Cohen Capital Management Inc. Increases Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Cohen Capital Management Inc. lifted its position in Fortrea Holdings Inc. (NASDAQ:FTRE) by 40.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 146,706 shares of the company’s stock after buying an additional 42,187 shares during the period. Cohen Capital Management Inc. owned approximately 0.16% of Fortrea worth $2,934,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of FTRE. Sessa Capital IM L.P. increased its stake in shares of Fortrea by 5.9% in the 2nd quarter. Sessa Capital IM L.P. now owns 6,750,000 shares of the company’s stock worth $157,545,000 after purchasing an additional 375,000 shares in the last quarter. Boston Partners increased its position in Fortrea by 3.2% in the first quarter. Boston Partners now owns 3,938,584 shares of the company’s stock worth $157,075,000 after buying an additional 121,126 shares in the last quarter. Baupost Group LLC MA raised its stake in shares of Fortrea by 933.7% in the second quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company’s stock worth $73,296,000 after buying an additional 2,836,563 shares during the period. Victory Capital Management Inc. lifted its position in shares of Fortrea by 59.3% during the 2nd quarter. Victory Capital Management Inc. now owns 2,466,181 shares of the company’s stock valued at $57,561,000 after buying an additional 918,240 shares in the last quarter. Finally, Brandes Investment Partners LP grew its stake in shares of Fortrea by 27.1% during the 2nd quarter. Brandes Investment Partners LP now owns 2,438,159 shares of the company’s stock valued at $56,845,000 after acquiring an additional 519,344 shares during the period.

Wall Street Analyst Weigh In

A number of research firms have commented on FTRE. Citigroup decreased their target price on shares of Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. TD Cowen dropped their target price on shares of Fortrea from $27.00 to $23.00 and set a “hold” rating for the company in a report on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft decreased their price target on Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a report on Tuesday, August 20th. Robert W. Baird dropped their price objective on Fortrea from $38.00 to $28.00 and set an “outperform” rating for the company in a research note on Tuesday, August 13th. Finally, Jefferies Financial Group downgraded 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 research note on Wednesday, September 25th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Fortrea has an average rating of “Hold” and an average target price of $23.60.

Fortrea Stock Up 0.2 %

NASDAQ FTRE opened at $16.85 on Monday. The stock has a 50 day moving average price of $20.11 and a 200-day moving average price of $24.69. Fortrea Holdings Inc. has a one year low of $16.53 and a one year high of $41.02. The company has a market capitalization of $1.51 billion, a P/E ratio of -5.17, a P/E/G ratio of 2.71 and a beta of 0.70. 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 issued its quarterly earnings data on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The business had revenue of $662.40 million during the quarter, compared to analysts’ expectations of $689.08 million. During the same period in the previous year, the business earned $0.52 earnings per share. The business’s quarterly revenue was down 8.6% on a year-over-year basis. As a group, equities analysts predict that Fortrea Holdings Inc. will post 0.59 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.