Fortrea Holdings Inc. (NASDAQ:FTRE) Shares Acquired by University of Texas Texas AM Investment Management Co.

University of Texas Texas AM Investment Management Co. grew its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 125.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,250 shares of the company’s stock after buying an additional 1,250 shares during the period. University of Texas Texas AM Investment Management Co.’s holdings in Fortrea were worth $53,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Keeley Teton Advisors LLC raised its position in shares of Fortrea by 2.7% in the first 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. raised its position in shares of 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 buying an additional 395 shares during the last quarter. CWM LLC raised its position in shares of 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 buying an additional 475 shares during the last quarter. Concord Wealth Partners increased its position in Fortrea by 152.8% during 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 last quarter. Finally, ProShare Advisors LLC increased its position in Fortrea by 6.9% during the first 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.

Fortrea Price Performance

Shares of FTRE opened at $19.64 on Wednesday. Fortrea Holdings Inc. has a 1-year low of $18.07 and a 1-year high of $41.02. The stock has a market cap of $1.76 billion, a PE ratio of -14.13, a P/E/G ratio of 2.21 and a beta of 0.56. The firm has a 50-day simple moving average of $22.90 and a two-hundred day simple moving average of $27.96. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.19 and a quick ratio of 1.19.

Fortrea (NASDAQ:FTRE) last posted 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 during the quarter, compared to analysts’ expectations of $689.08 million. During the same period in the previous year, the business posted $0.52 EPS. The company’s revenue for the quarter was down 8.6% compared to the same quarter last year. As a group, analysts forecast that Fortrea Holdings Inc. will post 0.6 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of Fortrea in a research report on Thursday, June 6th. They set a “neutral” rating and a $28.00 price objective for the company. Evercore ISI cut shares of Fortrea from an “outperform” rating to an “in-line” rating and cut their price objective for the stock from $31.00 to $27.00 in a research report on Thursday, August 8th. William Blair restated a “market perform” rating on shares of Fortrea in a research report on Wednesday, September 11th. Robert W. Baird cut their price objective on shares of Fortrea from $38.00 to $28.00 and set an “outperform” rating for the company in a research report on Tuesday, August 13th. Finally, Barclays cut their price objective 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. One research analyst has rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $24.90.

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.