Nuveen LLC Takes $2.48 Million Position in Fortrea Holdings Inc. $FTRE

Nuveen LLC purchased a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 328,371 shares of the company’s stock, valued at approximately $2,479,000. Nuveen LLC owned approximately 0.36% of Fortrea as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of FTRE. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Fortrea during the fourth quarter worth approximately $30,000. GF Fund Management CO. LTD. acquired a new stake in Fortrea during the fourth quarter worth approximately $35,000. GAMMA Investing LLC increased its stake in Fortrea by 736.6% during 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 during the period. Nomura Holdings Inc. bought a new position in Fortrea during the 4th quarter worth $196,000. Finally, Tower Research Capital LLC TRC raised its holdings in Fortrea by 140.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 10,633 shares of the company’s stock valued at $198,000 after acquiring an additional 6,205 shares in the last quarter.

Fortrea Trading Up 2.1%

FTRE opened at $9.85 on Friday. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.02 and a quick ratio of 1.02. Fortrea Holdings Inc. has a fifty-two week low of $3.97 and a fifty-two week high of $25.28. The company’s 50 day moving average price is $6.36 and its two-hundred day moving average price is $7.18. The firm has a market capitalization of $894.38 million, a price-to-earnings ratio of -0.87 and a beta of 1.81.

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

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FTRE. Cowen restated a “hold” rating on shares of Fortrea in a research report on Wednesday, May 14th. Robert W. Baird upgraded shares of Fortrea from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $7.00 to $9.00 in a research report on Monday, August 4th. Truist Financial assumed coverage on shares of Fortrea in a research report on Friday, May 2nd. They set a “hold” rating and a $7.00 price objective for the company. The Goldman Sachs Group cut their target price on Fortrea from $7.00 to $5.00 and set a “neutral” rating for the company in a research note on Wednesday, May 14th. Finally, Citigroup reiterated a “neutral” rating on shares of Fortrea in a research note on Thursday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $12.22.

Insider Activity

In related news, Director Peter M. Neupert acquired 32,500 shares of Fortrea stock in a transaction dated Monday, August 11th. The stock was bought at an average price of $6.26 per share, with a total value of $203,450.00. Following the transaction, the director directly owned 98,132 shares in the company, valued at $614,306.32. This represents a 49.52% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Jill G. Mcconnell sold 4,886 shares of Fortrea stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $8.01, for a total transaction of $39,136.86. Following the completion of the sale, the chief financial officer owned 54,770 shares of the company’s stock, valued at $438,707.70. This represents a 8.19% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,207 shares of company stock worth $61,325. 0.38% of the stock is owned by corporate insiders.

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.