Fortrea Holdings Inc. (NASDAQ:FTRE) Stake Reduced by M&T Bank Corp

M&T Bank Corp trimmed its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 23.5% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 12,034 shares of the company’s stock after selling 3,706 shares during the quarter. M&T Bank Corp’s holdings in Fortrea were worth $241,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. nVerses Capital LLC acquired a new stake in shares of Fortrea in the 2nd quarter worth about $26,000. Hara Capital LLC acquired a new stake in shares of Fortrea in the third quarter valued at approximately $29,000. Blue Trust Inc. raised its holdings in shares of Fortrea by 2,515.8% during the second quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock valued at $35,000 after buying an additional 1,434 shares during the last quarter. University of Texas Texas AM Investment Management Co. grew its holdings in Fortrea by 125.0% in the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock worth $53,000 after buying an additional 1,250 shares in the last quarter. Finally, Covestor Ltd increased its position in Fortrea by 102.4% in the 3rd quarter. Covestor Ltd now owns 2,763 shares of the company’s stock valued at $55,000 after acquiring an additional 1,398 shares during the period.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Evercore ISI reduced their price target on Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research report on Tuesday, October 8th. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a report on Friday, November 8th. Jefferies Financial Group lowered shares of Fortrea from a “buy” rating to a “hold” rating and decreased their target price for the company from $25.00 to $21.00 in a research report on Wednesday, September 25th. The Goldman Sachs Group dropped their price target on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 8th. Finally, Citigroup cut shares of Fortrea from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $30.00 to $23.00 in a report on Wednesday, December 11th. One research analyst has rated the stock with a sell rating and eleven have given a hold rating to the company. According to MarketBeat.com, Fortrea has an average rating of “Hold” and a consensus target price of $23.30.

Fortrea Trading Up 0.7 %

Shares of NASDAQ:FTRE opened at $18.50 on Friday. The stock has a market capitalization of $1.66 billion, a price-to-earnings ratio of -5.41, a PEG ratio of 2.94 and a beta of 1.16. Fortrea Holdings Inc. has a 1-year low of $16.53 and a 1-year high of $41.02. The company has a 50 day moving average price of $19.70 and a 200 day moving average price of $22.04. 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 (NASDAQ:FTRE) last issued its earnings results on Friday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The company had revenue of $674.90 million during the quarter, compared to analyst estimates of $674.86 million. During the same quarter in the previous year, the firm earned $0.24 earnings per share. The business’s revenue was down 5.4% compared to the same quarter last year. On average, research analysts anticipate that Fortrea Holdings Inc. will post 0.57 EPS for the current fiscal year.

About Fortrea

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.