Cohen Capital Management Inc. Sells 27,584 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Cohen Capital Management Inc. decreased its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 18.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 119,122 shares of the company’s stock after selling 27,584 shares during the period. Cohen Capital Management Inc. owned approximately 0.13% of Fortrea worth $2,222,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in FTRE. JPMorgan Chase & Co. raised its position in Fortrea by 21.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company’s stock valued at $7,288,000 after buying an additional 63,766 shares during the last quarter. Starboard Value LP raised its holdings in shares of Fortrea by 5.0% in the third quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock valued at $168,000,000 after purchasing an additional 400,000 shares during the last quarter. State Street Corp lifted its position in shares of Fortrea by 7.7% in the third quarter. State Street Corp now owns 3,250,693 shares of the company’s stock worth $65,014,000 after purchasing an additional 233,577 shares in the last quarter. Mutual of America Capital Management LLC lifted its position in shares of Fortrea by 9.0% in the third quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company’s stock worth $9,909,000 after purchasing an additional 40,748 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. boosted its holdings in Fortrea by 20.5% during the third quarter. Diamond Hill Capital Management Inc. now owns 1,197,696 shares of the company’s stock worth $23,954,000 after purchasing an additional 204,021 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FTRE. Barclays lifted their price target 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. Citigroup lowered Fortrea from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $30.00 to $23.00 in a report on Wednesday, December 11th. TD Cowen increased their price target on Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Robert W. Baird lowered Fortrea from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $28.00 to $25.00 in a research report on Friday, December 6th. Finally, Baird R W downgraded Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. One research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $23.30.

Insider Activity

In other news, CEO Thomas Pike sold 11,268 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $18.04, for a total transaction of $203,274.72. Following the completion of the sale, the chief executive officer now owns 159,868 shares in the company, valued at $2,884,018.72. The trade was a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold 12,386 shares of company stock valued at $219,751 over the last ninety days. 0.12% of the stock is currently owned by company insiders.

Fortrea Trading Down 4.7 %

Shares of Fortrea stock opened at $14.88 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 business has a fifty day simple moving average of $17.45 and a two-hundred day simple moving average of $19.51. Fortrea Holdings Inc. has a 1 year low of $14.27 and a 1 year high of $41.02. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of -4.35, a P/E/G ratio of 1.78 and a beta of 1.20.

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.