Cwm LLC Cuts Stake in Fortrea Holdings Inc. (NASDAQ:FTRE)

Cwm LLC lowered its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 31.3% in the third quarter, Holdings Channel reports. The firm owned 2,934 shares of the company’s stock after selling 1,339 shares during the period. Cwm LLC’s holdings in Fortrea were worth $59,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Keeley Teton Advisors LLC grew its stake in Fortrea by 2.7% during the 1st quarter. Keeley Teton Advisors LLC now owns 14,255 shares of the company’s stock valued at $572,000 after acquiring an additional 370 shares in the last quarter. Financial Counselors Inc. grew its stake in Fortrea by 0.4% during the 1st quarter. Financial Counselors Inc. now owns 94,880 shares of the company’s stock valued at $3,808,000 after acquiring an additional 395 shares in the last quarter. Concord Wealth Partners grew its stake in Fortrea by 152.8% during the 1st quarter. Concord Wealth Partners now owns 862 shares of the company’s stock valued at $35,000 after acquiring an additional 521 shares in the last quarter. ProShare Advisors LLC grew its stake in Fortrea by 6.9% during the 1st quarter. ProShare Advisors LLC now owns 8,165 shares of the company’s stock valued at $328,000 after acquiring an additional 524 shares in the last quarter. Finally, Arizona State Retirement System grew its stake in Fortrea by 2.5% during the 2nd quarter. Arizona State Retirement System now owns 23,769 shares of the company’s stock valued at $555,000 after acquiring an additional 585 shares in the last quarter.

Fortrea Stock Down 0.2 %

Shares of NASDAQ FTRE opened at $17.33 on Monday. The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of -5.32, a price-to-earnings-growth ratio of 2.87 and a beta of 0.54. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.19 and a quick ratio of 1.19. The business has a 50-day moving average of $20.59 and a two-hundred day moving average of $25.33. Fortrea Holdings Inc. has a 1 year low of $17.19 and a 1 year high of $41.02.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). The business had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $689.08 million. Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The firm’s quarterly revenue was down 8.6% on a year-over-year basis. During the same period last year, the firm earned $0.52 earnings per share. On average, analysts forecast that Fortrea Holdings Inc. will post 0.59 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on FTRE. The Goldman Sachs Group dropped their price objective on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a report on Tuesday, August 20th. William Blair reiterated a “market perform” rating on shares of Fortrea in a report on Wednesday, September 11th. TD Cowen decreased their target price 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. Finally, Jefferies Financial Group lowered shares of Fortrea from a “buy” rating to a “hold” rating and decreased their target price for the company from $25.00 to $21.00 in a report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price 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.