Brandes Investment Partners LP Acquires 94,448 Shares of Fortrea Holdings Inc. $FTRE

Brandes Investment Partners LP raised its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 72.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 224,272 shares of the company’s stock after buying an additional 94,448 shares during the quarter. Brandes Investment Partners LP owned about 0.25% of Fortrea worth $1,108,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Allworth Financial LP boosted its stake in Fortrea by 6,802.4% in the 2nd quarter. Allworth Financial LP now owns 5,660 shares of the company’s stock worth $28,000 after purchasing an additional 5,578 shares during the period. Brooklyn Investment Group boosted its position in shares of Fortrea by 9,577.5% during the first quarter. Brooklyn Investment Group now owns 3,871 shares of the company’s stock worth $29,000 after buying an additional 3,831 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in shares of Fortrea during the first quarter worth about $39,000. Ameritas Investment Partners Inc. acquired a new stake in Fortrea in the 2nd quarter valued at approximately $46,000. Finally, Journey Strategic Wealth LLC bought a new stake in Fortrea in the 2nd quarter valued at approximately $50,000.

Fortrea Trading Up 2.5%

FTRE stock opened at $12.75 on Wednesday. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of -1.13, a price-to-earnings-growth ratio of 0.58 and a beta of 1.76. The company has a fifty day moving average price of $10.46 and a two-hundred day moving average price of $8.01. Fortrea Holdings Inc. has a one year low of $3.97 and a one year high of $25.05. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.00 and a quick ratio of 1.00.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Wednesday, November 5th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.04). The company had revenue of $701.30 million for the quarter, compared to the consensus estimate of $643.43 million. Fortrea had a positive return on equity of 5.64% and a negative net margin of 36.77%. Equities analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Insider Buying and Selling at Fortrea

In related news, CFO Jill G. Mcconnell sold 3,156 shares of Fortrea stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $10.23, for a total transaction of $32,285.88. Following the completion of the sale, the chief financial officer directly owned 58,770 shares of the company’s stock, valued at approximately $601,217.10. This trade represents a 5.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold a total of 5,425 shares of company stock worth $55,498 in the last 90 days. 0.38% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on FTRE. Robert W. Baird lifted their price objective on shares of Fortrea from $9.00 to $14.00 and gave the company an “outperform” rating in a report on Wednesday, September 3rd. Evercore ISI set a $14.00 price target on shares of Fortrea in a research report on Thursday, November 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fortrea in a research report on Wednesday, October 8th. Zacks Research lowered Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 20th. Finally, Mizuho set a $11.00 price objective on Fortrea in a research note on Friday, November 7th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Fortrea currently has an average rating of “Hold” and a consensus price target of $11.69.

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.