Nordea Investment Management AB Trims Stake in Fortrea Holdings Inc. (NASDAQ:FTRE)

Nordea Investment Management AB cut its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 6.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,537,100 shares of the company’s stock after selling 109,216 shares during the period. Nordea Investment Management AB owned approximately 1.71% of Fortrea worth $28,821,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in FTRE. Penn Davis Mcfarland Inc. boosted its position in shares of Fortrea by 86.4% during the third quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company’s stock valued at $21,944,000 after buying an additional 508,664 shares during the period. Starboard Value LP grew its position in Fortrea by 5.0% in the 3rd quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock valued at $168,000,000 after acquiring an additional 400,000 shares during the last quarter. Mutual of America Capital Management LLC increased its stake in Fortrea by 9.0% in the third quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company’s stock worth $9,909,000 after purchasing an additional 40,748 shares during the period. Diamond Hill Capital Management Inc. purchased a new stake in shares of Fortrea during the second quarter valued at $23,192,000. Finally, State Street Corp grew its holdings in shares of Fortrea by 7.7% in the third quarter. State Street Corp now owns 3,250,693 shares of the company’s stock worth $65,014,000 after purchasing an additional 233,577 shares during the last quarter.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. William Blair reissued a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. The Goldman Sachs Group dropped their price objective on Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 8th. 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 report on Tuesday, October 8th. Baird R W downgraded Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. Finally, Barclays raised their price target on Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $23.30.

Fortrea Trading Down 2.1 %

NASDAQ FTRE opened at $19.31 on Wednesday. Fortrea Holdings Inc. has a 52 week low of $16.53 and a 52 week high of $41.02. The company has a 50 day moving average price of $19.82 and a 200 day moving average price of $21.46. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The firm has a market cap of $1.73 billion, a PE ratio of -5.65, a price-to-earnings-growth ratio of 3.02 and a beta of 1.16.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The business had revenue of $674.90 million for the quarter, compared to analysts’ expectations of $674.86 million. During the same quarter in the prior year, the company posted $0.24 EPS. The business’s revenue for the quarter was down 5.4% on a year-over-year basis. As a group, sell-side analysts forecast 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.