First Financial Group Corp Takes $272,000 Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

First Financial Group Corp purchased a new stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 14,600 shares of the company’s stock, valued at approximately $272,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Brandes Investment Partners LP grew its holdings in shares of Fortrea by 38.8% during the 4th quarter. Brandes Investment Partners LP now owns 61,918 shares of the company’s stock valued at $1,155,000 after acquiring an additional 17,324 shares in the last quarter. Swiss National Bank lifted its stake in shares of Fortrea by 1.0% in the 4th quarter. Swiss National Bank now owns 167,420 shares of the company’s stock valued at $3,122,000 after purchasing an additional 1,600 shares during the last quarter. AlphaQuest LLC acquired a new stake in shares of Fortrea in the 4th quarter valued at $117,000. Raymond James Financial Inc. acquired a new stake in shares of Fortrea in the 4th quarter valued at $1,082,000. Finally, Cullen Frost Bankers Inc. lifted its stake in shares of Fortrea by 31.9% in the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock valued at $105,000 after purchasing an additional 1,361 shares during the last quarter.

Insider Activity at Fortrea

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the company’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $18.04, for a total transaction of $203,274.72. Following the sale, the chief executive officer now directly 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 Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 13,029 shares of company stock valued at $226,168 over the last quarter. 0.12% of the stock is owned by company insiders.

Fortrea Stock Up 0.8 %

Shares of FTRE opened at $9.66 on Friday. The company has a 50-day simple moving average of $15.46 and a 200-day simple moving average of $18.48. The firm has a market capitalization of $871.33 million, a P/E ratio of -2.82, a P/E/G ratio of 1.78 and a beta of 1.34. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. Fortrea Holdings Inc. has a 52 week low of $9.47 and a 52 week high of $41.02.

Fortrea (NASDAQ:FTRE) last posted its 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 business had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. During the same period in the previous year, the firm earned $0.19 EPS. On average, equities research analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. 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. Robert W. Baird set a $12.00 price objective on shares of Fortrea in a research note on Tuesday, March 4th. William Blair reissued a “market perform” rating on shares of Fortrea in a research report on Tuesday, March 4th. Citigroup lowered shares of Fortrea from a “buy” rating to a “neutral” rating and cut their target price for the stock from $30.00 to $23.00 in a research report on Wednesday, December 11th. Finally, Barclays cut their target price on shares of Fortrea from $25.00 to $12.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $19.00.

Fortrea Company 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.