Fortrea (NASDAQ:FTRE) Stock Rating Lowered by Baird R W

Fortrea (NASDAQ:FTRE) was downgraded by analysts at Baird R W from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Friday,Zacks.com reports.

FTRE has been the subject of a number of other research reports. William Blair restated a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. Jefferies Financial Group lowered Fortrea from a “buy” rating to a “hold” rating and dropped their price target for the stock from $25.00 to $21.00 in a research report on Wednesday, September 25th. TD Cowen boosted their price objective on Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a research report on Monday, November 11th. The Goldman Sachs Group cut 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. Finally, Bank of America dropped their price objective on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Fortrea has an average rating of “Hold” and an average price target of $24.00.

Fortrea Trading Down 8.1 %

NASDAQ:FTRE opened at $21.67 on Friday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea has a 1-year low of $16.53 and a 1-year high of $41.02. The firm has a market capitalization of $1.94 billion, a price-to-earnings ratio of -6.34, a PEG ratio of 3.58 and a beta of 1.16. The business’s 50-day moving average price is $19.52 and its two-hundred day moving average price is $22.38.

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). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The firm had revenue of $674.90 million for the quarter, compared to the consensus estimate of $674.86 million. During the same period in the previous year, the business earned $0.24 EPS. The firm’s revenue was down 5.4% compared to the same quarter last year. On average, equities analysts expect that Fortrea will post 0.57 earnings per share for the current year.

Hedge Funds Weigh In On Fortrea

A number of institutional investors have recently added to or reduced their stakes 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. Diamond Hill Capital Management Inc. bought a new position in Fortrea during the second quarter worth about $23,192,000. Mutual of America Capital Management LLC increased its position in Fortrea by 9.0% during the third quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company’s stock worth $9,909,000 after buying an additional 40,748 shares during the last quarter. Starboard Value LP lifted its position in shares of Fortrea by 5.0% in the third quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock valued at $168,000,000 after buying an additional 400,000 shares during the last quarter. Finally, First Eagle Investment Management LLC boosted its stake in shares of Fortrea by 40.4% during the 2nd quarter. First Eagle Investment Management LLC now owns 377,382 shares of the company’s stock worth $8,808,000 after acquiring an additional 108,500 shares during the period.

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.