Cohen Capital Management Inc. Purchases 1,272 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Cohen Capital Management Inc. increased its position in Fortrea Holdings Inc. (NASDAQ:FTRE) by 2.4% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 54,951 shares of the company’s stock after buying an additional 1,272 shares during the quarter. Cohen Capital Management Inc.’s holdings in Fortrea were worth $2,206,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Whittier Trust Co. bought a new position in shares of Fortrea during the 4th quarter valued at about $25,000. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Fortrea during the 4th quarter valued at about $25,000. ZRC Wealth Management LLC bought a new position in shares of Fortrea during the 4th quarter valued at about $27,000. Glassman Wealth Services bought a new position in shares of Fortrea during the 4th quarter valued at about $28,000. Finally, Allworth Financial LP bought a new position in shares of Fortrea during the 4th quarter valued at about $28,000.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. TD Cowen assumed coverage on shares of Fortrea in a report on Wednesday, May 29th. They set a “hold” rating and a $27.00 price objective for the company. Bank of America dropped their price objective on shares of Fortrea from $33.00 to $27.00 and set an “underperform” rating for the company in a report on Tuesday, May 14th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Fortrea from $36.00 to $28.00 and set a “hold” rating on the stock in a research report on Thursday, May 23rd. Baird R W upgraded shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 14th. Finally, Robert W. Baird upgraded shares of Fortrea from a “neutral” rating to an “outperform” rating and decreased their target price for the company from $45.00 to $36.00 in a research report on Tuesday, May 14th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $32.30.

Fortrea Trading Up 5.4 %

Shares of NASDAQ:FTRE traded up $1.26 on Thursday, hitting $24.75. 1,551,769 shares of the company’s stock were exchanged, compared to its average volume of 1,126,987. The stock has a market capitalization of $2.21 billion and a price-to-earnings ratio of -17.81. Fortrea Holdings Inc. has a 12 month low of $22.15 and a 12 month high of $41.02. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.47 and a quick ratio of 1.47. The business’s 50 day simple moving average is $26.23 and its two-hundred day simple moving average is $32.29.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Monday, May 13th. The company reported ($0.04) earnings per share for the quarter. The company had revenue of $662.10 million for the quarter, compared to the consensus estimate of $754.58 million. Fortrea had a negative net margin of 4.11% and a positive return on equity of 4.76%. The company’s revenue for the quarter was down 4.6% on a year-over-year basis. Analysts anticipate that Fortrea Holdings Inc. will post 0.75 EPS for the current fiscal year.

Insider Activity at Fortrea

In other news, General Counsel James S. Hanson acquired 2,000 shares of Fortrea stock in a transaction on Wednesday, June 12th. The shares were bought at an average cost of $25.30 per share, for a total transaction of $50,600.00. Following the acquisition, the general counsel now directly owns 7,475 shares of the company’s stock, valued at approximately $189,117.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Fortrea news, General Counsel James S. Hanson bought 2,000 shares of the company’s stock in a transaction on Wednesday, June 12th. The shares were bought at an average cost of $25.30 per share, for a total transaction of $50,600.00. Following the acquisition, the general counsel now directly owns 7,475 shares in the company, valued at $189,117.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Thomas Pike purchased 10,000 shares of the stock in a transaction dated Wednesday, May 29th. The stock was acquired at an average cost of $24.81 per share, with a total value of $248,100.00. Following the transaction, the chief executive officer now directly owns 57,827 shares in the company, valued at approximately $1,434,687.87. The disclosure for this purchase can be found here. 0.12% of the stock is owned by company 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.