Brandes Investment Partners LP Buys 17,324 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Brandes Investment Partners LP grew its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 38.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 61,918 shares of the company’s stock after purchasing an additional 17,324 shares during the period. Brandes Investment Partners LP’s holdings in Fortrea were worth $1,155,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Swiss National Bank grew its position in Fortrea by 1.0% during the 4th quarter. Swiss National Bank now owns 167,420 shares of the company’s stock worth $3,122,000 after acquiring an additional 1,600 shares during the last quarter. AlphaQuest LLC bought a new stake in Fortrea during the 4th quarter worth approximately $117,000. Raymond James Financial Inc. bought a new stake in Fortrea during the 4th quarter worth approximately $1,082,000. Cullen Frost Bankers Inc. grew its position in Fortrea by 31.9% during the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock worth $105,000 after acquiring an additional 1,361 shares during the last quarter. Finally, Assetmark Inc. grew its position in Fortrea by 154.9% during the 4th quarter. Assetmark Inc. now owns 41,395 shares of the company’s stock worth $772,000 after acquiring an additional 25,157 shares during the last quarter.

Insider Activity

In other news, CEO Thomas Pike sold 11,268 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 159,868 shares in the company, valued at $2,884,018.72. This trade represents a 6.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 13,029 shares of company stock worth $226,168 in the last quarter. Corporate insiders own 0.12% of the company’s stock.

Fortrea Stock Performance

FTRE stock opened at $9.66 on Friday. The company has a market cap of $871.33 million, a P/E ratio of -2.82, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34. Fortrea Holdings Inc. has a twelve month low of $9.47 and a twelve month high of $41.02. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The business’s fifty day moving average is $15.27 and its 200-day moving average is $18.36.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.18). The company had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. During the same quarter in the previous year, the business earned $0.19 EPS. Equities research analysts forecast that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently commented on FTRE. Evercore ISI decreased their price target on Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a research report on Tuesday, March 4th. Citigroup lowered Fortrea from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $30.00 to $23.00 in a research report on Wednesday, December 11th. Barclays decreased their price objective on Fortrea from $25.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 4th. Robert W. Baird set a $12.00 price objective on Fortrea in a research report on Tuesday, March 4th. Finally, William Blair reiterated a “market perform” rating on shares of Fortrea in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $19.00.

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.