Allianz Asset Management GmbH Grows Stake in Fortrea Holdings Inc. $FTRE

Allianz Asset Management GmbH raised its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 335.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 254,106 shares of the company’s stock after purchasing an additional 195,706 shares during the quarter. Allianz Asset Management GmbH owned about 0.28% of Fortrea worth $1,255,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in FTRE. Millennium Management LLC raised its position in Fortrea by 1,625.8% in the first quarter. Millennium Management LLC now owns 3,499,220 shares of the company’s stock valued at $26,419,000 after purchasing an additional 3,296,461 shares during the period. Deutsche Bank AG increased its position in shares of Fortrea by 17,183.6% during the first quarter. Deutsche Bank AG now owns 1,165,086 shares of the company’s stock worth $8,796,000 after acquiring an additional 1,158,345 shares during the last quarter. Corvex Management LP lifted its stake in shares of Fortrea by 28.6% in the first quarter. Corvex Management LP now owns 4,474,898 shares of the company’s stock worth $33,785,000 after acquiring an additional 994,000 shares in the last quarter. AQR Capital Management LLC boosted its holdings in Fortrea by 181.9% in the first quarter. AQR Capital Management LLC now owns 1,095,282 shares of the company’s stock valued at $8,269,000 after purchasing an additional 706,779 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Fortrea by 55.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 952,021 shares of the company’s stock valued at $7,188,000 after purchasing an additional 339,124 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on FTRE shares. Evercore ISI raised their price objective on Fortrea from $7.00 to $11.00 and gave the company an “in-line” rating in a research note on Wednesday, October 8th. Baird R W upgraded Fortrea from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 4th. Mizuho raised their price objective on Fortrea from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Friday, October 17th. Barclays raised their price objective on Fortrea from $6.00 to $8.00 and gave the company an “underweight” rating in a research note on Thursday, October 2nd. Finally, Citigroup restated a “neutral” rating on shares of Fortrea in a research note on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $12.39.

Insider Activity at Fortrea

In related news, Director Erin L. Russell bought 9,854 shares of the business’s stock in a transaction on Tuesday, September 2nd. The shares were bought at an average cost of $10.15 per share, for a total transaction of $100,018.10. Following the completion of the purchase, the director owned 9,854 shares of the company’s stock, valued at $100,018.10. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Peter M. Neupert bought 32,500 shares of the business’s stock in a transaction on Monday, August 11th. The stock was bought at an average price of $6.26 per share, for a total transaction of $203,450.00. Following the completion of the purchase, the director directly owned 98,132 shares of the company’s stock, valued at $614,306.32. The trade was a 49.52% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 72,354 shares of company stock worth $507,168 and sold 10,311 shares worth $94,635. Insiders own 0.38% of the company’s stock.

Fortrea Stock Up 4.6%

Shares of Fortrea stock opened at $11.30 on Monday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.87. The firm has a market cap of $1.03 billion, a P/E ratio of -0.99, a P/E/G ratio of 0.49 and a beta of 1.81. Fortrea Holdings Inc. has a fifty-two week low of $3.97 and a fifty-two week high of $25.28. The business has a 50-day moving average price of $9.66 and a 200 day moving average price of $6.94.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Friday, May 24th. The company reported $0.37 earnings per share for the quarter. Fortrea had a positive return on equity of 5.25% and a negative net margin of 37.57%.The firm had revenue of $693.90 million during the quarter. On average, sell-side analysts forecast that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

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.