Fortrea Holdings Inc. (NASDAQ:FTRE) Shares Bought by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans lifted its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 78.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 125,294 shares of the company’s stock after purchasing an additional 54,932 shares during the period. Thrivent Financial for Lutherans owned 0.14% of Fortrea worth $2,337,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Cullen Frost Bankers Inc. boosted its stake in Fortrea by 31.9% during the fourth quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock worth $105,000 after buying an additional 1,361 shares during the last quarter. AlphaQuest LLC acquired a new position in shares of Fortrea during the 4th quarter valued at about $117,000. Whalen Wealth Management Inc. purchased a new stake in shares of Fortrea in the fourth quarter valued at about $204,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Fortrea by 21.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 11,073 shares of the company’s stock valued at $207,000 after purchasing an additional 1,986 shares during the period. Finally, Centiva Capital LP acquired a new stake in Fortrea during the third quarter worth about $220,000.

Insider Buying and Selling

In related news, CEO Thomas Pike sold 11,268 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $18.04, for a total value of $203,274.72. Following the sale, the chief executive officer now owns 159,868 shares of the company’s stock, valued at $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 13,029 shares of company stock valued at $226,168 in the last three months. 0.12% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on FTRE. William Blair reissued a “market perform” rating on shares of Fortrea in a research note on Tuesday, March 4th. Baird R W lowered Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. The Goldman Sachs Group cut their target price on Fortrea from $22.00 to $11.00 and set a “neutral” rating for the company in a research note on Tuesday, March 4th. Barclays lowered their price target on Fortrea from $25.00 to $12.00 and set an “equal weight” rating for the company in a report on Tuesday, March 4th. Finally, Evercore ISI cut their price objective on Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. According to MarketBeat, Fortrea has an average rating of “Hold” and a consensus target price of $19.00.

Fortrea Trading Down 1.1 %

NASDAQ FTRE opened at $8.36 on Friday. 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 firm has a market cap of $754.07 million, a price-to-earnings ratio of -2.44, a PEG ratio of 1.78 and a beta of 1.34. The firm has a 50 day simple moving average of $13.59 and a 200-day simple moving average of $17.57. Fortrea Holdings Inc. has a one year low of $8.16 and a one year high of $40.63.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.18). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The business had revenue of $697.00 million during the quarter, compared to analysts’ expectations of $703.22 million. During the same period in the prior year, the business earned $0.19 EPS. Equities research analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal 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.