Corvex Management LP Grows Stock Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Corvex Management LP increased its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 56.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,480,898 shares of the company’s stock after buying an additional 1,260,156 shares during the period. Fortrea accounts for 1.8% of Corvex Management LP’s holdings, making the stock its 16th biggest position. Corvex Management LP’s holdings in Fortrea were worth $64,919,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of FTRE. JPMorgan Chase & Co. increased its stake in Fortrea by 21.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company’s stock worth $7,288,000 after buying an additional 63,766 shares in the last quarter. Penn Davis Mcfarland Inc. boosted its stake in shares of Fortrea by 0.8% in the fourth quarter. Penn Davis Mcfarland Inc. now owns 1,106,080 shares of the company’s stock worth $20,628,000 after acquiring an additional 8,884 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Fortrea during the fourth quarter worth approximately $227,000. Whalen Wealth Management Inc. purchased a new position in Fortrea in the 4th quarter valued at $204,000. Finally, KBC Group NV lifted its holdings in Fortrea by 5.0% in the 4th quarter. KBC Group NV now owns 35,031 shares of the company’s stock valued at $654,000 after purchasing an additional 1,659 shares in the last quarter.

Fortrea Stock Down 5.3 %

Shares of NASDAQ:FTRE opened at $5.93 on Tuesday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea Holdings Inc. has a fifty-two week low of $4.77 and a fifty-two week high of $37.24. The stock has a market cap of $536.90 million, a price-to-earnings ratio of -1.73, a price-to-earnings-growth ratio of 1.78 and a beta of 2.15. The firm’s 50 day moving average price is $7.74 and its 200 day moving average price is $14.67.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Monday, March 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.18). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The firm had revenue of $697.00 million for the quarter, compared to analysts’ expectations of $703.22 million. During the same period last year, the firm posted $0.19 earnings per share. As a group, equities research analysts predict that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Truist Financial assumed coverage on Fortrea in a report on Friday. They set a “hold” rating and a $7.00 target price on the stock. Barclays restated an “underweight” rating and issued a $6.00 target price (down previously from $12.00) on shares of Fortrea in a research report on Thursday, April 10th. Robert W. Baird set a $12.00 price target on Fortrea in a research note on Tuesday, March 4th. Mizuho reduced their price objective on shares of Fortrea from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Wednesday, April 9th. Finally, Evercore ISI decreased their target price on shares of Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a research report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the stock. Based on data from MarketBeat, Fortrea currently has an average rating of “Hold” and an average price target of $15.82.

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.