Ethic Inc. Makes New Investment in Fortrea Holdings Inc. $FTRE

Ethic Inc. purchased a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 22,871 shares of the company’s stock, valued at approximately $114,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. GAMMA Investing LLC lifted its stake in 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 purchasing an additional 6,909 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in Fortrea in the 1st quarter valued at approximately $119,000. Allspring Global Investments Holdings LLC grew its stake in Fortrea by 56.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 17,343 shares of the company’s stock worth $122,000 after purchasing an additional 6,270 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in Fortrea during the 1st quarter worth about $94,000. Finally, Principal Financial Group Inc. raised its position in Fortrea by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 446,200 shares of the company’s stock valued at $3,369,000 after purchasing an additional 11,247 shares in the last quarter.

Insider Activity at Fortrea

In related news, CFO Jill G. Mcconnell sold 3,156 shares of the company’s stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $10.23, for a total value of $32,285.88. Following the sale, the chief financial officer owned 58,770 shares of the company’s stock, valued at approximately $601,217.10. This represents a 5.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Erin L. Russell purchased 9,854 shares of the company’s stock in a transaction on 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 transaction, the director directly owned 9,854 shares of the company’s stock, valued at $100,018.10. This represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have purchased 72,354 shares of company stock valued at $507,168 and have sold 10,311 shares valued at $94,635. 0.38% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on FTRE shares. Baird R W raised shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 4th. Wall Street Zen downgraded Fortrea from a “buy” rating to a “hold” rating in a report on Monday, October 27th. Zacks Research downgraded shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 20th. Jefferies Financial Group lifted their price target 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. Finally, Evercore ISI upped their price objective on shares of Fortrea from $7.00 to $11.00 and gave the company an “in-line” rating in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $12.39.

Fortrea Stock Performance

Shares of FTRE opened at $10.46 on Friday. The company has a 50-day simple moving average of $9.91 and a 200-day simple moving average of $7.10. Fortrea Holdings Inc. has a 52-week low of $3.97 and a 52-week high of $25.28. 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 company has a market capitalization of $949.77 million, a PE ratio of -0.92, a P/E/G ratio of 0.44 and a beta of 1.81.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results 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 business had revenue of $693.90 million for the quarter. Equities research analysts predict 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.