GHP Investment Advisors Inc. Sells 4,416 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

GHP Investment Advisors Inc. cut its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 34.7% in the second quarter, Holdings Channel.com reports. The fund owned 8,306 shares of the company’s stock after selling 4,416 shares during the quarter. GHP Investment Advisors Inc.’s holdings in Fortrea were worth $194,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. acquired a new stake in shares of Fortrea in the 4th quarter valued at $347,110,000. Boston Partners raised its holdings in Fortrea by 3.2% during the first quarter. Boston Partners now owns 3,938,584 shares of the company’s stock valued at $157,075,000 after buying an additional 121,126 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Fortrea by 59.3% in the second quarter. Victory Capital Management Inc. now owns 2,466,181 shares of the company’s stock worth $57,561,000 after buying an additional 918,240 shares during the last quarter. Gates Capital Management Inc. bought a new stake in shares of Fortrea during the 4th quarter worth about $67,859,000. Finally, Brandes Investment Partners LP acquired a new position in shares of Fortrea during the 4th quarter valued at about $59,056,000.

Fortrea Stock Up 3.8 %

Shares of FTRE opened at $21.39 on Friday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.19 and a current ratio of 1.19. The company has a 50-day simple moving average of $23.87 and a 200-day simple moving average of $29.37. Fortrea Holdings Inc. has a 52 week low of $18.07 and a 52 week high of $41.02. The firm has a market capitalization of $1.92 billion, a P/E ratio of -15.39, a P/E/G ratio of 2.02 and a beta of 0.56.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share (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 for the quarter, compared to the consensus estimate of $689.08 million. During the same quarter in the prior year, the firm earned $0.52 earnings per share. The company’s revenue was down 8.6% on a year-over-year basis. On average, equities research analysts expect that Fortrea Holdings Inc. will post 0.6 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FTRE. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a research report on Wednesday. Evercore ISI downgraded shares of Fortrea from an “outperform” rating to an “in-line” rating and decreased their price objective for the stock from $31.00 to $27.00 in a report on Thursday, August 8th. Robert W. Baird dropped their target price on shares of Fortrea from $38.00 to $28.00 and set an “outperform” rating on the stock in a report on Tuesday, August 13th. Citigroup cut their target price on shares of Fortrea from $42.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Finally, Barclays lowered their price target on Fortrea from $30.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, seven have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $27.20.

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.