BBR Partners LLC Increases Stock Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

BBR Partners LLC raised its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 168.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 31,883 shares of the company’s stock after acquiring an additional 20,000 shares during the quarter. BBR Partners LLC’s holdings in Fortrea were worth $638,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of FTRE. Price T Rowe Associates Inc. MD boosted its position in shares of Fortrea by 5.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 50,531 shares of the company’s stock valued at $2,029,000 after buying an additional 2,731 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in shares of Fortrea in the first quarter worth approximately $630,000. Cetera Advisors LLC purchased a new position in shares of Fortrea during the first quarter valued at approximately $241,000. Boston Partners lifted its position in Fortrea by 3.2% during the first quarter. Boston Partners now owns 3,938,584 shares of the company’s stock valued at $157,075,000 after purchasing an additional 121,126 shares during the period. Finally, CWM LLC boosted its holdings in Fortrea by 12.5% in the second quarter. CWM LLC now owns 4,273 shares of the company’s stock worth $100,000 after purchasing an additional 475 shares during the last quarter.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Bank of America decreased their target price on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a research note 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 report on Tuesday, August 20th. Barclays boosted their price target on Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Robert W. Baird increased their price objective on shares of Fortrea from $28.00 to $30.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Finally, Citigroup cut their target price on shares of Fortrea from $42.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Fortrea presently has an average rating of “Hold” and an average target price of $24.50.

Fortrea Price Performance

Shares of NASDAQ:FTRE opened at $21.55 on Thursday. The company has a market capitalization of $1.93 billion, a P/E ratio of -6.05, a P/E/G ratio of 3.15 and a beta of 0.70. Fortrea Holdings Inc. has a 1-year low of $16.53 and a 1-year high of $41.02. The firm’s 50 day simple moving average is $19.48 and its two-hundred day simple moving average is $22.63. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18.

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