Park Avenue Securities LLC Acquires 1,891 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Park Avenue Securities LLC lifted its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 22.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,353 shares of the company’s stock after purchasing an additional 1,891 shares during the quarter. Park Avenue Securities LLC’s holdings in Fortrea were worth $416,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of FTRE. Banyan Capital Management Inc. purchased a new position in Fortrea in the 4th quarter worth approximately $816,000. Daymark Wealth Partners LLC bought a new position in shares of Fortrea during the 4th quarter valued at $254,000. Nordea Investment Management AB purchased a new position in Fortrea in the 4th quarter worth $747,000. Raymond James Trust N.A. bought a new stake in Fortrea in the fourth quarter worth $363,000. Finally, FORVIS Wealth Advisors LLC purchased a new stake in Fortrea during the fourth quarter valued at about $244,000.

Fortrea Trading Up 2.0 %

NASDAQ FTRE opened at $23.34 on Friday. The stock’s 50 day moving average is $28.59 and its 200 day moving average is $32.88. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $2.09 billion and a PE ratio of -16.79. Fortrea Holdings Inc. has a twelve month low of $22.15 and a twelve month high of $41.02.

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

Insider Activity

In related news, General Counsel James S. Hanson purchased 2,000 shares of Fortrea stock in a transaction dated Wednesday, June 12th. The stock was purchased 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 acquisition was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Thomas Pike acquired 10,000 shares of the stock in a transaction that occurred on Wednesday, May 29th. The shares were bought at an average price of $24.81 per share, for a total transaction of $248,100.00. Following the completion of the transaction, 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 the SEC website. Also, General Counsel James S. Hanson bought 2,000 shares of the business’s stock in a transaction on Wednesday, June 12th. The stock was bought at an average cost of $25.30 per share, with a total value of $50,600.00. Following the transaction, the general counsel now owns 7,475 shares in the company, valued at approximately $189,117.50. The disclosure for this purchase can be found here. Company insiders own 0.12% of the company’s stock.

Wall Street Analyst Weigh In

FTRE has been the topic of several analyst reports. Mizuho assumed coverage on Fortrea in a report on Tuesday, May 28th. They issued a “neutral” rating and a $27.00 price objective on the stock. 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. TD Cowen initiated coverage on shares of Fortrea in a report on Wednesday, May 29th. They issued a “hold” rating and a $27.00 target price on the stock. Robert W. Baird raised shares of Fortrea from a “neutral” rating to an “outperform” rating and decreased their target price for the stock from $45.00 to $36.00 in a research note on Tuesday, May 14th. Finally, 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 target on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $32.30.

Fortrea 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.