Hahn Capital Management LLC Raises Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Hahn Capital Management LLC raised its position in Fortrea Holdings Inc. (NASDAQ:FTRE) by 33.4% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 39,544 shares of the company’s stock after purchasing an additional 9,896 shares during the period. Fortrea accounts for approximately 0.4% of Hahn Capital Management LLC’s portfolio, making the stock its 29th biggest holding. Hahn Capital Management LLC’s holdings in Fortrea were worth $923,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FTRE. Russell Investments Group Ltd. purchased a new position in shares of Fortrea in the fourth quarter worth about $508,000. Victory Capital Management Inc. purchased a new position in Fortrea in the 4th quarter worth approximately $16,645,000. Swiss National Bank purchased a new position in Fortrea in the 4th quarter worth approximately $5,801,000. Amalgamated Bank acquired a new position in shares of Fortrea during the 4th quarter worth approximately $1,320,000. Finally, M&T Bank Corp purchased a new stake in shares of Fortrea in the fourth quarter valued at approximately $785,000.

Fortrea Price Performance

FTRE stock opened at $20.09 on Friday. The business’s fifty day moving average price is $24.18 and its 200 day moving average price is $29.94. Fortrea Holdings Inc. has a 12-month low of $18.07 and a 12-month high of $41.02. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $1.80 billion and a PE ratio of -14.45.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.10). The business had revenue of $662.40 million for the quarter, compared to analyst estimates of $689.08 million. Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The firm’s revenue for the quarter was down 8.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.52 EPS. On average, sell-side analysts anticipate that Fortrea Holdings Inc. will post 0.6 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. TD Cowen lowered their price objective on Fortrea from $27.00 to $23.00 and set a “hold” rating on the stock in a research note on Tuesday, August 13th. Mizuho began coverage on shares of Fortrea in a report on Tuesday, May 28th. They issued a “neutral” rating and a $27.00 price objective for the company. The Goldman Sachs Group began coverage on shares of Fortrea in a research report on Thursday, June 6th. They set a “neutral” rating and a $28.00 price objective for the company. Bank of America cut their price target on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a report on Tuesday, August 13th. Finally, Robert W. Baird lowered their price objective on Fortrea from $38.00 to $28.00 and set an “outperform” rating for the company in a research report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, seven have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $27.20.

Insiders Place Their Bets

In other news, General Counsel James S. Hanson bought 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were purchased at an average cost of $25.30 per share, for a total transaction of $50,600.00. Following the completion of the purchase, the general counsel now owns 7,475 shares of the company’s stock, valued at $189,117.50. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.12% of the company’s stock.

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.