Brandes Investment Partners LP Acquires 94,448 Shares of Fortrea Holdings Inc. $FTRE

Brandes Investment Partners LP raised its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 72.8% in the second quarter, HoldingsChannel.com reports. The firm owned 224,272 shares of the company’s stock after purchasing an additional 94,448 shares during the quarter. Brandes Investment Partners LP’s holdings in Fortrea were worth $1,108,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Brooklyn Investment Group raised its position in shares of Fortrea by 9,577.5% in the first quarter. Brooklyn Investment Group now owns 3,871 shares of the company’s stock valued at $29,000 after buying an additional 3,831 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Fortrea during the 1st quarter worth $39,000. Allworth Financial LP raised its holdings in Fortrea by 6,802.4% in the 2nd quarter. Allworth Financial LP now owns 5,660 shares of the company’s stock valued at $28,000 after acquiring an additional 5,578 shares in the last quarter. Quarry LP lifted its position in shares of Fortrea by 73.4% during the 1st quarter. Quarry LP now owns 7,567 shares of the company’s stock valued at $57,000 after acquiring an additional 3,202 shares during the period. Finally, Acadian Asset Management LLC acquired a new stake in shares of Fortrea during the 1st quarter worth $65,000.

Insiders Place Their Bets

In other news, CFO Jill G. Mcconnell sold 3,156 shares of Fortrea stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $10.23, for a total transaction of $32,285.88. Following the sale, the chief financial officer directly owned 58,770 shares of the company’s stock, valued at approximately $601,217.10. This trade represents a 5.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders sold 5,425 shares of company stock worth $55,498. Insiders own 0.38% of the company’s stock.

Fortrea Price Performance

FTRE stock opened at $12.75 on Wednesday. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of -1.13, a P/E/G ratio of 0.58 and a beta of 1.76. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.00 and a quick ratio of 1.00. The company has a 50 day simple moving average of $10.46 and a 200 day simple moving average of $8.01. Fortrea Holdings Inc. has a 1 year low of $3.97 and a 1 year high of $25.05.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Wednesday, November 5th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.04). The company had revenue of $701.30 million for the quarter, compared to the consensus estimate of $643.43 million. Fortrea had a positive return on equity of 5.64% and a negative net margin of 36.77%. Research analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FTRE has been the subject of a number of analyst reports. Robert W. Baird boosted their price target on Fortrea from $9.00 to $14.00 and gave the company an “outperform” rating in a research note on Wednesday, September 3rd. Zacks Research cut shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 20th. Jefferies Financial Group increased their price target on shares of Fortrea from $7.00 to $9.50 and gave the stock a “hold” rating in a research report on Tuesday, September 9th. Barclays lifted their price objective on shares of Fortrea from $8.00 to $10.00 and gave the company an “underweight” rating in a research note on Thursday, November 6th. Finally, Citigroup restated a “neutral” rating on shares of Fortrea in a research note on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $11.69.

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.