Penn Davis Mcfarland Inc. Grows Stock Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Penn Davis Mcfarland Inc. lifted its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 86.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,097,196 shares of the company’s stock after buying an additional 508,664 shares during the period. Fortrea makes up approximately 2.5% of Penn Davis Mcfarland Inc.’s holdings, making the stock its 16th largest holding. Penn Davis Mcfarland Inc. owned about 1.23% of Fortrea worth $21,944,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of FTRE. Vanguard Group Inc. bought a new stake in shares of Fortrea in the 4th quarter worth approximately $347,110,000. Baupost Group LLC MA lifted its position in Fortrea by 933.7% in the 2nd quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company’s stock valued at $73,296,000 after acquiring an additional 2,836,563 shares in the last quarter. Magnetar Financial LLC lifted its position in Fortrea by 228.6% in the 2nd quarter. Magnetar Financial LLC now owns 1,985,854 shares of the company’s stock valued at $46,350,000 after acquiring an additional 1,381,489 shares in the last quarter. Diamond Hill Capital Management Inc. bought a new position in Fortrea in the 2nd quarter valued at approximately $23,192,000. Finally, Nordea Investment Management AB lifted its position in Fortrea by 4,500.5% in the 1st quarter. Nordea Investment Management AB now owns 982,215 shares of the company’s stock valued at $39,259,000 after acquiring an additional 960,865 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on FTRE shares. William Blair reiterated a “market perform” rating on shares of Fortrea in a research note on Wednesday, September 11th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a research note on Tuesday, August 20th. The Goldman Sachs Group reduced their price objective on Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Tuesday, October 8th. Robert W. Baird reduced their price objective on Fortrea from $38.00 to $28.00 and set an “outperform” rating for the company in a research note 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 research note on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $23.60.

Fortrea Stock Performance

Fortrea stock opened at $19.89 on Monday. The company has a 50 day moving average price of $21.00 and a 200-day moving average price of $26.17. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.19 and a current ratio of 1.19. Fortrea Holdings Inc. has a fifty-two week low of $18.04 and a fifty-two week high of $41.02. The company has a market capitalization of $1.78 billion, a PE ratio of -14.31, a P/E/G ratio of 2.37 and a beta of 0.54.

Fortrea (NASDAQ:FTRE) last issued 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). Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The business had revenue of $662.40 million during the quarter, compared to the consensus estimate of $689.08 million. During the same period last year, the firm earned $0.52 EPS. The business’s quarterly revenue was down 8.6% on a year-over-year basis. As a group, equities analysts forecast that Fortrea Holdings Inc. will post 0.59 earnings per share for the current year.

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.