Hedeker Wealth LLC Purchases Shares of 64,628 Fortrea Holdings Inc. (NASDAQ:FTRE)

Hedeker Wealth LLC purchased a new stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 64,628 shares of the company’s stock, valued at approximately $2,594,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Cardinal Capital Management raised its stake in shares of Fortrea by 5.4% during the first quarter. Cardinal Capital Management now owns 30,721 shares of the company’s stock valued at $1,233,000 after purchasing an additional 1,573 shares during the period. Park Avenue Securities LLC raised its stake in shares of Fortrea by 22.3% during the first quarter. Park Avenue Securities LLC now owns 10,353 shares of the company’s stock valued at $416,000 after purchasing an additional 1,891 shares during the period. CWM LLC raised its holdings in Fortrea by 61.5% in the first quarter. CWM LLC now owns 3,798 shares of the company’s stock valued at $152,000 after acquiring an additional 1,446 shares in the last quarter. PNC Financial Services Group Inc. bought a new position in Fortrea during the 4th quarter valued at $750,000. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in Fortrea during the 4th quarter valued at $3,246,000.

Fortrea Price Performance

FTRE traded down $0.27 on Wednesday, hitting $23.53. 29,741 shares of the company’s stock were exchanged, compared to its average volume of 1,122,526. Fortrea Holdings Inc. has a twelve month low of $22.15 and a twelve month high of $41.02. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.47 and a quick ratio of 1.47. The stock has a fifty day moving average of $28.09 and a two-hundred day moving average of $32.77.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Monday, May 13th. The company reported ($0.04) EPS for the quarter. Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. The firm had revenue of $662.10 million during the quarter, compared to the consensus estimate of $754.58 million. The business’s revenue for the quarter was down 4.6% on a year-over-year basis. On average, analysts expect that Fortrea Holdings Inc. will post 0.75 earnings per share for the current year.

Wall Street Analysts Forecast Growth

FTRE has been the topic of a number of recent analyst reports. Baird R W upgraded shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 14th. Evercore ISI cut their target price on shares of Fortrea from $43.00 to $31.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 14th. Robert W. Baird upgraded shares of Fortrea from a “neutral” rating to an “outperform” rating and cut their target price for the company from $45.00 to $36.00 in a research note on Tuesday, May 14th. The Goldman Sachs Group initiated coverage on shares of Fortrea in a research note on Thursday, June 6th. They issued a “neutral” rating and a $28.00 target price on the stock. Finally, Bank of America cut their target price on shares of Fortrea from $33.00 to $27.00 and set an “underperform” rating on the stock in a research note on Tuesday, May 14th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $32.30.

Insiders Place Their Bets

In other news, General Counsel James S. Hanson bought 2,000 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was purchased at an average price of $25.30 per share, for a total transaction of $50,600.00. Following the transaction, the general counsel now owns 7,475 shares in the company, valued at $189,117.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, General Counsel James S. Hanson acquired 2,000 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was acquired at an average cost of $25.30 per share, for a total transaction of $50,600.00. Following the completion of the acquisition, the general counsel now directly owns 7,475 shares of the company’s stock, valued at approximately $189,117.50. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Thomas Pike acquired 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The stock was bought at an average price of $24.81 per share, with a total value of $248,100.00. Following the completion of the acquisition, the chief executive officer now directly owns 57,827 shares of the company’s stock, valued at $1,434,687.87. The disclosure for this purchase can be found here. 0.12% of the stock is owned by insiders.

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.