Financial Counselors Inc. Increases Stake in Fortrea Holdings Inc. (NASDAQ:FTRE)

Financial Counselors Inc. raised its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 1.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 97,759 shares of the company’s stock after purchasing an additional 1,395 shares during the quarter. Financial Counselors Inc.’s holdings in Fortrea were worth $1,955,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in FTRE. nVerses Capital LLC purchased a new position in shares of Fortrea during the second quarter worth $26,000. Gladius Capital Management LP purchased a new stake in Fortrea in the 2nd quarter worth approximately $30,000. Hara Capital LLC purchased a new position in shares of Fortrea during the 3rd quarter valued at approximately $29,000. Blue Trust Inc. lifted its stake in shares of Fortrea by 2,515.8% in the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock valued at $35,000 after purchasing an additional 1,434 shares during the period. Finally, University of Texas Texas AM Investment Management Co. boosted its holdings in Fortrea by 125.0% during the second quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock worth $53,000 after buying an additional 1,250 shares in the last quarter.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Citigroup decreased their price objective on shares of Fortrea from $42.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Barclays boosted their price objective on Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. Jefferies Financial Group lowered Fortrea from a “buy” rating to a “hold” rating and decreased their target price for the company from $25.00 to $21.00 in a research report on Wednesday, September 25th. Evercore ISI cut their price target on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a report on Tuesday, October 8th. Finally, Robert W. Baird lifted their target price on shares of Fortrea from $28.00 to $30.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Fortrea currently has a consensus rating of “Hold” and a consensus target price of $24.50.

Fortrea Trading Down 2.3 %

FTRE opened at $21.05 on Friday. Fortrea Holdings Inc. has a 52 week low of $16.53 and a 52 week high of $41.02. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The business has a fifty day simple moving average of $19.41 and a 200-day simple moving average of $22.62. The firm has a market cap of $1.89 billion, a P/E ratio of -6.15, a P/E/G ratio of 3.25 and a beta of 0.70.

Fortrea (NASDAQ:FTRE) last released its earnings results on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.02). The firm had revenue of $674.90 million during the quarter, compared to analyst estimates of $674.86 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The business’s revenue was down 5.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.24 earnings per share. On average, equities analysts expect that Fortrea Holdings Inc. will post 0.57 earnings per share for the current year.

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.