Jennison Associates LLC Takes $6.56 Million Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Jennison Associates LLC acquired a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 163,436 shares of the company’s stock, valued at approximately $6,560,000. Jennison Associates LLC owned 0.18% of Fortrea at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Banyan Capital Management Inc. bought a new position in shares of Fortrea in the 4th quarter worth $816,000. Daymark Wealth Partners LLC acquired a new position in shares of Fortrea during the 4th quarter worth about $254,000. Nordea Investment Management AB bought a new stake in shares of Fortrea in the 4th quarter valued at about $747,000. Raymond James Trust N.A. bought a new stake in shares of Fortrea in the 4th quarter valued at about $363,000. Finally, FORVIS Wealth Advisors LLC acquired a new stake in shares of Fortrea in the 4th quarter valued at approximately $244,000.

Insider Buying and Selling

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

Fortrea Stock Down 1.2 %

Shares of FTRE traded down $0.27 during mid-day trading on Tuesday, hitting $22.93. 479,762 shares of the company’s stock were exchanged, compared to its average volume of 1,123,851. The company has a 50-day simple moving average of $27.01 and a 200 day simple moving average of $32.48. 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 company has a market cap of $2.05 billion and a PE ratio of -16.69. Fortrea Holdings Inc. has a 52 week low of $22.15 and a 52 week high of $41.02.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on FTRE shares. Evercore ISI lowered their target price on shares of Fortrea from $43.00 to $31.00 and set an “outperform” rating for the company in a research note on Tuesday, May 14th. Baird R W raised Fortrea from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 14th. Deutsche Bank Aktiengesellschaft reduced their target price on Fortrea from $36.00 to $28.00 and set a “hold” rating on the stock in a report on Thursday, May 23rd. Mizuho initiated coverage on Fortrea in a report on Tuesday, May 28th. They issued a “neutral” rating and a $27.00 price target for the company. Finally, The Goldman Sachs Group assumed coverage on Fortrea in a report on Thursday, June 6th. They set a “neutral” rating and a $28.00 price objective on the stock. 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 given a strong buy rating to the stock. According to data from MarketBeat.com, Fortrea has an average rating of “Moderate Buy” and an average price target of $32.30.

Fortrea 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.