Federated Hermes Inc. Sells 317,297 Shares of Fortrea Holdings Inc. $FTRE

Federated Hermes Inc. decreased its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 78.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 85,564 shares of the company’s stock after selling 317,297 shares during the period. Federated Hermes Inc. owned 0.09% of Fortrea worth $720,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of FTRE. Brandes Investment Partners LP boosted its stake in shares of Fortrea by 72.8% in the second quarter. Brandes Investment Partners LP now owns 224,272 shares of the company’s stock valued at $1,108,000 after buying an additional 94,448 shares during the period. Bank of Nova Scotia bought a new position in Fortrea during the 2nd quarter worth $5,087,000. Allianz Asset Management GmbH raised its holdings in Fortrea by 335.1% in the 2nd quarter. Allianz Asset Management GmbH now owns 254,106 shares of the company’s stock valued at $1,255,000 after acquiring an additional 195,706 shares in the last quarter. Brighton Jones LLC acquired a new position in Fortrea in the 2nd quarter valued at $156,000. Finally, ProShare Advisors LLC bought a new stake in shares of Fortrea during the 2nd quarter valued at $117,000.

Wall Street Analyst Weigh In

A number of brokerages recently commented on FTRE. Robert W. Baird set a $19.00 price target on Fortrea in a research report on Wednesday, January 14th. Wall Street Zen lowered shares of Fortrea from a “buy” rating to a “hold” rating in a report on Monday, October 27th. Mizuho set a $15.00 target price on shares of Fortrea in a research report on Friday, January 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fortrea in a report on Thursday, January 22nd. Finally, Zacks Research cut shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 20th. Four equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $16.75.

Fortrea Price Performance

FTRE stock opened at $14.65 on Friday. The stock has a market cap of $1.35 billion, a price-to-earnings ratio of -1.30, a P/E/G ratio of 0.40 and a beta of 1.59. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.00 and a quick ratio of 1.00. The company has a 50 day simple moving average of $16.37 and a 200 day simple moving average of $11.83. Fortrea Holdings Inc. has a 1 year low of $3.97 and a 1 year high of $18.67.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Wednesday, November 5th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.04). Fortrea had a positive return on equity of 5.64% and a negative net margin of 36.77%.The company had revenue of $701.30 million for the quarter, compared to the consensus estimate of $643.43 million. Research analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Fortrea Profile

Fortrea, Inc is a global contract development and manufacturing organization (CDMO) that provides integrated solutions for pharmaceutical and biotechnology companies. Established as a spin-off from Thermo Fisher Scientific’s Pharma Services business in October 2023, Fortrea leverages a legacy of scientific expertise and manufacturing scale to support drug development from early-stage research through commercial production. The company’s comprehensive offerings address the complex needs of both small-molecule and biologics programs, making it a single source for clients seeking to accelerate timelines and manage costs.

Fortrea’s core services encompass analytical and formulation development, process optimization, clinical and commercial manufacturing, and packaging services.