Fortrea Holdings Inc. (NASDAQ:FTRE) Shares Bought by Diamond Hill Capital Management Inc.

Diamond Hill Capital Management Inc. lifted its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 20.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 1,197,696 shares of the company’s stock after purchasing an additional 204,021 shares during the period. Diamond Hill Capital Management Inc.’s holdings in Fortrea were worth $23,954,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in FTRE. Sessa Capital IM L.P. increased its position in shares of Fortrea by 5.9% during the second quarter. Sessa Capital IM L.P. now owns 6,750,000 shares of the company’s stock worth $157,545,000 after purchasing an additional 375,000 shares in the last quarter. Boston Partners boosted its position in shares of Fortrea by 3.2% during the 1st quarter. Boston Partners now owns 3,938,584 shares of the company’s stock worth $157,075,000 after purchasing an additional 121,126 shares during the period. Baupost Group LLC MA grew its stake in shares of Fortrea by 933.7% in the second quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company’s stock valued at $73,296,000 after buying an additional 2,836,563 shares in the last quarter. Victory Capital Management Inc. increased its stake in Fortrea by 59.3% during the second quarter. Victory Capital Management Inc. now owns 2,466,181 shares of the company’s stock worth $57,561,000 after purchasing an additional 918,240 shares during the period. Finally, Brandes Investment Partners LP increased its stake in Fortrea by 27.1% during the 2nd quarter. Brandes Investment Partners LP now owns 2,438,159 shares of the company’s stock worth $56,845,000 after buying an additional 519,344 shares during the period.

Fortrea Price Performance

Fortrea stock opened at $23.50 on Monday. The stock’s 50 day moving average price is $19.70 and its 200 day moving average price is $23.99. Fortrea Holdings Inc. has a 1-year low of $16.53 and a 1-year high of $41.02. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.19 and a current ratio of 1.19.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). The company had revenue of $674.90 million for the quarter, compared to analysts’ expectations of $674.86 million. Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. Fortrea’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.24 earnings per share. Equities analysts anticipate that Fortrea Holdings Inc. will post 0.59 EPS for the current year.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Evercore ISI reduced their target price on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a report on Tuesday, October 8th. Citigroup decreased their target price on Fortrea from $42.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a report on Tuesday, August 20th. TD Cowen lowered their target price on shares of Fortrea from $27.00 to $23.00 and set a “hold” rating for the company in a report on Tuesday, August 13th. Finally, Barclays reduced their price target on shares of Fortrea from $21.00 to $20.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $23.60.

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.