Fortrea Holdings Inc. (NASDAQ:FTRE) Stock Position Cut by Gabelli Funds LLC

Gabelli Funds LLC decreased its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 5.0% in the 1st quarter, HoldingsChannel.com reports. The firm owned 55,755 shares of the company’s stock after selling 2,930 shares during the period. Gabelli Funds LLC’s holdings in Fortrea were worth $2,238,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in FTRE. Vanguard Group Inc. bought a new position in shares of Fortrea during the 4th quarter valued at about $347,110,000. Boston Partners bought a new position in shares of Fortrea during the 4th quarter valued at about $132,741,000. Gates Capital Management Inc. bought a new position in shares of Fortrea during the 4th quarter valued at about $67,859,000. Brandes Investment Partners LP bought a new position in shares of Fortrea during the 4th quarter valued at about $59,056,000. Finally, Nordea Investment Management AB boosted its position in shares of Fortrea by 4,500.5% during the 1st quarter. Nordea Investment Management AB now owns 982,215 shares of the company’s stock valued at $39,259,000 after purchasing an additional 960,865 shares in the last quarter.

Insider Activity at Fortrea

In other Fortrea news, CEO Thomas Pike acquired 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The shares were purchased at an average price of $24.81 per share, with a total value of $248,100.00. Following the completion of the transaction, the chief executive officer now owns 57,827 shares in the company, valued at $1,434,687.87. The acquisition was disclosed in a document filed with the SEC, which is available at this link. In other Fortrea news, General Counsel James S. Hanson acquired 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were purchased at an average price of $25.30 per share, with a total value of $50,600.00. Following the completion of the transaction, the general counsel now owns 7,475 shares in the company, valued at $189,117.50. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Thomas Pike acquired 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The shares were acquired at an average cost of $24.81 per share, for a total transaction of $248,100.00. Following the transaction, the chief executive officer now owns 57,827 shares of the company’s stock, valued at approximately $1,434,687.87. The disclosure for this purchase can be found here. Insiders own 0.12% of the company’s stock.

Fortrea Stock Up 2.7 %

Shares of NASDAQ FTRE traded up $0.70 during mid-day trading on Friday, reaching $26.92. The company had a trading volume of 976,435 shares, compared to its average volume of 1,311,501. The stock has a fifty day moving average of $24.94 and a two-hundred day moving average of $31.68. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.47 and a current ratio of 1.47. The company has a market capitalization of $2.41 billion and a price-to-earnings ratio of -19.37. Fortrea Holdings Inc. has a 12-month low of $22.15 and a 12-month high of $41.02.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Monday, May 13th. The company reported ($0.04) earnings per share (EPS) for the quarter. The company had revenue of $662.10 million during the quarter, compared to analysts’ expectations of $754.58 million. Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. Fortrea’s revenue for the quarter was down 4.6% compared to the same quarter last year. As a group, equities research analysts expect that Fortrea Holdings Inc. will post 0.72 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FTRE. Barclays began coverage on shares of Fortrea in a research report on Wednesday. They set an “equal weight” rating and a $30.00 price objective for the company. The Goldman Sachs Group began coverage on shares of Fortrea in a research note on Thursday, June 6th. They set a “neutral” rating and a $28.00 price objective for the company. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Fortrea from $36.00 to $28.00 and set a “hold” rating for the company in a research note on Thursday, May 23rd. Evercore ISI reduced their price objective on shares of Fortrea from $43.00 to $31.00 and set an “outperform” rating for the company in a research note on Tuesday, May 14th. Finally, TD Cowen began coverage on shares of Fortrea in a research note on Wednesday, May 29th. They set a “hold” rating and a $27.00 price objective for the company. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $31.70.

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.