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

Cohen Capital Management Inc. lifted its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 40.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 146,706 shares of the company’s stock after buying an additional 42,187 shares during the quarter. Cohen Capital Management Inc.’s holdings in Fortrea were worth $2,934,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of FTRE. US Bancorp DE boosted its holdings in shares of Fortrea by 97.5% in the third quarter. US Bancorp DE now owns 12,960 shares of the company’s stock valued at $259,000 after purchasing an additional 6,398 shares during the period. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Fortrea by 64.1% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 17,233 shares of the company’s stock valued at $345,000 after purchasing an additional 6,729 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Fortrea by 21.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock worth $64,000 after acquiring an additional 572 shares in the last quarter. Raleigh Capital Management Inc. acquired a new stake in Fortrea in the 3rd quarter worth approximately $57,000. Finally, Everence Capital Management Inc. grew its holdings in shares of Fortrea by 60.2% during the third quarter. Everence Capital Management Inc. now owns 12,320 shares of the company’s stock valued at $246,000 after buying an additional 4,630 shares during the last quarter.

Fortrea Stock Performance

Shares of FTRE opened at $16.85 on Monday. Fortrea Holdings Inc. has a 1 year low of $16.53 and a 1 year high of $41.02. The stock has a market capitalization of $1.51 billion, a PE ratio of -5.17, a PEG 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. The stock has a 50-day simple moving average of $20.11 and a 200-day simple moving average of $24.69.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $662.40 million for the quarter, compared to analyst estimates of $689.08 million. During the same quarter last year, the firm earned $0.52 EPS. The company’s revenue was down 8.6% on a year-over-year basis. On average, analysts predict that Fortrea Holdings Inc. will post 0.59 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

FTRE has been the topic of several analyst reports. Bank of America cut their price target on Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research report on Tuesday, August 13th. TD Cowen lowered their price target on Fortrea from $27.00 to $23.00 and set a “hold” rating on the stock in a research note on Tuesday, August 13th. Jefferies Financial Group lowered shares of Fortrea from a “buy” rating to a “hold” rating and decreased their target price for the stock from $25.00 to $21.00 in a research note on Wednesday, September 25th. Evercore ISI reduced their target price on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a research note on Tuesday, October 8th. Finally, Citigroup lowered their price target on Fortrea from $42.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $23.60.

About Fortrea

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.