Charles Schwab Investment Management Inc. Buys 29,285 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Charles Schwab Investment Management Inc. grew its position in Fortrea Holdings Inc. (NASDAQ:FTRE) by 5.2% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 590,428 shares of the company’s stock after buying an additional 29,285 shares during the period. Charles Schwab Investment Management Inc. owned 0.66% of Fortrea worth $11,809,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of FTRE. Pacer Advisors Inc. grew its stake in Fortrea by 5,021,169.7% during the 3rd quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock worth $122,519,000 after buying an additional 6,125,827 shares during the last quarter. Commerce Bank boosted its holdings in Fortrea by 75.1% in the third quarter. Commerce Bank now owns 24,962 shares of the company’s stock worth $499,000 after acquiring an additional 10,705 shares in the last quarter. Mutual of America Capital Management LLC grew its stake in shares of Fortrea by 9.0% during the third quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company’s stock worth $9,909,000 after acquiring an additional 40,748 shares during the last quarter. Natixis Advisors LLC grew its stake in shares of Fortrea by 73.9% during the third quarter. Natixis Advisors LLC now owns 183,501 shares of the company’s stock worth $3,670,000 after acquiring an additional 78,010 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. increased its holdings in shares of Fortrea by 20.5% during the third quarter. Diamond Hill Capital Management Inc. now owns 1,197,696 shares of the company’s stock valued at $23,954,000 after acquiring an additional 204,021 shares in the last quarter.

Fortrea Stock Down 8.1 %

FTRE stock opened at $21.67 on Monday. The firm’s fifty day moving average is $19.52 and its 200 day moving average is $22.32. The firm has a market cap of $1.94 billion, a PE ratio of -6.34, a P/E/G ratio of 3.58 and a beta of 1.16. Fortrea Holdings Inc. has a one year low of $16.53 and a one year high of $41.02. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.02). The business had revenue of $674.90 million during the quarter, compared to analysts’ expectations of $674.86 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. Fortrea’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.24 EPS. On average, research analysts forecast that Fortrea Holdings Inc. will post 0.57 EPS for the current year.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Barclays lifted their target price on shares of Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Robert W. Baird lowered shares of Fortrea from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $28.00 to $25.00 in a report on Friday. Bank of America cut their target price on Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research report on Tuesday, August 13th. The Goldman Sachs Group lowered their price target on Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a research report on Tuesday, October 8th. Finally, TD Cowen increased their price objective on Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Fortrea presently has a consensus rating of “Hold” and an average price target of $24.00.

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.