Fortrea Holdings Inc. (NASDAQ:FTRE) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 9.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 592,071 shares of the company’s stock after selling 62,444 shares during the period. Bank of New York Mellon Corp owned approximately 0.66% of Fortrea worth $11,042,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FTRE. Covestor Ltd increased its holdings in Fortrea by 102.4% during the 3rd quarter. Covestor Ltd now owns 2,763 shares of the company’s stock worth $55,000 after purchasing an additional 1,398 shares during the period. Whalen Wealth Management Inc. acquired a new position in shares of Fortrea during the fourth quarter worth about $204,000. Allspring Global Investments Holdings LLC increased its stake in shares of Fortrea by 21.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 11,073 shares of the company’s stock worth $207,000 after buying an additional 1,986 shares during the period. Centiva Capital LP acquired a new stake in Fortrea in the third quarter valued at approximately $220,000. Finally, Verition Fund Management LLC purchased a new position in Fortrea in the third quarter worth approximately $220,000.

Fortrea Trading Down 3.4 %

FTRE opened at $9.58 on Friday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea Holdings Inc. has a 52 week low of $9.47 and a 52 week high of $41.02. The business’s 50 day moving average is $15.65 and its two-hundred day moving average is $18.54. The firm has a market cap of $864.12 million, a price-to-earnings ratio of -2.80, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The business had revenue of $697.00 million during the quarter, compared to analyst estimates of $703.22 million. During the same period in the previous year, the firm earned $0.19 earnings per share. On average, research analysts predict that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have commented on FTRE. The Goldman Sachs Group dropped their price objective on shares of Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 4th. Citigroup lowered Fortrea from a “buy” rating to a “neutral” rating and dropped their target price for the company from $30.00 to $23.00 in a report on Wednesday, December 11th. Barclays decreased their price target on Fortrea from $25.00 to $12.00 and set an “equal weight” rating for the company in a report on Tuesday, March 4th. Robert W. Baird set a $12.00 price objective on Fortrea in a research report on Tuesday, March 4th. Finally, William Blair reissued a “market perform” rating on shares of Fortrea in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to MarketBeat.com, Fortrea currently has a consensus rating of “Hold” and a consensus target price of $19.00.

Insider Buying and Selling at Fortrea

In other news, CEO Thomas Pike sold 11,268 shares of the stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $18.04, for a total transaction of $203,274.72. Following the completion of the sale, the chief executive officer now owns 159,868 shares in the company, valued at approximately $2,884,018.72. This represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last three months, insiders have sold 13,029 shares of company stock worth $226,168. 0.12% of the stock is owned by company insiders.

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.