Fortrea Holdings Inc. (NASDAQ:FTRE) Stock Position Raised by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. lifted its position in Fortrea Holdings Inc. (NASDAQ:FTRE) by 31.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,633 shares of the company’s stock after buying an additional 1,361 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Fortrea were worth $105,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in FTRE. US Bancorp DE grew its position in Fortrea by 97.5% in the third quarter. US Bancorp DE now owns 12,960 shares of the company’s stock worth $259,000 after acquiring an additional 6,398 shares in the last quarter. Assetmark Inc. lifted its stake in shares of Fortrea by 10.7% in the 3rd quarter. Assetmark Inc. now owns 16,238 shares of the company’s stock valued at $325,000 after purchasing an additional 1,566 shares during the last quarter. Covestor Ltd boosted its holdings in Fortrea by 102.4% in the third quarter. Covestor Ltd now owns 2,763 shares of the company’s stock worth $55,000 after purchasing an additional 1,398 shares in the last quarter. Diamond Hill Capital Management Inc. increased its position in Fortrea by 20.5% during the third quarter. Diamond Hill Capital Management Inc. now owns 1,197,696 shares of the company’s stock worth $23,954,000 after buying an additional 204,021 shares during the last quarter. Finally, Natixis Advisors LLC raised its holdings in Fortrea by 73.9% during the third quarter. Natixis Advisors LLC now owns 183,501 shares of the company’s stock valued at $3,670,000 after buying an additional 78,010 shares in the last quarter.

Fortrea Price Performance

Shares of Fortrea stock opened at $10.68 on Monday. The firm has a fifty day moving average price of $16.16 and a two-hundred day moving average price of $18.76. Fortrea Holdings Inc. has a fifty-two week low of $9.55 and a fifty-two week high of $41.02. 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 company has a market cap of $963.34 million, a PE ratio of -3.12, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34.

Fortrea (NASDAQ:FTRE) last released 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 firm had revenue of $697.00 million for 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 business earned $0.19 earnings per share. Analysts expect that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Insider Activity

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction 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 sale, the chief executive officer now owns 159,868 shares in the company, valued at $2,884,018.72. The trade was a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders have sold 12,386 shares of company stock worth $219,751. Company insiders own 0.12% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on FTRE shares. Baird R W downgraded Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a research report on Tuesday, March 4th. The Goldman Sachs Group lowered their price target on Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. Evercore ISI reduced their price objective on shares of Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a research note on Tuesday, March 4th. Finally, Citigroup lowered shares of Fortrea from a “buy” rating to a “neutral” rating and lowered their target price for the company from $30.00 to $23.00 in a research note on Wednesday, December 11th. 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 stock has a consensus rating of “Hold” and an average price target of $20.30.

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.