William B. Walkup & Associates Inc. Buys Shares of 9,386 Fortrea Holdings Inc. (NASDAQ:FTRE)

William B. Walkup & Associates Inc. purchased a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 9,386 shares of the company’s stock, valued at approximately $219,000.

Other hedge funds have also modified their holdings of the company. Sei Investments Co. lifted its holdings in shares of Fortrea by 311.2% in the 1st quarter. Sei Investments Co. now owns 78,873 shares of the company’s stock valued at $3,165,000 after buying an additional 59,690 shares during the period. Jennison Associates LLC acquired a new stake in shares of Fortrea in the 1st quarter valued at approximately $6,560,000. First Eagle Investment Management LLC lifted its holdings 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 buying an additional 169,882 shares during the period. 13D Management LLC acquired a new stake in shares of Fortrea in the 4th quarter valued at approximately $4,568,000. Finally, Mutual of America Capital Management LLC lifted its holdings in shares of Fortrea by 31.6% in the 1st quarter. Mutual of America Capital Management LLC now owns 367,203 shares of the company’s stock valued at $14,740,000 after buying an additional 88,159 shares during the period.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FTRE. William Blair reissued a “market perform” rating on shares of Fortrea in a report on Wednesday, September 11th. Bank of America reduced their price objective on Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a report on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft reduced their price objective on Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a report on Tuesday, August 20th. Barclays reduced their price objective on Fortrea from $30.00 to $21.00 and set an “equal weight” rating for the company in a report on Tuesday, August 13th. Finally, TD Cowen reduced their price objective on Fortrea from $27.00 to $23.00 and set a “hold” rating for the company in a report on Tuesday, August 13th. 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $24.90.

Fortrea Stock Performance

NASDAQ FTRE opened at $19.84 on Monday. Fortrea Holdings Inc. has a fifty-two week low of $18.07 and a fifty-two week high of $41.02. The stock has a market cap of $1.77 billion, a price-to-earnings ratio of -14.27, a price-to-earnings-growth ratio of 2.21 and a beta of 0.56. The business has a fifty day moving average of $23.15 and a 200-day moving average of $28.23. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.77.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). The business had revenue of $662.40 million during the quarter, compared to analysts’ expectations of $689.08 million. Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. Fortrea’s revenue for the quarter was down 8.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.52 EPS. As a group, analysts predict that Fortrea Holdings Inc. will post 0.6 earnings per share for the current fiscal 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.