Baker Ellis Asset Management LLC Reduces Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Baker Ellis Asset Management LLC decreased its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 11.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,823 shares of the company’s stock after selling 1,354 shares during the quarter. Baker Ellis Asset Management LLC’s holdings in Fortrea were worth $434,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in FTRE. Banyan Capital Management Inc. purchased a new position in Fortrea during the fourth quarter valued at approximately $816,000. Daymark Wealth Partners LLC purchased a new position in Fortrea during the fourth quarter valued at approximately $254,000. Nordea Investment Management AB purchased a new position in Fortrea during the fourth quarter valued at approximately $747,000. Raymond James Trust N.A. purchased a new position in Fortrea during the fourth quarter valued at approximately $363,000. Finally, FORVIS Wealth Advisors LLC purchased a new position in Fortrea during the fourth quarter valued at approximately $244,000.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FTRE. Baird R W upgraded shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 14th. Mizuho began coverage on shares of Fortrea in a research report on Tuesday, May 28th. They set a “neutral” rating and a $27.00 price objective on the stock. Evercore ISI reduced their price objective on shares of Fortrea from $43.00 to $31.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 14th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Fortrea from $36.00 to $28.00 and set a “hold” rating on the stock in a research report on Thursday, May 23rd. Finally, Bank of America reduced their price target on shares of Fortrea from $33.00 to $27.00 and set an “underperform” rating on the stock in a research report on Tuesday, May 14th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $32.30.

Insider Buying and Selling

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

Fortrea Trading Up 2.0 %

FTRE stock opened at $23.34 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.98. Fortrea Holdings Inc. has a twelve month low of $22.15 and a twelve month high of $41.02. The firm’s fifty day simple moving average is $28.59 and its two-hundred day simple moving average is $32.88.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings data on Monday, May 13th. The company reported ($0.04) earnings per share for the quarter. Fortrea had a negative net margin of 4.11% and a positive return on equity of 4.76%. The firm had revenue of $662.10 million for the quarter, compared to the consensus estimate of $754.58 million. The company’s revenue for the quarter was down 4.6% compared to the same quarter last year. Analysts predict that Fortrea Holdings Inc. will post 0.75 earnings per share for the current year.

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.