111,271 Shares in Fortrea Holdings Inc. $FTRE Purchased by Pullen Investment Management LLC

Pullen Investment Management LLC acquired a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 111,271 shares of the company’s stock, valued at approximately $2,220,000.

A number of other hedge funds have also recently added to or reduced their stakes in FTRE. Allworth Financial LP boosted its position in Fortrea by 22.3% in the second quarter. Allworth Financial LP now owns 3,923 shares of the company’s stock valued at $68,000 after buying an additional 716 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Fortrea by 9.5% during the first quarter. EverSource Wealth Advisors LLC now owns 10,936 shares of the company’s stock worth $103,000 after buying an additional 953 shares in the last quarter. Financial Management Professionals Inc. acquired a new position in shares of Fortrea during the third quarter worth $30,000. Amundi lifted its stake in shares of Fortrea by 20.2% in the 1st quarter. Amundi now owns 12,490 shares of the company’s stock valued at $118,000 after acquiring an additional 2,101 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its stake in shares of Fortrea by 29.1% in the 3rd quarter. Nisa Investment Advisors LLC now owns 11,670 shares of the company’s stock valued at $233,000 after acquiring an additional 2,633 shares during the last quarter.

Insider Activity

In other news, CEO Anshul Thakral sold 99,869 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $19.16, for a total transaction of $1,913,490.04. Following the completion of the sale, the chief executive officer directly owned 316,797 shares of the company’s stock, valued at $6,069,830.52. The trade was a 23.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.73% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have commented on FTRE. Citigroup increased their target price on Fortrea from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Wall Street Zen raised Fortrea from a “hold” rating to a “buy” rating in a research report on Saturday, October 10th. William Blair upgraded shares of Fortrea to a “hold” rating in a research report on Wednesday, July 29th. Truist Financial increased their price target on Fortrea from $19.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Fortrea in a research note on Thursday, October 15th. Seven research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $22.80.

Fortrea Stock Performance

Shares of FTRE stock opened at $23.63 on Monday. The firm has a market capitalization of $2.25 billion, a PE ratio of -25.97, a price-to-earnings-growth ratio of 0.57 and a beta of 1.93. The firm has a fifty day simple moving average of $19.70 and a two-hundred day simple moving average of $16.93. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.98. Fortrea Holdings Inc. has a 12 month low of $8.55 and a 12 month high of $24.83.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.05. Fortrea had a negative net margin of 3.18% and a positive return on equity of 10.72%. The firm had revenue of $678.20 million for the quarter, compared to the consensus estimate of $647.57 million. Analysts forecast that Fortrea Holdings Inc. will post 0.86 EPS for the current fiscal year.

Fortrea Profile

Fortrea Holdings Inc is a global contract research organization (CRO) that provides services to pharmaceutical, biotechnology and medical device companies. The company helps clients plan, manage and execute clinical development programs, supporting the testing of new medicines and therapies from early-stage research through regulatory approval and post-approval activities.

Its services include Phase I through Phase IV clinical trials, clinical operations, patient recruitment and access, data management, biostatistics, medical monitoring, pharmacovigilance and regulatory support.