Corient Private Wealth LLC Sells 1,263 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Corient Private Wealth LLC lessened its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 6.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,950 shares of the company’s stock after selling 1,263 shares during the quarter. Corient Private Wealth LLC’s holdings in Fortrea were worth $335,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in FTRE. Starboard Value LP increased its position in Fortrea by 5.0% during the third quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock valued at $168,000,000 after acquiring an additional 400,000 shares during the last quarter. FMR LLC grew its stake in shares of Fortrea by 91.6% during the 3rd quarter. FMR LLC now owns 4,821,404 shares of the company’s stock valued at $96,428,000 after purchasing an additional 2,304,677 shares during the period. State Street Corp increased its position in shares of Fortrea by 7.7% during the 3rd quarter. State Street Corp now owns 3,250,693 shares of the company’s stock valued at $65,014,000 after purchasing an additional 233,577 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Fortrea by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,502,546 shares of the company’s stock worth $30,059,000 after purchasing an additional 20,825 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in shares of Fortrea by 25.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,135,619 shares of the company’s stock worth $22,712,000 after buying an additional 227,109 shares during the last quarter.

Insider Activity

In related news, CEO Thomas Pike sold 11,268 shares of the firm’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $18.04, for a total value of $203,274.72. Following the completion of the transaction, the chief executive officer now directly owns 159,868 shares of the company’s stock, valued at approximately $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 13,029 shares of company stock worth $226,168 over the last 90 days. Corporate insiders own 0.12% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on FTRE. Baird R W downgraded shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. Barclays decreased their target price on Fortrea from $25.00 to $12.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 4th. Evercore ISI lowered their target price on Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a research report on Tuesday, March 4th. Robert W. Baird set a $12.00 price target on Fortrea in a research report on Tuesday, March 4th. Finally, Citigroup cut Fortrea from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $30.00 to $23.00 in a research report on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating and eleven have given a hold rating to the stock. Based on data from MarketBeat, Fortrea presently has a consensus rating of “Hold” and a consensus target price of $19.00.

Fortrea Trading Down 3.9 %

FTRE stock opened at $8.03 on Monday. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. Fortrea Holdings Inc. has a 1-year low of $8.00 and a 1-year high of $40.63. The business has a 50 day simple moving average of $13.39 and a two-hundred day simple moving average of $17.45. The company has a market capitalization of $724.31 million, a price-to-earnings ratio of -2.35, a PEG ratio of 1.78 and a beta of 1.34.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). The company had revenue of $697.00 million for the quarter, compared to the consensus estimate 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 quarter in the prior year, the company posted $0.19 EPS. Research analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal 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.