Hillsdale Investment Management Inc. Makes New Investment in Fortrea Holdings Inc. $FTRE

Hillsdale Investment Management Inc. bought a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 317,400 shares of the company’s stock, valued at approximately $2,990,000.

A number of other hedge funds have also made changes to their positions in FTRE. AQR Capital Management LLC increased its stake in shares of Fortrea by 494.8% in the second quarter. AQR Capital Management LLC now owns 6,515,124 shares of the company’s stock worth $31,729,000 after buying an additional 5,419,842 shares during the last quarter. Park West Asset Management LLC bought a new position in Fortrea during the 3rd quarter valued at $18,579,000. Iron Triangle Partners LP bought a new position in Fortrea during the 4th quarter valued at $34,264,000. MetLife Investment Management LLC grew its holdings in Fortrea by 2,328.5% during the 4th quarter. MetLife Investment Management LLC now owns 1,368,656 shares of the company’s stock worth $23,609,000 after acquiring an additional 1,312,297 shares in the last quarter. Finally, Bank of America Corp DE increased its position in shares of Fortrea by 78.1% in the 3rd quarter. Bank of America Corp DE now owns 1,525,023 shares of the company’s stock worth $12,841,000 after purchasing an additional 668,691 shares during the last quarter.

Fortrea Stock Performance

Shares of NASDAQ FTRE opened at $17.91 on Thursday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.98. The firm’s 50-day moving average price is $15.91 and its two-hundred day moving average price is $13.67. Fortrea Holdings Inc. has a 52-week low of $4.45 and a 52-week high of $18.67. The stock has a market capitalization of $1.69 billion, a P/E ratio of -3.65, a P/E/G ratio of 0.55 and a beta of 2.03.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Tuesday, May 5th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.03 by $0.13. The company had revenue of $636.50 million during the quarter, compared to analyst estimates of $628.50 million. Fortrea had a positive return on equity of 9.51% and a negative net margin of 16.50%. As a group, sell-side analysts forecast that Fortrea Holdings Inc. will post 0.8 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on FTRE shares. Truist Financial set a $19.00 target price on shares of Fortrea in a research note on Wednesday, May 6th. Barclays boosted their price objective on Fortrea from $16.00 to $18.00 and gave the company an “equal weight” rating in a report on Wednesday, June 24th. Wall Street Zen upgraded Fortrea from a “hold” rating to a “buy” rating in a research note on Monday. Robert W. Baird set a $20.00 target price on Fortrea in a report on Wednesday, May 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Fortrea in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $17.75.

Fortrea Profile

Fortrea, Inc is a global contract development and manufacturing organization (CDMO) that provides integrated solutions for pharmaceutical and biotechnology companies. Established as a spin-off from Thermo Fisher Scientific’s Pharma Services business in October 2023, Fortrea leverages a legacy of scientific expertise and manufacturing scale to support drug development from early-stage research through commercial production. The company’s comprehensive offerings address the complex needs of both small-molecule and biologics programs, making it a single source for clients seeking to accelerate timelines and manage costs.

Fortrea’s core services encompass analytical and formulation development, process optimization, clinical and commercial manufacturing, and packaging services.