First Eagle Investment Management LLC Buys 108,500 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

First Eagle Investment Management LLC increased its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 40.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 377,382 shares of the company’s stock after purchasing an additional 108,500 shares during the quarter. First Eagle Investment Management LLC owned about 0.42% of Fortrea worth $8,808,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of FTRE. Keeley Teton Advisors LLC boosted its position in Fortrea by 2.7% in the 1st quarter. Keeley Teton Advisors LLC now owns 14,255 shares of the company’s stock valued at $572,000 after buying an additional 370 shares during the last quarter. Financial Counselors Inc. boosted its holdings in Fortrea by 0.4% in the first quarter. Financial Counselors Inc. now owns 94,880 shares of the company’s stock valued at $3,808,000 after acquiring an additional 395 shares during the last quarter. CWM LLC boosted its holdings in Fortrea by 12.5% in the second quarter. CWM LLC now owns 4,273 shares of the company’s stock valued at $100,000 after acquiring an additional 475 shares during the last quarter. Concord Wealth Partners increased its position in Fortrea by 152.8% in the first quarter. Concord Wealth Partners now owns 862 shares of the company’s stock worth $35,000 after purchasing an additional 521 shares during the period. Finally, ProShare Advisors LLC raised its holdings in Fortrea by 6.9% during the 1st quarter. ProShare Advisors LLC now owns 8,165 shares of the company’s stock worth $328,000 after purchasing an additional 524 shares during the last quarter.

Analysts Set New Price Targets

FTRE has been the subject of several analyst reports. Barclays lowered their price target on shares of Fortrea from $30.00 to $21.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 13th. Bank of America dropped their target price on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a research report on Tuesday, August 13th. Robert W. Baird reduced their price target on Fortrea from $38.00 to $28.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 13th. TD Cowen decreased their price objective on Fortrea from $27.00 to $23.00 and set a “hold” rating for the company in a research note on Tuesday, August 13th. Finally, The Goldman Sachs Group initiated coverage on Fortrea in a research note on Thursday, June 6th. They issued a “neutral” rating and a $28.00 target price on the stock. One analyst has rated the stock with a sell rating, seven have given a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Fortrea presently has a consensus rating of “Hold” and an average target price of $27.20.

Fortrea Trading Up 3.8 %

NASDAQ:FTRE opened at $23.86 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.19 and a quick ratio of 1.19. The business’s 50-day simple moving average is $23.81 and its 200-day simple moving average is $29.05. Fortrea Holdings Inc. has a fifty-two week low of $18.07 and a fifty-two week high of $41.02. The stock has a market capitalization of $2.13 billion, a PE ratio of -17.17, a price-to-earnings-growth ratio of 2.02 and a beta of 0.57.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). The company had revenue of $662.40 million during the quarter, compared to the consensus estimate of $689.08 million. Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. The business’s quarterly revenue was down 8.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.52 EPS. Sell-side analysts expect that Fortrea Holdings Inc. will post 0.6 earnings per share for the current fiscal year.

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.