Fortrea Holdings Inc. (NASDAQ:FTRE) Shares Sold by Stifel Financial Corp

Stifel Financial Corp lessened its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 10.2% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 16,107 shares of the company’s stock after selling 1,826 shares during the quarter. Stifel Financial Corp’s holdings in Fortrea were worth $322,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Penn Davis Mcfarland Inc. boosted its holdings in Fortrea by 86.4% in the 3rd quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company’s stock worth $21,944,000 after acquiring an additional 508,664 shares during the period. Starboard Value LP grew its holdings in Fortrea by 5.0% during the 3rd quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock valued at $168,000,000 after purchasing an additional 400,000 shares in the last quarter. Mutual of America Capital Management LLC grew its holdings in Fortrea by 9.0% during the 3rd quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company’s stock valued at $9,909,000 after purchasing an additional 40,748 shares in the last quarter. Diamond Hill Capital Management Inc. purchased a new stake in Fortrea during the 2nd quarter worth $23,192,000. Finally, First Eagle Investment Management LLC lifted its holdings in Fortrea by 40.4% in the 2nd quarter. First Eagle Investment Management LLC now owns 377,382 shares of the company’s stock worth $8,808,000 after buying an additional 108,500 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on FTRE shares. The Goldman Sachs Group cut their target price on Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 8th. Robert W. Baird cut shares of Fortrea from an “outperform” rating to a “neutral” rating and cut their price target for the company from $28.00 to $25.00 in a report on Friday, December 6th. William Blair reissued a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. Jefferies Financial Group cut shares of Fortrea from a “buy” rating to a “hold” rating and reduced their price target for the stock from $25.00 to $21.00 in a research report on Wednesday, September 25th. Finally, Evercore ISI lowered their price objective on Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a report on Tuesday, October 8th. One analyst has rated the stock with a sell rating and eleven have issued a hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $23.30.

Fortrea Stock Up 1.0 %

Shares of Fortrea stock opened at $19.36 on Friday. Fortrea Holdings Inc. has a 12-month low of $16.53 and a 12-month high of $41.02. The firm has a market capitalization of $1.74 billion, a PE ratio of -5.66, a price-to-earnings-growth ratio of 2.94 and a beta of 1.16. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The stock’s fifty day moving average is $19.67 and its 200-day moving average is $21.75.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The business had revenue of $674.90 million for the quarter, compared to analyst estimates of $674.86 million. During the same quarter in the previous year, the business posted $0.24 earnings per share. The company’s revenue was down 5.4% compared to the same quarter last year. Equities analysts anticipate that Fortrea Holdings Inc. will post 0.57 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.