Healthcare of Ontario Pension Plan Trust Fund Raises Stock Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 192.1% during the third quarter, HoldingsChannel reports. The firm owned 472,918 shares of the company’s stock after purchasing an additional 311,018 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Fortrea were worth $9,458,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of FTRE. CWM LLC grew its stake in shares of Fortrea by 12.5% during the 2nd quarter. CWM LLC now owns 4,273 shares of the company’s stock worth $100,000 after purchasing an additional 475 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Fortrea by 21.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock valued at $64,000 after purchasing an additional 572 shares during the last quarter. Arizona State Retirement System grew its stake in shares of Fortrea by 2.5% in the 2nd quarter. Arizona State Retirement System now owns 23,769 shares of the company’s stock valued at $555,000 after buying an additional 585 shares during the period. Cardinal Capital Management grew its holdings in shares of Fortrea by 2.7% during the 2nd quarter. Cardinal Capital Management now owns 31,548 shares of the company’s stock worth $736,000 after purchasing an additional 827 shares during the period. Finally, Louisiana State Employees Retirement System lifted its stake in Fortrea by 2.3% during the second quarter. Louisiana State Employees Retirement System now owns 45,000 shares of the company’s stock worth $1,050,000 after purchasing an additional 1,000 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FTRE. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a research report on Tuesday, August 20th. Citigroup cut their target price on shares of Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. The Goldman Sachs Group decreased their target price on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Tuesday, October 8th. Barclays boosted their price objective on shares of Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Finally, Jefferies Financial Group cut Fortrea from a “buy” rating to a “hold” rating and cut their price objective for the stock from $25.00 to $21.00 in a research report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $24.50.

Fortrea Stock Down 2.3 %

FTRE stock opened at $21.05 on Friday. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. The firm has a market capitalization of $1.89 billion, a P/E ratio of -6.30, a P/E/G ratio of 3.25 and a beta of 0.70. Fortrea Holdings Inc. has a 52-week low of $16.53 and a 52-week high of $41.02. The company’s 50 day simple moving average is $19.41 and its 200-day simple moving average is $22.62.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.02). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The company had revenue of $674.90 million during the quarter, compared to analyst estimates of $674.86 million. During the same quarter in the prior year, the company posted $0.24 EPS. The firm’s quarterly revenue was down 5.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Fortrea Holdings Inc. will post 0.57 EPS for the current year.

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.