Cannell & Spears LLC Reduces Stock Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Cannell & Spears LLC lessened its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 26.9% in the fourth quarter, Holdings Channel reports. The fund owned 16,748 shares of the company’s stock after selling 6,177 shares during the quarter. Cannell & Spears LLC’s holdings in Fortrea were worth $312,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its stake in shares of Fortrea by 21.2% in the third quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company’s stock valued at $7,288,000 after purchasing an additional 63,766 shares during the period. State Street Corp boosted its position in Fortrea by 7.7% in the 3rd quarter. State Street Corp now owns 3,250,693 shares of the company’s stock valued at $65,014,000 after buying an additional 233,577 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its position in shares of Fortrea by 25.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,135,619 shares of the company’s stock worth $22,712,000 after acquiring an additional 227,109 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Fortrea by 5.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 590,428 shares of the company’s stock worth $11,809,000 after acquiring an additional 29,285 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Fortrea by 21.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 11,073 shares of the company’s stock valued at $207,000 after purchasing an additional 1,986 shares during the last quarter.

Insider Buying and Selling

In related news, CEO Thomas Pike sold 11,268 shares of the stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $18.04, for a total value of $203,274.72. Following the completion of the transaction, the chief executive officer now directly owns 159,868 shares of the company’s stock, valued at $2,884,018.72. This represents a 6.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 13,029 shares of company stock valued at $226,168 in the last quarter. Company insiders own 0.12% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on FTRE shares. Robert W. Baird set a $12.00 price objective on Fortrea in a report on Tuesday, March 4th. Barclays cut their price target on shares of Fortrea from $25.00 to $12.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 4th. The Goldman Sachs Group dropped their target price on shares of Fortrea from $22.00 to $11.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. Baird R W cut shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. Finally, Citigroup lowered Fortrea from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $30.00 to $23.00 in a report on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $19.00.

Fortrea Stock Down 6.6 %

NASDAQ:FTRE opened at $7.05 on Wednesday. The firm has a market capitalization of $635.91 million, a PE ratio of -2.06, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34. Fortrea Holdings Inc. has a 52 week low of $7.01 and a 52 week high of $40.57. 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 stock has a 50 day moving average of $12.96 and a 200-day moving average of $17.25.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.18). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The company had revenue of $697.00 million during the quarter, compared to analyst estimates of $703.22 million. During the same period in the prior year, the business earned $0.19 earnings per share. Analysts predict that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

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.