Clearline Capital LP Grows Stock Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Clearline Capital LP lifted its position in Fortrea Holdings Inc. (NASDAQ:FTRE) by 324.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 249,533 shares of the company’s stock after purchasing an additional 190,728 shares during the quarter. Clearline Capital LP owned 0.28% of Fortrea worth $5,824,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of FTRE. Sei Investments Co. boosted its stake in Fortrea by 311.2% in the first quarter. Sei Investments Co. now owns 78,873 shares of the company’s stock worth $3,165,000 after buying an additional 59,690 shares in the last quarter. Jennison Associates LLC purchased a new stake in shares of Fortrea in the 1st quarter valued at $6,560,000. First Eagle Investment Management LLC boosted its stake in shares of Fortrea by 171.6% in the 1st quarter. First Eagle Investment Management LLC now owns 268,882 shares of the company’s stock valued at $10,793,000 after purchasing an additional 169,882 shares in the last quarter. 13D Management LLC bought a new position in shares of Fortrea during the 4th quarter valued at $4,568,000. Finally, Mutual of America Capital Management LLC raised its position in Fortrea by 31.6% in the 1st quarter. Mutual of America Capital Management LLC now owns 367,203 shares of the company’s stock worth $14,740,000 after purchasing an additional 88,159 shares during the period.

Wall Street Analyst Weigh In

Several research firms have issued reports on FTRE. Robert W. Baird cut their price target 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. TD Cowen reduced their price target on Fortrea from $27.00 to $23.00 and set a “hold” rating on the stock in a research report on Tuesday, August 13th. Bank of America decreased their price target on Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research note on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft dropped their price objective on Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a research note on Tuesday, August 20th. Finally, The Goldman Sachs Group initiated coverage on shares of Fortrea in a research note on Thursday, June 6th. They issued a “neutral” rating and a $28.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $24.90.

Fortrea Stock Performance

NASDAQ:FTRE opened at $19.84 on Friday. 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 firm’s fifty day simple moving average is $23.15 and its 200 day simple moving average is $28.31. The stock has a market cap of $1.77 billion, a P/E ratio of -14.27, a price-to-earnings-growth ratio of 2.21 and a beta of 0.56. Fortrea Holdings Inc. has a twelve month low of $18.07 and a twelve month high of $41.02.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $689.08 million. During the same period in the previous year, the firm posted $0.52 EPS. The company’s revenue for the quarter was down 8.6% on a year-over-year basis. As a group, research analysts predict that Fortrea Holdings Inc. will post 0.6 EPS for the current year.

About Fortrea

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.