Geode Capital Management LLC Buys 20,825 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Geode Capital Management LLC increased its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 1.4% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,502,546 shares of the company’s stock after purchasing an additional 20,825 shares during the quarter. Geode Capital Management LLC’s holdings in Fortrea were worth $30,059,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in FTRE. Penn Davis Mcfarland Inc. grew its position in shares of Fortrea by 86.4% in the 3rd quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company’s stock valued at $21,944,000 after acquiring an additional 508,664 shares during the period. Starboard Value LP grew its holdings in Fortrea by 5.0% during the third quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock worth $168,000,000 after purchasing an additional 400,000 shares during the period. Mutual of America Capital Management LLC raised its stake in Fortrea by 9.0% in the third quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company’s stock valued at $9,909,000 after buying an additional 40,748 shares during the period. Diamond Hill Capital Management Inc. acquired a new stake in shares of Fortrea in the second quarter valued at approximately $23,192,000. Finally, State Street Corp increased its holdings in shares of Fortrea by 7.7% during the 3rd quarter. State Street Corp now owns 3,250,693 shares of the company’s stock worth $65,014,000 after acquiring an additional 233,577 shares during the last quarter.

Fortrea Trading Up 2.2 %

Shares of FTRE stock opened at $19.17 on Friday. Fortrea Holdings Inc. has a fifty-two week low of $16.53 and a fifty-two week high of $41.02. The stock’s fifty day moving average price is $19.68 and its two-hundred day moving average price is $21.79. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. The company has a market cap of $1.72 billion, a PE ratio of -5.61, a P/E/G ratio of 2.94 and a beta of 1.14.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data 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). The business had revenue of $674.90 million during the quarter, compared to analyst estimates of $674.86 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The business’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period last year, the business earned $0.24 earnings per share. Equities analysts predict that Fortrea Holdings Inc. will post 0.57 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on FTRE shares. Citigroup downgraded Fortrea from a “buy” rating to a “neutral” rating and cut their price target for the company from $30.00 to $23.00 in a report on Wednesday, December 11th. TD Cowen increased their price target on shares of Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a report on Monday, November 11th. Jefferies Financial Group lowered Fortrea from a “buy” rating to a “hold” rating and decreased their price objective for the company from $25.00 to $21.00 in a report on Wednesday, September 25th. Robert W. Baird downgraded Fortrea from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $28.00 to $25.00 in a report on Friday, December 6th. Finally, The Goldman Sachs Group decreased their price target on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 8th. One analyst has rated the stock with a sell rating and eleven have given a hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $23.30.

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.