Cwm LLC Acquires 1,446 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Cwm LLC boosted its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 61.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,798 shares of the company’s stock after purchasing an additional 1,446 shares during the period. Cwm LLC’s holdings in Fortrea were worth $152,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of FTRE. Whittier Trust Co. of Nevada Inc. bought a new stake in Fortrea during the 4th quarter worth about $25,000. Whittier Trust Co. bought a new position in Fortrea in the 4th quarter valued at $25,000. ZRC Wealth Management LLC acquired a new stake in shares of Fortrea in the 4th quarter valued at $27,000. Allworth Financial LP bought a new stake in shares of Fortrea during the fourth quarter worth $28,000. Finally, Glassman Wealth Services acquired a new position in shares of Fortrea during the fourth quarter valued at $28,000.

Fortrea Stock Performance

Shares of FTRE stock opened at $23.15 on Monday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.47 and a current ratio of 1.47. Fortrea Holdings Inc. has a 52 week low of $22.95 and a 52 week high of $41.02. The company’s 50 day moving average price is $29.96 and its two-hundred day moving average price is $33.19. The company has a market capitalization of $2.07 billion and a P/E ratio of -16.65.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Monday, May 13th. The company reported ($0.04) earnings per share for the quarter. The company had revenue of $662.10 million during the quarter, compared to analyst estimates of $754.58 million. Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. The firm’s revenue was down 4.6% on a year-over-year basis. On average, analysts expect that Fortrea Holdings Inc. will post 0.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortrea

In other Fortrea news, General Counsel James S. Hanson acquired 2,000 shares of the stock in a transaction dated Wednesday, June 12th. The shares were bought at an average cost of $25.30 per share, for a total transaction of $50,600.00. Following the completion of the acquisition, the general counsel now directly owns 7,475 shares of the company’s stock, valued at $189,117.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Thomas Pike purchased 10,000 shares of the firm’s stock in a transaction on Wednesday, May 29th. The stock was purchased at an average cost of $24.81 per share, for a total transaction of $248,100.00. Following the completion of the purchase, the chief executive officer now directly owns 57,827 shares in the company, valued at $1,434,687.87. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel James S. Hanson acquired 2,000 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were bought at an average price of $25.30 per share, for a total transaction of $50,600.00. Following the purchase, the general counsel now owns 7,475 shares in the company, valued at $189,117.50. The disclosure for this purchase can be found here. Company insiders own 0.12% of the company’s stock.

Analyst Upgrades and Downgrades

FTRE has been the subject of a number of research reports. Evercore ISI lowered their price objective on Fortrea from $43.00 to $31.00 and set an “outperform” rating for the company in a research report on Tuesday, May 14th. The Goldman Sachs Group began coverage on shares of Fortrea in a report on Thursday, June 6th. They issued a “neutral” rating and a $28.00 price objective on the stock. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Fortrea from $36.00 to $28.00 and set a “hold” rating for the company in a research report on Thursday, May 23rd. TD Cowen started coverage on Fortrea in a research report on Wednesday, May 29th. They issued a “hold” rating and a $27.00 price target on the stock. Finally, Robert W. Baird upgraded Fortrea from a “neutral” rating to an “outperform” rating and dropped their price objective for the company from $45.00 to $36.00 in a report on Tuesday, May 14th. One analyst has rated the stock with a sell rating, five have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $32.30.

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.