Fortrea Holdings Inc. (NASDAQ:FTRE) Shares Bought by Dimensional Fund Advisors LP

Dimensional Fund Advisors LP grew its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 4.8% during the 2nd quarter, Holdings Channel reports. The firm owned 933,985 shares of the company’s stock after purchasing an additional 43,176 shares during the quarter. Dimensional Fund Advisors LP’s holdings in Fortrea were worth $21,795,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Diamond Hill Capital Management Inc. acquired a new stake in Fortrea in the 2nd quarter valued at approximately $23,192,000. Fore Capital LLC acquired a new position in Fortrea in the second quarter valued at $584,000. Hahn Capital Management LLC grew its holdings in shares of Fortrea by 33.4% during the second quarter. Hahn Capital Management LLC now owns 39,544 shares of the company’s stock worth $923,000 after purchasing an additional 9,896 shares during the last quarter. Arizona State Retirement System raised its position in Fortrea by 2.5% in the 2nd quarter. Arizona State Retirement System now owns 23,769 shares of the company’s stock valued at $555,000 after purchasing an additional 585 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in shares of Fortrea by 59.3% during the second quarter. Victory Capital Management Inc. now owns 2,466,181 shares of the company’s stock worth $57,561,000 after buying an additional 918,240 shares during the period.

Fortrea Stock Performance

Shares of NASDAQ FTRE opened at $19.08 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 stock has a market capitalization of $1.71 billion, a P/E ratio of -13.73, a P/E/G ratio of 2.21 and a beta of 0.56. Fortrea Holdings Inc. has a 52-week low of $18.07 and a 52-week high of $41.02. The firm’s 50-day moving average price is $22.77 and its two-hundred day moving average price is $27.90.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data 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). The company had revenue of $662.40 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.52 earnings per share. As a group, sell-side analysts forecast that Fortrea Holdings Inc. will post 0.6 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FTRE. William Blair restated a “market perform” rating on shares of Fortrea in a research report on Wednesday, September 11th. The Goldman Sachs Group initiated coverage on Fortrea in a report on Thursday, June 6th. They set a “neutral” rating and a $28.00 price objective on the stock. Jefferies Financial Group downgraded Fortrea from a “buy” rating to a “hold” rating and lowered their price target for the company from $25.00 to $21.00 in a research report on Wednesday, September 25th. Citigroup reduced their price objective on Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Finally, TD Cowen cut their price objective on shares of Fortrea from $27.00 to $23.00 and set a “hold” rating on the stock 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 given a strong buy rating to the company. According to data from MarketBeat.com, Fortrea currently has an average rating of “Hold” and a consensus target price of $24.90.

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.