Vanguard Group Inc. Buys 69,005 Shares of Fortrea Holdings Inc. $FTRE

Vanguard Group Inc. lifted its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 0.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,953,261 shares of the company’s stock after buying an additional 69,005 shares during the period. Vanguard Group Inc. owned about 10.99% of Fortrea worth $75,147,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. acquired a new position in Fortrea during the fourth quarter worth $30,000. GF Fund Management CO. LTD. bought a new position in shares of Fortrea in the fourth quarter valued at approximately $35,000. GAMMA Investing LLC boosted its holdings in shares of Fortrea by 736.6% in the 1st quarter. GAMMA Investing LLC now owns 7,847 shares of the company’s stock worth $59,000 after acquiring an additional 6,909 shares in the last quarter. Quarry LP grew its position in Fortrea by 1,218.7% during the 4th quarter. Quarry LP now owns 4,365 shares of the company’s stock worth $81,000 after acquiring an additional 4,034 shares during the last quarter. Finally, Pekin Hardy Strauss Inc. bought a new position in Fortrea in the 1st quarter valued at $91,000.

Insider Transactions at Fortrea

In other Fortrea news, Director Peter M. Neupert acquired 32,500 shares of the business’s stock in a transaction dated Monday, August 11th. The shares were acquired at an average price of $6.26 per share, for a total transaction of $203,450.00. Following the acquisition, the director directly owned 98,132 shares of the company’s stock, valued at approximately $614,306.32. This trade represents a 49.52% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Jill G. Mcconnell sold 4,886 shares of the stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $8.01, for a total value of $39,136.86. Following the sale, the chief financial officer directly owned 54,770 shares of the company’s stock, valued at approximately $438,707.70. The trade was a 8.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,207 shares of company stock worth $61,325. 0.38% of the stock is currently owned by insiders.

Fortrea Trading Up 7.8%

FTRE opened at $8.34 on Friday. The firm’s fifty day moving average is $5.98 and its two-hundred day moving average is $7.33. The firm has a market cap of $757.27 million, a PE ratio of -0.73 and a beta of 1.81. Fortrea Holdings Inc. has a twelve month low of $3.97 and a twelve month high of $25.28. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.02 and a current ratio of 1.02.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.13. The business had revenue of $710.30 million during the quarter, compared to analysts’ expectations of $631.61 million. Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. Equities research analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on FTRE. Truist Financial assumed coverage on Fortrea in a research note on Friday, May 2nd. They issued a “hold” rating and a $7.00 target price for the company. Evercore ISI raised their price objective on shares of Fortrea from $5.00 to $7.00 and gave the company an “in-line” rating in a research report on Friday, August 8th. Baird R W upgraded shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 4th. Citigroup reissued a “neutral” rating on shares of Fortrea in a research note on Thursday, May 22nd. Finally, Barclays restated an “underweight” rating and issued a $6.00 price objective (up previously from $5.00) on shares of Fortrea in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $12.22.

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.