Everence Capital Management Inc. Raises Stock Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Everence Capital Management Inc. lifted its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 60.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,320 shares of the company’s stock after acquiring an additional 4,630 shares during the quarter. Everence Capital Management Inc.’s holdings in Fortrea were worth $246,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of FTRE. Keeley Teton Advisors LLC increased its position in Fortrea by 2.7% in the first quarter. Keeley Teton Advisors LLC now owns 14,255 shares of the company’s stock worth $572,000 after buying an additional 370 shares during the last quarter. Financial Counselors Inc. increased its position in Fortrea by 0.4% in the first quarter. Financial Counselors Inc. now owns 94,880 shares of the company’s stock worth $3,808,000 after buying an additional 395 shares during the last quarter. CWM LLC increased its position in Fortrea by 12.5% in the second quarter. CWM LLC now owns 4,273 shares of the company’s stock worth $100,000 after buying an additional 475 shares during the last quarter. Concord Wealth Partners increased its position in Fortrea by 152.8% in the first quarter. Concord Wealth Partners now owns 862 shares of the company’s stock worth $35,000 after buying an additional 521 shares during the last quarter. Finally, ProShare Advisors LLC increased its position in Fortrea by 6.9% in the first quarter. ProShare Advisors LLC now owns 8,165 shares of the company’s stock worth $328,000 after buying an additional 524 shares during the last quarter.

Fortrea Price Performance

NASDAQ:FTRE opened at $17.80 on Wednesday. The firm has a market capitalization of $1.59 billion, a price-to-earnings ratio of -12.81, a P/E/G ratio of 2.37 and a beta of 0.54. Fortrea Holdings Inc. has a 52-week low of $17.61 and a 52-week high of $41.02. The stock has a fifty day moving average of $20.89 and a 200 day moving average of $25.80. 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 (NASDAQ:FTRE) last released its quarterly 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 firm had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $689.08 million. During the same quarter in the previous year, the business earned $0.52 EPS. The company’s revenue for the quarter was down 8.6% on a year-over-year basis. On average, research analysts expect that Fortrea Holdings Inc. will post 0.59 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on FTRE shares. Deutsche Bank Aktiengesellschaft decreased their target price on Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a research report on Tuesday, August 20th. The Goldman Sachs Group cut their price target on Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th. Evercore ISI cut their price target on Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a report on Tuesday, October 8th. Jefferies Financial Group lowered Fortrea from a “buy” rating to a “hold” rating and cut their price target for the stock from $25.00 to $21.00 in a report on Wednesday, September 25th. Finally, William Blair reaffirmed a “market perform” rating on shares of Fortrea in a report on Wednesday, September 11th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $23.60.

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.