Hunter Associates Investment Management LLC Lowers Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Hunter Associates Investment Management LLC decreased its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 6.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 17,413 shares of the company’s stock after selling 1,249 shares during the quarter. Hunter Associates Investment Management LLC’s holdings in Fortrea were worth $321,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the stock. KBC Group NV boosted its position in Fortrea by 5.0% during the fourth quarter. KBC Group NV now owns 35,031 shares of the company’s stock worth $654,000 after purchasing an additional 1,659 shares in the last quarter. Whalen Wealth Management Inc. purchased a new position in Fortrea during the fourth quarter worth approximately $204,000. SG Americas Securities LLC purchased a new position in Fortrea during the fourth quarter worth approximately $227,000. Penn Davis Mcfarland Inc. boosted its position in Fortrea by 0.8% during the fourth quarter. Penn Davis Mcfarland Inc. now owns 1,106,080 shares of the company’s stock worth $20,628,000 after purchasing an additional 8,884 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Fortrea by 21.2% during the third quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company’s stock worth $7,288,000 after purchasing an additional 63,766 shares in the last quarter.

Fortrea Price Performance

NASDAQ:FTRE opened at $16.81 on Friday. Fortrea Holdings Inc. has a one year low of $16.30 and a one year high of $41.02. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. The stock has a market cap of $1.51 billion, a PE ratio of -4.92, a P/E/G ratio of 1.88 and a beta of 1.24. The stock has a 50 day moving average price of $19.31 and a 200 day moving average price of $20.75.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The company had revenue of $674.90 million during the quarter, compared to analyst estimates of $674.86 million. During the same period in the prior year, the business posted $0.24 EPS. Fortrea’s revenue for the quarter was down 5.4% compared to the same quarter last year. Equities research analysts expect that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. William Blair reiterated a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. Robert W. Baird downgraded Fortrea from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $28.00 to $25.00 in a research report on Friday, December 6th. TD Cowen increased their target price on Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a report on Monday, November 11th. Evercore ISI reduced their target price on Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a report on Tuesday, October 8th. Finally, Barclays increased their target price on Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $23.30.

Insiders Place Their Bets

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the firm’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $18.04, for a total transaction of $203,274.72. Following the completion of the sale, the chief executive officer now owns 159,868 shares of the company’s stock, valued at $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.12% of the stock is owned by insiders.

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.