Diamond Hill Capital Management Inc. Invests $23.19 Million in Fortrea Holdings Inc. (NASDAQ:FTRE)

Diamond Hill Capital Management Inc. purchased a new stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 993,675 shares of the company’s stock, valued at approximately $23,192,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. nVerses Capital LLC purchased a new position in shares of Fortrea in the second quarter valued at about $26,000. Gladius Capital Management LP purchased a new position in Fortrea during the 2nd quarter valued at about $30,000. Concord Wealth Partners raised its position in Fortrea by 152.8% during the 1st quarter. Concord Wealth Partners now owns 862 shares of the company’s stock valued at $35,000 after purchasing an additional 521 shares during the last quarter. Blue Trust Inc. lifted its holdings in Fortrea by 2,515.8% in the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock worth $35,000 after buying an additional 1,434 shares during the period. Finally, Parallel Advisors LLC bought a new stake in shares of Fortrea in the 4th quarter worth approximately $36,000.

Fortrea Stock Performance

Fortrea stock opened at $21.39 on Friday. Fortrea Holdings Inc. has a twelve month low of $18.07 and a twelve month high of $41.02. The company has a market capitalization of $1.92 billion, a P/E ratio of -15.39, a PEG ratio of 2.02 and a beta of 0.56. The stock’s 50 day moving average is $23.87 and its 200 day moving average is $29.37. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.77.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.10). Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. The firm had revenue of $662.40 million for the quarter, compared to the consensus estimate of $689.08 million. During the same period last year, the business earned $0.52 EPS. Fortrea’s revenue was down 8.6% on a year-over-year basis. On average, equities research analysts predict that Fortrea Holdings Inc. will post 0.6 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FTRE. Citigroup dropped their price target on Fortrea from $42.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Barclays cut their target price on shares of Fortrea from $30.00 to $21.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 13th. The Goldman Sachs Group started coverage on shares of Fortrea in a research note on Thursday, June 6th. They issued a “neutral” rating and a $28.00 price target for the company. Deutsche Bank Aktiengesellschaft cut their price objective on Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a research report on Tuesday, August 20th. Finally, Robert W. Baird decreased their target price on Fortrea from $38.00 to $28.00 and set an “outperform” rating for the company in a research report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortrea currently has a consensus rating of “Hold” and a consensus target price of $27.20.

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.