WINTON GROUP Ltd Invests $1.13 Million in Fortrea Holdings Inc. (NASDAQ:FTRE)

WINTON GROUP Ltd bought a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 60,798 shares of the company’s stock, valued at approximately $1,134,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC grew its holdings in shares of Fortrea by 91.6% during the 3rd quarter. FMR LLC now owns 4,821,404 shares of the company’s stock worth $96,428,000 after purchasing an additional 2,304,677 shares during the period. Starboard Value LP grew its stake in Fortrea by 5.0% during the third quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock worth $168,000,000 after buying an additional 400,000 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Fortrea by 192.1% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 472,918 shares of the company’s stock worth $9,458,000 after buying an additional 311,018 shares during the period. Peregrine Capital Management LLC acquired a new stake in shares of Fortrea in the fourth quarter worth $5,627,000. Finally, State Street Corp raised its stake in shares of Fortrea by 7.7% in the 3rd quarter. State Street Corp now owns 3,250,693 shares of the company’s stock valued at $65,014,000 after acquiring an additional 233,577 shares during the period.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. The Goldman Sachs Group lowered their price target on Fortrea from $22.00 to $11.00 and set a “neutral” rating for the company in a report on Tuesday, March 4th. Baird R W lowered Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. William Blair reissued a “market perform” rating on shares of Fortrea in a research report on Tuesday, March 4th. Citigroup downgraded shares of Fortrea from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $30.00 to $23.00 in a research report on Wednesday, December 11th. Finally, Robert W. Baird set a $12.00 target price on shares of Fortrea in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $19.00.

Insider Buying and Selling at Fortrea

In related news, CEO Thomas Pike sold 11,268 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now directly owns 159,868 shares in the company, valued at $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold 13,029 shares of company stock worth $226,168 over the last quarter. 0.12% of the stock is owned by corporate insiders.

Fortrea Stock Down 3.9 %

Shares of NASDAQ:FTRE opened at $8.03 on Friday. Fortrea Holdings Inc. has a 12-month low of $8.00 and a 12-month high of $40.63. 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 firm has a market cap of $724.31 million, a PE ratio of -2.35, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34. The company has a fifty day simple moving average of $13.39 and a 200 day simple moving average of $17.49.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Monday, March 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The company had revenue of $697.00 million during the quarter, compared to analyst estimates of $703.22 million. During the same quarter last year, the company posted $0.19 EPS. On average, equities research analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

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.