Charles Schwab Investment Management Inc. Grows Stock Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Charles Schwab Investment Management Inc. grew its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 5.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 590,428 shares of the company’s stock after purchasing an additional 29,285 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Fortrea were worth $11,809,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Sessa Capital IM L.P. boosted its position in Fortrea by 5.9% during the second quarter. Sessa Capital IM L.P. now owns 6,750,000 shares of the company’s stock worth $157,545,000 after acquiring an additional 375,000 shares during the last quarter. Pacer Advisors Inc. lifted its stake in Fortrea by 5,021,169.7% in the 3rd quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock worth $122,519,000 after purchasing an additional 6,125,827 shares in the last quarter. Baupost Group LLC MA boosted its holdings in shares of Fortrea by 933.7% during the 2nd quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company’s stock worth $73,296,000 after purchasing an additional 2,836,563 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Fortrea by 59.3% in the second quarter. Victory Capital Management Inc. now owns 2,466,181 shares of the company’s stock valued at $57,561,000 after purchasing an additional 918,240 shares in the last quarter. Finally, Brandes Investment Partners LP increased its holdings in shares of Fortrea by 27.1% in the second quarter. Brandes Investment Partners LP now owns 2,438,159 shares of the company’s stock valued at $56,845,000 after purchasing an additional 519,344 shares during the last quarter.

Fortrea Stock Performance

NASDAQ FTRE opened at $21.67 on Monday. The company has a market cap of $1.94 billion, a P/E ratio of -6.34, a P/E/G ratio of 3.58 and a beta of 1.16. Fortrea Holdings Inc. has a 1-year low of $16.53 and a 1-year high of $41.02. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. The stock has a 50-day moving average of $19.52 and a two-hundred day moving average of $22.32.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.02). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The business had revenue of $674.90 million for the quarter, compared to analysts’ expectations of $674.86 million. During the same period in the previous year, the company earned $0.24 earnings per share. Fortrea’s quarterly revenue was down 5.4% on a year-over-year basis. As a group, analysts anticipate that Fortrea Holdings Inc. will post 0.57 EPS for the current year.

Analyst Ratings Changes

FTRE has been the topic of a number of recent research reports. TD Cowen boosted their price objective on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Robert W. Baird cut shares of Fortrea from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $28.00 to $25.00 in a research report on Friday. Baird R W cut shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday. Bank of America lowered their price target on Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a report on Tuesday, August 13th. Finally, Barclays boosted their price objective on shares of Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat, Fortrea has an average rating of “Hold” and an average price target of $24.00.

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.