Sanctuary Advisors LLC Acquires Shares of 14,164 Fortrea Holdings Inc. (NASDAQ:FTRE)

Sanctuary Advisors LLC purchased a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 14,164 shares of the company’s stock, valued at approximately $331,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of Fortrea during the fourth quarter worth $1,029,000. Vanguard Group Inc. acquired a new position in shares of Fortrea during the 4th quarter worth about $347,110,000. PNC Financial Services Group Inc. bought a new stake in shares of Fortrea in the 4th quarter valued at about $750,000. CWM LLC raised its position in shares of Fortrea by 61.5% in the 1st quarter. CWM LLC now owns 3,798 shares of the company’s stock valued at $152,000 after acquiring an additional 1,446 shares during the period. Finally, Park Avenue Securities LLC boosted its stake in Fortrea by 22.3% during the 1st quarter. Park Avenue Securities LLC now owns 10,353 shares of the company’s stock worth $416,000 after acquiring an additional 1,891 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Bank of America lowered their price objective 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. TD Cowen lowered their price target on Fortrea from $27.00 to $23.00 and set a “hold” rating for the company in a report on Tuesday, August 13th. Jefferies Financial Group cut Fortrea from a “buy” rating to a “hold” rating and cut their price objective for the company from $25.00 to $21.00 in a report on Wednesday, September 25th. Barclays lowered their target price on Fortrea from $21.00 to $20.00 and set an “equal weight” rating for the company in a research note on Tuesday. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a research report on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $23.60.

Fortrea Stock Up 2.5 %

Fortrea stock opened at $19.89 on Friday. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.77. Fortrea Holdings Inc. has a 1-year low of $18.04 and a 1-year high of $41.02. The company has a fifty day simple moving average of $21.00 and a 200 day simple moving average of $26.26. The company has a market cap of $1.78 billion, a P/E ratio of -14.31, a price-to-earnings-growth ratio of 2.37 and a beta of 0.54.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Monday, August 12th. The company reported ($0.03) earnings per share 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 company had revenue of $662.40 million during the quarter, compared to the consensus estimate of $689.08 million. During the same quarter in the previous year, the business earned $0.52 EPS. Fortrea’s revenue was down 8.6% on a year-over-year basis. Research analysts anticipate that Fortrea Holdings Inc. will post 0.59 earnings per share for the current fiscal 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.