Salem Investment Counselors Inc. Has $253,000 Stake in Fortrea Holdings Inc. (NASDAQ:FTRE)

Salem Investment Counselors Inc. decreased its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 29.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,303 shares of the company’s stock after selling 2,600 shares during the period. Salem Investment Counselors Inc.’s holdings in Fortrea were worth $253,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. bought a new position in Fortrea in the 4th quarter worth approximately $25,000. Whittier Trust Co. acquired a new stake in shares of Fortrea in the 4th quarter valued at $25,000. ZRC Wealth Management LLC bought a new stake in shares of Fortrea during the fourth quarter worth $27,000. Allworth Financial LP acquired a new position in shares of Fortrea during the fourth quarter valued at $28,000. Finally, Glassman Wealth Services bought a new position in Fortrea in the fourth quarter valued at about $28,000.

Insider Transactions at Fortrea

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

Fortrea Stock Performance

NASDAQ FTRE traded down $0.78 during trading hours on Friday, hitting $23.15. 2,659,276 shares of the company traded hands, compared to its average volume of 1,311,606. Fortrea Holdings Inc. has a twelve month low of $22.95 and a twelve month high of $41.02. The business’s 50-day moving average is $29.96 and its 200-day moving average is $33.17. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.47 and a current ratio of 1.47.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Monday, May 13th. The company reported ($0.04) earnings per share (EPS) for the quarter. The firm 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, sell-side analysts forecast that Fortrea Holdings Inc. will post 0.75 EPS for the current year.

Analyst Ratings Changes

A number of research firms have issued reports on FTRE. The Goldman Sachs Group started coverage on shares of Fortrea in a research report on Thursday, June 6th. They set a “neutral” rating and a $28.00 target price on the stock. Robert W. Baird raised shares of Fortrea from a “neutral” rating to an “outperform” rating and reduced their price objective for the company from $45.00 to $36.00 in a research note on Tuesday, May 14th. Bank of America decreased their price objective on Fortrea from $33.00 to $27.00 and set an “underperform” rating for the company in a research note on Tuesday, May 14th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Fortrea from $36.00 to $28.00 and set a “hold” rating on the stock in a report on Thursday, May 23rd. Finally, Baird R W upgraded Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 14th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Fortrea has a consensus rating of “Moderate Buy” and an average price target of $32.30.

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.