KBC Group NV Buys 1,659 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

KBC Group NV raised its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 5.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 35,031 shares of the company’s stock after buying an additional 1,659 shares during the quarter. KBC Group NV’s holdings in Fortrea were worth $654,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of FTRE. Pacer Advisors Inc. lifted its holdings in shares of Fortrea by 5,021,169.7% in the third quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock valued at $122,519,000 after purchasing an additional 6,125,827 shares in the last quarter. FMR LLC lifted its stake in Fortrea by 91.6% in the 3rd quarter. FMR LLC now owns 4,821,404 shares of the company’s stock valued at $96,428,000 after acquiring an additional 2,304,677 shares in the last quarter. Penn Davis Mcfarland Inc. boosted its position in Fortrea by 86.4% during the 3rd quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company’s stock worth $21,944,000 after acquiring an additional 508,664 shares during the last quarter. Starboard Value LP grew its stake in shares of Fortrea by 5.0% during the 3rd quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock worth $168,000,000 after acquiring an additional 400,000 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Fortrea by 192.1% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 472,918 shares of the company’s stock valued at $9,458,000 after purchasing an additional 311,018 shares during the last quarter.

Fortrea Stock Up 0.4 %

FTRE stock opened at $16.81 on Monday. Fortrea Holdings Inc. has a 1-year low of $16.30 and a 1-year high of $41.02. The business’s 50 day simple moving average is $19.31 and its 200 day simple moving average is $20.66. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $1.51 billion, a PE ratio of -4.92, a PEG ratio of 1.88 and a beta of 1.24.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.02). The company had revenue of $674.90 million during the quarter, compared to the consensus estimate of $674.86 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. Fortrea’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.24 earnings per share. As a group, research analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently commented on FTRE. Robert W. Baird cut shares of Fortrea from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $28.00 to $25.00 in a report on Friday, December 6th. The Goldman Sachs Group decreased their price objective on Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th. Baird R W lowered Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. William Blair restated a “market perform” rating on shares of Fortrea in a research note on Friday, November 8th. Finally, Evercore ISI dropped their price objective on Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a research note on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $23.30.

Insider Activity

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now owns 159,868 shares in the company, valued at $2,884,018.72. This represents a 6.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.12% of the stock is owned by company insiders.

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.