The Manufacturers Life Insurance Company Decreases Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

The Manufacturers Life Insurance Company reduced its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 13.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,783 shares of the company’s stock after selling 2,431 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Fortrea were worth $294,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FTRE. 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 acquiring an additional 8,884 shares during the last quarter. SG Americas Securities LLC purchased a new position in Fortrea in the fourth quarter valued at approximately $227,000. Whalen Wealth Management Inc. purchased a new position in shares of Fortrea in the 4th quarter valued at $204,000. KBC Group NV lifted its stake in shares of 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. Finally, China Universal Asset Management Co. Ltd. boosted its holdings in Fortrea by 10.4% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 19,020 shares of the company’s stock worth $355,000 after acquiring an additional 1,787 shares during the period.

Wall Street Analysts Forecast Growth

FTRE has been the subject of several recent analyst reports. Evercore ISI lowered their target price on Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a research note on Tuesday, March 4th. Barclays decreased their target price on Fortrea from $6.00 to $5.00 and set an “underweight” rating for the company in a research note on Tuesday, May 13th. William Blair reissued a “market perform” rating on shares of Fortrea in a report on Tuesday, March 4th. Truist Financial began coverage on shares of Fortrea in a research note on Friday, May 2nd. They issued a “hold” rating and a $7.00 price target on the stock. Finally, Robert W. Baird set a $12.00 price target on Fortrea in a research note on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating and eleven have given a hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $15.00.

Fortrea Price Performance

NASDAQ FTRE opened at $4.44 on Friday. 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 capitalization of $401.82 million, a P/E ratio of -1.30, a P/E/G ratio of 1.78 and a beta of 2.15. The business’s fifty day moving average is $6.66 and its two-hundred day moving average is $13.90. Fortrea Holdings Inc. has a 1 year low of $4.34 and a 1 year high of $28.41.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Monday, May 12th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.09. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The business had revenue of $651.30 million for the quarter, compared to analyst estimates of $609.63 million. On average, research analysts forecast that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

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.