Fortrea Holdings Inc. (NASDAQ:FTRE) Shares Bought by China Universal Asset Management Co. Ltd.

China Universal Asset Management Co. Ltd. grew its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 64.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,233 shares of the company’s stock after buying an additional 6,729 shares during the period. China Universal Asset Management Co. Ltd.’s holdings in Fortrea were worth $345,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in FTRE. Sei Investments Co. raised its stake in Fortrea by 311.2% during the 1st quarter. Sei Investments Co. now owns 78,873 shares of the company’s stock valued at $3,165,000 after acquiring an additional 59,690 shares in the last quarter. Jennison Associates LLC acquired a new position in shares of Fortrea during the first quarter valued at $6,560,000. First Eagle Investment Management LLC raised its stake in shares of Fortrea by 171.6% during the first quarter. First Eagle Investment Management LLC now owns 268,882 shares of the company’s stock valued at $10,793,000 after purchasing an additional 169,882 shares in the last quarter. Mutual of America Capital Management LLC lifted its holdings in Fortrea by 31.6% in the first quarter. Mutual of America Capital Management LLC now owns 367,203 shares of the company’s stock worth $14,740,000 after purchasing an additional 88,159 shares during the period. Finally, Russell Investments Group Ltd. grew its position in Fortrea by 466.0% in the 1st quarter. Russell Investments Group Ltd. now owns 82,428 shares of the company’s stock valued at $3,309,000 after buying an additional 67,865 shares in the last quarter.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Citigroup reduced their price target on shares of 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 target price on Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a research report on Tuesday, August 20th. Jefferies Financial Group cut Fortrea from a “buy” rating to a “hold” rating and lowered their price target for the company from $25.00 to $21.00 in a research report on Wednesday, September 25th. TD Cowen cut their price objective on Fortrea from $27.00 to $23.00 and set a “hold” rating for the company in a report on Tuesday, August 13th. Finally, Evercore ISI decreased their target price on Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research note on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $23.60.

Fortrea Price Performance

NASDAQ FTRE opened at $17.15 on Thursday. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.77. Fortrea Holdings Inc. has a 1 year low of $17.00 and a 1 year high of $41.02. The company has a market cap of $1.53 billion, a PE ratio of -12.34, a PEG ratio of 2.87 and a beta of 0.54. The stock’s 50-day moving average price is $20.31 and its two-hundred day moving average price is $24.98.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.10). Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. The firm had revenue of $662.40 million during the quarter, compared to analysts’ expectations of $689.08 million. During the same quarter last year, the company posted $0.52 EPS. The firm’s revenue was down 8.6% compared to the same quarter last year. On average, analysts predict that Fortrea Holdings Inc. will post 0.59 EPS for the current year.

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.