Goldman Sachs Group Inc. Acquires 293,992 Shares of Fortrea Holdings Inc. $FTRE

Goldman Sachs Group Inc. raised its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 3.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,272,597 shares of the company’s stock after buying an additional 293,992 shares during the quarter. Goldman Sachs Group Inc. owned 8.95% of Fortrea worth $142,702,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of FTRE. Larson Financial Group LLC boosted its position in shares of Fortrea by 136.7% in the fourth quarter. Larson Financial Group LLC now owns 1,856 shares of the company’s stock valued at $32,000 after acquiring an additional 1,072 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in Fortrea by 27.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,490 shares of the company’s stock valued at $77,000 after purchasing an additional 980 shares during the last quarter. Allworth Financial LP boosted its holdings in Fortrea by 19.6% in the 3rd quarter. Allworth Financial LP now owns 6,769 shares of the company’s stock valued at $57,000 after purchasing an additional 1,109 shares during the period. Osaic Holdings Inc. boosted its holdings in Fortrea by 74.3% in the 2nd quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock valued at $38,000 after purchasing an additional 2,918 shares during the period. Finally, Public Employees Retirement System of Ohio grew its position in Fortrea by 37.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 8,386 shares of the company’s stock worth $71,000 after purchasing an additional 2,303 shares during the last quarter.

Insider Transactions at Fortrea

In other Fortrea news, CFO Jill G. Mcconnell sold 5,061 shares of the business’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $9.07, for a total value of $45,903.27. Following the transaction, the chief financial officer directly owned 69,796 shares in the company, valued at $633,049.72. The trade was a 6.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last ninety days, insiders have sold 8,792 shares of company stock worth $80,014. Company insiders own 0.73% of the company’s stock.

Fortrea Stock Performance

Fortrea stock opened at $16.08 on Monday. The company has a debt-to-equity ratio of 1.98, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a fifty day moving average price of $12.13 and a two-hundred day moving average price of $13.15. Fortrea Holdings Inc. has a 52-week low of $4.36 and a 52-week high of $18.67. The firm has a market capitalization of $1.52 billion, a P/E ratio of -3.27, a P/E/G ratio of 0.49 and a beta of 2.12.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Tuesday, May 5th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.03 by $0.13. Fortrea had a negative net margin of 16.50% and a positive return on equity of 9.51%. The company had revenue of $636.50 million for the quarter, compared to the consensus estimate of $628.51 million. As a group, analysts anticipate that Fortrea Holdings Inc. will post 0.8 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on FTRE shares. Barclays upped their price objective on shares of Fortrea from $11.00 to $16.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 6th. Truist Financial set a $19.00 price target on Fortrea in a research note on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $14.00 price target on shares of Fortrea in a report on Thursday, May 7th. TD Cowen reissued a “buy” rating on shares of Fortrea in a report on Wednesday, May 6th. Finally, Mizuho raised their target price on Fortrea from $11.00 to $13.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 12th. Five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $17.25.

Fortrea Company Profile

Fortrea, Inc is a global contract development and manufacturing organization (CDMO) that provides integrated solutions for pharmaceutical and biotechnology companies. Established as a spin-off from Thermo Fisher Scientific’s Pharma Services business in October 2023, Fortrea leverages a legacy of scientific expertise and manufacturing scale to support drug development from early-stage research through commercial production. The company’s comprehensive offerings address the complex needs of both small-molecule and biologics programs, making it a single source for clients seeking to accelerate timelines and manage costs.

Fortrea’s core services encompass analytical and formulation development, process optimization, clinical and commercial manufacturing, and packaging services.