Financial Counselors Inc. Acquires 1,395 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Financial Counselors Inc. lifted its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 1.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 97,759 shares of the company’s stock after purchasing an additional 1,395 shares during the quarter. Financial Counselors Inc. owned about 0.11% of Fortrea worth $1,955,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in FTRE. CWM LLC increased its position in shares of Fortrea by 12.5% during the second quarter. CWM LLC now owns 4,273 shares of the company’s stock valued at $100,000 after acquiring an additional 475 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Fortrea by 21.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock worth $64,000 after acquiring an additional 572 shares during the period. Arizona State Retirement System increased its position in Fortrea by 2.5% during the second quarter. Arizona State Retirement System now owns 23,769 shares of the company’s stock valued at $555,000 after acquiring an additional 585 shares during the last quarter. Cardinal Capital Management lifted its holdings in Fortrea by 2.7% in the second quarter. Cardinal Capital Management now owns 31,548 shares of the company’s stock valued at $736,000 after acquiring an additional 827 shares during the period. Finally, Louisiana State Employees Retirement System grew its stake in shares of Fortrea by 2.3% during the 2nd quarter. Louisiana State Employees Retirement System now owns 45,000 shares of the company’s stock valued at $1,050,000 after purchasing an additional 1,000 shares during the period.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Bank of America cut their target price on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a research report on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft lowered their target price on Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a research report on Tuesday, August 20th. Citigroup reduced their target price on shares of Fortrea from $42.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Jefferies Financial Group cut Fortrea from a “buy” rating to a “hold” rating and decreased their price target for the company from $25.00 to $21.00 in a report on Wednesday, September 25th. Finally, William Blair reiterated a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $24.50.

Fortrea Stock Down 2.3 %

Shares of NASDAQ FTRE opened at $21.05 on Friday. Fortrea Holdings Inc. has a 12-month low of $16.53 and a 12-month high of $41.02. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. The firm’s 50-day moving average price is $19.41 and its 200-day moving average price is $22.62. The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of -6.15, a P/E/G ratio of 3.25 and a beta of 0.70.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.02). The business had revenue of $674.90 million during the quarter, compared to analysts’ expectations of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.24 earnings per share. On average, equities research analysts anticipate that Fortrea Holdings Inc. will post 0.57 EPS 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.