Kennedy Capital Management LLC Sells 45,519 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Kennedy Capital Management LLC cut its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 13.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 292,874 shares of the company’s stock after selling 45,519 shares during the period. Kennedy Capital Management LLC owned about 0.33% of Fortrea worth $11,756,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of FTRE. Vanguard Group Inc. bought a new stake in shares of Fortrea during the 4th quarter worth $347,110,000. Boston Partners bought a new stake in shares of Fortrea during the 4th quarter worth $132,741,000. Gates Capital Management Inc. bought a new stake in shares of Fortrea during the 4th quarter worth $67,859,000. Brandes Investment Partners LP bought a new stake in Fortrea in the 4th quarter valued at about $59,056,000. Finally, Nordea Investment Management AB raised its stake in Fortrea by 4,500.5% in the 1st quarter. Nordea Investment Management AB now owns 982,215 shares of the company’s stock valued at $39,259,000 after acquiring an additional 960,865 shares during the period.

Fortrea Price Performance

FTRE traded up $0.59 during midday trading on Tuesday, hitting $27.88. The stock had a trading volume of 1,092,860 shares, compared to its average volume of 1,141,829. The company has a market cap of $2.49 billion and a P/E ratio of -19.97. The business has a fifty day moving average of $24.95 and a 200 day moving average of $31.67. 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 Holdings Inc. has a 1 year low of $22.15 and a 1 year high of $41.02.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Monday, May 13th. The company reported ($0.04) earnings per share (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 analysts’ expectations of $754.58 million. The firm’s quarterly revenue was down 4.6% compared to the same quarter last year. As a group, equities analysts forecast that Fortrea Holdings Inc. will post 0.72 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on FTRE. Barclays began coverage on Fortrea in a research note on Wednesday, July 24th. They issued an “equal weight” rating and a $30.00 price objective on the stock. Mizuho assumed coverage on Fortrea in a research note on Tuesday, May 28th. They issued a “neutral” rating and a $27.00 price objective on the stock. Bank of America reduced their target price on Fortrea from $27.00 to $26.00 and set an “underperform” rating for the company in a report on Thursday, July 18th. TD Cowen assumed coverage on Fortrea in a report on Wednesday, May 29th. They set a “hold” rating and a $27.00 target price for the company. Finally, Baird R W raised Fortrea from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 14th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $31.70.

Insider Buying and Selling at Fortrea

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

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.