US Bancorp DE Sells 9,446 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

US Bancorp DE decreased its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 72.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,514 shares of the company’s stock after selling 9,446 shares during the quarter. US Bancorp DE’s holdings in Fortrea were worth $66,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its position in shares of Fortrea by 21.2% during the third quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company’s stock worth $7,288,000 after acquiring an additional 63,766 shares during the last quarter. Starboard Value LP raised its position in shares of Fortrea by 5.0% during the third quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock worth $168,000,000 after acquiring an additional 400,000 shares during the last quarter. State Street Corp raised its position in shares of Fortrea by 7.7% during the third quarter. State Street Corp now owns 3,250,693 shares of the company’s stock worth $65,014,000 after acquiring an additional 233,577 shares during the last quarter. Mutual of America Capital Management LLC raised its position 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. Finally, Jacobs Levy Equity Management Inc. raised its position in shares of Fortrea by 25.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,135,619 shares of the company’s stock worth $22,712,000 after acquiring an additional 227,109 shares during the last quarter.

Insider Transactions at Fortrea

In related news, CEO Thomas Pike sold 11,268 shares of the company’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $18.04, for a total transaction of $203,274.72. Following the sale, the chief executive officer now owns 159,868 shares in the company, valued at approximately $2,884,018.72. This represents a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold 13,029 shares of company stock valued at $226,168 over the last three months. Company insiders own 0.12% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on FTRE shares. Barclays dropped their target price on Fortrea from $25.00 to $12.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 4th. William Blair reiterated a “market perform” rating on shares of Fortrea in a report on Tuesday, March 4th. Baird R W downgraded Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. Robert W. Baird set a $12.00 price objective on Fortrea in a report on Tuesday, March 4th. Finally, Evercore ISI dropped their price objective on Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $19.00.

Fortrea Stock Up 3.3 %

NASDAQ:FTRE opened at $9.98 on Tuesday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. The stock has a market cap of $900.20 million, a price-to-earnings ratio of -2.92, a PEG ratio of 1.78 and a beta of 1.34. The stock has a 50-day moving average price of $15.08 and a two-hundred day moving average price of $18.23. Fortrea Holdings Inc. has a 1 year low of $9.47 and a 1 year high of $41.02.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings data on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.18). The firm had revenue of $697.00 million for the quarter, compared to analyst estimates of $703.22 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. During the same period in the prior year, the company earned $0.19 earnings per share. As a group, equities analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Fortrea Company 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.