Ables Iannone Moore & Associates Inc. Makes New Investment in Fortrea Holdings Inc. (NASDAQ:FTRE)

Ables Iannone Moore & Associates Inc. purchased a new position in Fortrea Holdings Inc. (NASDAQ:FTRE) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,150 shares of the company’s stock, valued at approximately $40,000.

Other large investors have also bought and sold shares of the company. Cohen Capital Management Inc. purchased a new position in Fortrea in the 4th quarter worth approximately $1,873,000. New York State Teachers Retirement System purchased a new position in Fortrea in the 4th quarter worth approximately $3,913,000. Amalgamated Bank purchased a new position in Fortrea in the 4th quarter worth approximately $1,320,000. Mutual of America Capital Management LLC purchased a new position in Fortrea in the 4th quarter worth approximately $9,739,000. Finally, 13D Management LLC purchased a new position in Fortrea in the 4th quarter worth approximately $4,568,000.

Analysts Set New Price Targets

A number of brokerages have commented on FTRE. Evercore ISI decreased their price target on Fortrea from $43.00 to $31.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 14th. Bank of America reduced their target price on Fortrea from $33.00 to $27.00 and set an “underperform” rating on the stock in a research note on Tuesday, May 14th. Baird R W raised Fortrea from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 14th. Robert W. Baird raised Fortrea from a “neutral” rating to an “outperform” rating and reduced their target price for the company from $45.00 to $36.00 in a research note on Tuesday, May 14th. Finally, The Goldman Sachs Group assumed coverage on Fortrea in a research note on Thursday, June 6th. They set a “neutral” rating and a $28.00 target price on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Fortrea currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.30.

Fortrea Trading Up 0.4 %

Fortrea stock opened at $24.06 on Tuesday. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.98. The business’s fifty day simple moving average is $31.24 and its two-hundred day simple moving average is $33.41. Fortrea Holdings Inc. has a 12 month low of $23.63 and a 12 month high of $41.02. The company has a market capitalization of $2.15 billion and a price-to-earnings ratio of -17.31.

Fortrea (NASDAQ:FTRE) last released its earnings results on Monday, May 13th. The company reported ($0.04) EPS for the quarter. Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. The company had revenue of $662.10 million during the quarter, compared to the consensus estimate of $754.58 million. Fortrea’s revenue for the quarter was down 4.6% compared to the same quarter last year. As a group, equities analysts predict that Fortrea Holdings Inc. will post 0.75 earnings per share for the current fiscal year.

Insider Activity

In other Fortrea news, CEO Thomas Pike purchased 10,000 shares of the stock in a transaction dated Wednesday, May 29th. The shares were purchased at an average cost of $24.81 per share, with a total value of $248,100.00. Following the completion of the acquisition, the chief executive officer now directly owns 57,827 shares in the company, valued at approximately $1,434,687.87. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Fortrea news, General Counsel James S. Hanson purchased 2,000 shares of the stock in a transaction dated Wednesday, June 12th. The shares were purchased at an average cost of $25.30 per share, with a total value of $50,600.00. Following the completion of the acquisition, the general counsel now directly owns 7,475 shares in the company, valued at approximately $189,117.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Thomas Pike acquired 10,000 shares of Fortrea stock in a transaction that occurred on Wednesday, May 29th. The shares were purchased at an average price of $24.81 per share, with a total value of $248,100.00. Following the transaction, the chief executive officer now owns 57,827 shares of the company’s stock, valued at approximately $1,434,687.87. The disclosure for this purchase can be found here. Corporate insiders own 0.12% of the company’s stock.

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.