Fortrea Holdings Inc. $FTRE Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio reduced its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 78.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,083 shares of the company’s stock after selling 22,778 shares during the period. Public Employees Retirement System of Ohio’s holdings in Fortrea were worth $30,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. GAMMA Investing LLC lifted its stake in shares of Fortrea by 736.6% during the first quarter. GAMMA Investing LLC now owns 7,847 shares of the company’s stock worth $59,000 after buying an additional 6,909 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of Fortrea by 56.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 17,343 shares of the company’s stock worth $122,000 after buying an additional 6,270 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Fortrea during the first quarter worth $575,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Fortrea during the first quarter worth $119,000. Finally, AQR Capital Management LLC lifted its stake in shares of Fortrea by 181.9% during the first quarter. AQR Capital Management LLC now owns 1,095,282 shares of the company’s stock worth $8,269,000 after buying an additional 706,779 shares during the period.

Insider Transactions at Fortrea

In related news, Director Peter M. Neupert bought 32,500 shares of the business’s stock in a transaction dated Monday, August 11th. The stock was acquired at an average price of $6.26 per share, with a total value of $203,450.00. Following the completion of the purchase, 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 ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Erin L. Russell bought 9,854 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The shares were bought at an average cost of $10.15 per share, with a total value of $100,018.10. Following the purchase, the director directly owned 9,854 shares of the company’s stock, valued at approximately $100,018.10. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 72,354 shares of company stock valued at $507,168 and sold 10,311 shares valued at $94,635. Corporate insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on FTRE shares. Jefferies Financial Group lifted their price objective on shares of Fortrea from $7.00 to $9.50 and gave the stock a “hold” rating in a research note on Tuesday, September 9th. Robert W. Baird boosted their target price on shares of Fortrea from $9.00 to $14.00 and gave the company an “outperform” rating in a research report on Wednesday, September 3rd. Barclays boosted their target price on shares of Fortrea from $6.00 to $8.00 and gave the company an “underweight” rating in a research report on Thursday, October 2nd. Citigroup restated a “neutral” rating on shares of Fortrea in a research report on Tuesday. Finally, Wall Street Zen upgraded shares of Fortrea from a “hold” rating to a “buy” rating in a research report on Friday, September 26th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $12.17.

Fortrea Stock Up 8.8%

FTRE stock opened at $10.13 on Thursday. The stock has a market capitalization of $919.80 million, a P/E ratio of -0.89 and a beta of 1.81. The firm has a 50-day simple moving average of $8.87 and a 200-day simple moving average of $6.71. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.87. Fortrea Holdings Inc. has a 52 week low of $3.97 and a 52 week high of $25.28.

Fortrea (NASDAQ:FTRE) last released its earnings results on Wednesday, August 6th. The company reported $0.19 EPS for the quarter, topping 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 analysts forecast that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Fortrea 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.