Healthcare of Ontario Pension Plan Trust Fund Trims Stake in Fortrea Holdings Inc. (NASDAQ:FTRE)

Healthcare of Ontario Pension Plan Trust Fund lessened its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 73.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,818 shares of the company’s stock after selling 68,182 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Fortrea were worth $996,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in FTRE. Whittier Trust Co. acquired a new stake in Fortrea in the fourth quarter valued at approximately $25,000. Allworth Financial LP acquired a new stake in Fortrea in the 4th quarter worth about $28,000. Glassman Wealth Services acquired a new stake in Fortrea in the 4th quarter worth about $28,000. Clean Yield Group purchased a new stake in Fortrea during the 4th quarter worth approximately $30,000. Finally, CENTRAL TRUST Co acquired a new position in shares of Fortrea during the fourth quarter valued at approximately $30,000.

Fortrea Trading Up 2.7 %

FTRE traded up $0.69 on Thursday, hitting $26.22. The company had a trading volume of 1,641,166 shares, compared to its average volume of 1,146,155. Fortrea Holdings Inc. has a 1 year low of $22.15 and a 1 year high of $41.02. The firm has a market cap of $2.34 billion and a P/E ratio of -18.50. The company’s fifty day moving average price is $24.99 and its 200 day moving average price is $31.77. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.98.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Monday, May 13th. The company reported ($0.04) EPS for the quarter. The firm had revenue of $662.10 million for the quarter, compared to analysts’ expectations of $754.58 million. Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. The business’s quarterly revenue was down 4.6% compared to the same quarter last year. As a group, equities analysts expect that Fortrea Holdings Inc. will post 0.72 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Evercore ISI lowered their price target on Fortrea from $43.00 to $31.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 14th. Mizuho began coverage on shares of Fortrea in a research report on Tuesday, May 28th. They issued a “neutral” rating and a $27.00 target price for the company. Bank of America dropped their price objective on shares of Fortrea from $27.00 to $26.00 and set an “underperform” rating for the company in a research note on Thursday, July 18th. Baird R W raised shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 14th. Finally, Barclays began coverage on Fortrea in a report on Wednesday. They set an “equal weight” rating and a $30.00 target price on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $31.70.

Insider Buying and Selling

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

About Fortrea

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.