WINTON GROUP Ltd Acquires Shares of 60,798 Fortrea Holdings Inc. (NASDAQ:FTRE)

WINTON GROUP Ltd acquired a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the fourth quarter, according to its most recent disclosure with the SEC. The firm acquired 60,798 shares of the company’s stock, valued at approximately $1,134,000. WINTON GROUP Ltd owned 0.07% of Fortrea at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Fortrea by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 9,884,256 shares of the company’s stock worth $184,341,000 after purchasing an additional 120,599 shares during the period. Starboard Value LP boosted 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 acquiring an additional 400,000 shares in the last quarter. FMR LLC increased its stake in shares of Fortrea by 91.6% during the third quarter. FMR LLC now owns 4,821,404 shares of the company’s stock worth $96,428,000 after acquiring an additional 2,304,677 shares during the period. State Street Corp lifted its position in Fortrea by 7.7% in the third quarter. State Street Corp now owns 3,250,693 shares of the company’s stock valued at $65,014,000 after purchasing an additional 233,577 shares during the period. Finally, Geode Capital Management LLC lifted its position in Fortrea by 1.4% in the third quarter. Geode Capital Management LLC now owns 1,502,546 shares of the company’s stock valued at $30,059,000 after purchasing an additional 20,825 shares during the period.

Fortrea Trading Down 3.9 %

Shares of Fortrea stock opened at $8.03 on Friday. Fortrea Holdings Inc. has a 1 year low of $8.00 and a 1 year high of $40.63. 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 50 day moving average price of $13.39 and a 200 day moving average price of $17.49. The company has a market capitalization of $724.31 million, a P/E ratio of -2.35, a P/E/G ratio of 1.78 and a beta of 1.34.

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

Analysts Set New Price Targets

FTRE has been the subject of a number of analyst reports. William Blair reissued a “market perform” rating on shares of Fortrea in a research note on Tuesday, March 4th. Barclays reduced their target price on Fortrea from $25.00 to $12.00 and set an “equal weight” rating for the company in a report on Tuesday, March 4th. Evercore ISI lowered their price target on shares of Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a research note on Tuesday, March 4th. The Goldman Sachs Group reduced their price objective on shares of Fortrea from $22.00 to $11.00 and set a “neutral” rating for the company in a research note on Tuesday, March 4th. Finally, Robert W. Baird set a $12.00 target price on shares of Fortrea in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $19.00.

Insiders Place Their Bets

In related news, CEO Thomas Pike sold 11,268 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $18.04, for a total transaction of $203,274.72. Following the transaction, the chief executive officer now owns 159,868 shares of the company’s stock, valued at approximately $2,884,018.72. This represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold 13,029 shares of company stock valued at $226,168 in the last ninety days. Insiders own 0.12% of the company’s stock.

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.