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. KLP Kapitalforvaltning AS bought a new stake in Fortrea during the 4th quarter valued at about $300,000. Alliancebernstein L.P. increased its stake in shares of Fortrea by 107.3% during the fourth quarter. Alliancebernstein L.P. now owns 111,845 shares of the company's stock valued at $2,086,000 after buying an additional 57,879 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Fortrea during the fourth quarter valued at $1,082,000. Norges Bank purchased a new position in shares of Fortrea during the fourth quarter valued at $330,000. Finally, Easterly Investment Partners LLC purchased a new position in shares of Fortrea during the fourth quarter valued at $1,902,000.

Analysts Set New Price Targets

FTRE has been the topic of a number of recent research reports. Barclays dropped their price objective on Fortrea from $6.00 to $5.00 and set an "underweight" rating on the stock in a research report on Tuesday, May 13th. Truist Financial assumed coverage on shares of Fortrea in a report on Friday, May 2nd. They issued a "hold" rating and a $7.00 price target on the stock. Robert W. Baird set a $12.00 price objective on Fortrea in a report on Tuesday, March 4th. Mizuho decreased their price objective on Fortrea from $10.00 to $8.00 and set a "neutral" rating for the company in a report on Wednesday, May 14th. Finally, William Blair restated a "market perform" rating on shares of Fortrea in a research note on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating and twelve have issued a hold rating to the company's stock. Based on data from MarketBeat, Fortrea currently has an average rating of "Hold" and an average target price of $15.00.

Fortrea Stock Performance

Fortrea stock traded up $0.24 during mid-day trading on Tuesday, hitting $4.69. The company had a trading volume of 2,845,230 shares, compared to its average volume of 1,777,864. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea Holdings Inc. has a 12-month low of $4.24 and a 12-month high of $28.41. The company's fifty day moving average is $6.55 and its 200-day moving average is $13.80. The company has a market capitalization of $424.45 million, a price-to-earnings ratio of -1.37, a P/E/G ratio of 1.78 and a beta of 2.15.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its earnings results on Monday, May 12th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.09. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The firm had revenue of $651.30 million for the quarter, compared to analyst estimates of $609.63 million. Equities research analysts predict that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Fortrea Company 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.