Brandes Investment Partners LP Increases Stake in Fortrea Holdings Inc. (NASDAQ:FTRE)

Brandes Investment Partners LP increased its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 27.1% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,438,159 shares of the company’s stock after acquiring an additional 519,344 shares during the quarter. Brandes Investment Partners LP owned about 2.73% of Fortrea worth $56,845,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. bought a new stake in Fortrea in the fourth quarter worth $347,110,000. Sessa Capital IM L.P. lifted its holdings in shares of Fortrea by 5.9% in the 2nd quarter. Sessa Capital IM L.P. now owns 6,750,000 shares of the company’s stock worth $157,545,000 after acquiring an additional 375,000 shares during the last quarter. Boston Partners boosted its stake in shares of Fortrea by 3.2% during the 1st quarter. Boston Partners now owns 3,938,584 shares of the company’s stock worth $157,075,000 after purchasing an additional 121,126 shares during the period. Baupost Group LLC MA grew its holdings in Fortrea by 933.7% during the 2nd quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company’s stock valued at $73,296,000 after purchasing an additional 2,836,563 shares during the last quarter. Finally, Victory Capital Management Inc. raised its position in Fortrea by 59.3% in the 2nd quarter. Victory Capital Management Inc. now owns 2,466,181 shares of the company’s stock worth $57,561,000 after purchasing an additional 918,240 shares during the period.

Fortrea Trading Up 0.2 %

NASDAQ FTRE opened at $19.84 on Monday. The firm has a market cap of $1.77 billion, a PE ratio of -14.27, a price-to-earnings-growth ratio of 2.21 and a beta of 0.56. Fortrea Holdings Inc. has a 52 week low of $18.07 and a 52 week high of $41.02. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.77. The company has a 50 day moving average price of $23.15 and a 200 day moving average price of $28.23.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.10). Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. The business had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $689.08 million. During the same quarter in the prior year, the company posted $0.52 EPS. The business’s revenue for the quarter was down 8.6% on a year-over-year basis. As a group, sell-side analysts forecast that Fortrea Holdings Inc. will post 0.6 EPS for the current fiscal year.

Analyst Ratings Changes

FTRE has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft dropped their target price on Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a research report on Tuesday, August 20th. Citigroup cut their price objective on Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. 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. Bank of America lowered their target price on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a research note on Tuesday, August 13th. Finally, Jefferies Financial Group downgraded 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 note on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Fortrea has an average rating of “Hold” and a consensus price target of $24.90.

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.