Cohen Capital Management Inc. Sells 27,584 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Cohen Capital Management Inc. lowered its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 18.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 119,122 shares of the company’s stock after selling 27,584 shares during the period. Cohen Capital Management Inc.’s holdings in Fortrea were worth $2,222,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Peregrine Capital Management LLC acquired a new stake in shares of Fortrea during the 4th quarter worth $5,627,000. Principal Financial Group Inc. lifted its position in Fortrea by 3.1% during the fourth quarter. Principal Financial Group Inc. now owns 434,953 shares of the company’s stock worth $8,112,000 after purchasing an additional 13,026 shares during the period. Rhumbline Advisers grew its stake in Fortrea by 1.8% during the fourth quarter. Rhumbline Advisers now owns 234,539 shares of the company’s stock worth $4,374,000 after buying an additional 4,064 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Fortrea by 21.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 11,073 shares of the company’s stock valued at $207,000 after buying an additional 1,986 shares during the period. Finally, Marks Group Wealth Management Inc raised its position in shares of Fortrea by 16.7% in the 4th quarter. Marks Group Wealth Management Inc now owns 14,000 shares of the company’s stock valued at $261,000 after buying an additional 2,000 shares in the last quarter.

Insider Buying and Selling

In related news, CEO Thomas Pike sold 11,268 shares of the stock in a transaction on Monday, January 13th. The stock was sold at an average price of $18.04, for a total value of $203,274.72. Following the completion of the sale, the chief executive officer now directly owns 159,868 shares in the company, valued at $2,884,018.72. This represents a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 12,386 shares of company stock worth $219,751 in the last ninety days. Company insiders own 0.12% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on FTRE shares. Citigroup lowered shares of Fortrea from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $30.00 to $23.00 in a research report on Wednesday, December 11th. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a report on Friday, November 8th. TD Cowen boosted their price target on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Baird R W downgraded Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. Finally, Robert W. Baird cut Fortrea from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $28.00 to $25.00 in a research report on Friday, December 6th. One equities research analyst has rated the stock with a sell rating and eleven have given a hold rating to the company. Based on data from MarketBeat.com, Fortrea has a consensus rating of “Hold” and an average price target of $23.30.

Fortrea Stock Performance

Shares of FTRE stock opened at $14.88 on Friday. The business’s 50-day moving average price is $17.45 and its 200-day moving average price is $19.51. Fortrea Holdings Inc. has a 12 month low of $14.27 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 has a market capitalization of $1.33 billion, a price-to-earnings ratio of -4.35, a PEG ratio of 1.78 and a beta of 1.20.

About Fortrea

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.