BBR Partners LLC Acquires 20,000 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

BBR Partners LLC boosted its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 168.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 31,883 shares of the company’s stock after purchasing an additional 20,000 shares during the period. BBR Partners LLC’s holdings in Fortrea were worth $638,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Penn Davis Mcfarland Inc. lifted its stake in shares of Fortrea by 86.4% in the 3rd quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company’s stock valued at $21,944,000 after acquiring an additional 508,664 shares during the last quarter. Diamond Hill Capital Management Inc. bought a new stake in Fortrea in the second quarter valued at approximately $23,192,000. Mutual of America Capital Management LLC lifted its position in Fortrea by 9.0% in the third quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company’s stock valued at $9,909,000 after purchasing an additional 40,748 shares during the last quarter. First Eagle Investment Management LLC boosted its stake in shares of Fortrea by 40.4% during the second quarter. First Eagle Investment Management LLC now owns 377,382 shares of the company’s stock valued at $8,808,000 after purchasing an additional 108,500 shares during the period. Finally, AREX Capital Management LP bought a new position in shares of Fortrea in the second quarter worth approximately $525,000.

Fortrea Price Performance

FTRE opened at $21.55 on Thursday. Fortrea Holdings Inc. has a 12-month low of $16.53 and a 12-month high of $41.02. The company has a market cap of $1.93 billion, a price-to-earnings ratio of -6.05, a price-to-earnings-growth ratio of 3.15 and a beta of 0.70. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. The stock has a fifty day simple moving average of $19.48 and a two-hundred day simple moving average of $22.63.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Friday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The business had revenue of $674.90 million for the quarter, compared to analysts’ expectations of $674.86 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The company’s revenue was down 5.4% on a year-over-year basis. During the same period last year, the business earned $0.24 earnings per share. Research analysts predict that Fortrea Holdings Inc. will post 0.57 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. William Blair reissued a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. Jefferies Financial Group lowered shares of Fortrea from a “buy” rating to a “hold” rating and dropped their target price for the stock from $25.00 to $21.00 in a report on Wednesday, September 25th. Evercore ISI reduced their price target on Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a report on Tuesday, October 8th. Citigroup dropped their price objective on Fortrea from $42.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Finally, The Goldman Sachs Group reduced their target price on Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Fortrea presently has an average rating of “Hold” and an average target price of $24.50.

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.