NorthRock Partners LLC Takes $67,000 Position in Fortrea Holdings Inc. $FTRE

NorthRock Partners LLC bought a new stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 13,657 shares of the company’s stock, valued at approximately $67,000.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Fortrea by 0.7% during the first quarter. Vanguard Group Inc. now owns 9,953,261 shares of the company’s stock valued at $75,147,000 after buying an additional 69,005 shares in the last quarter. Corvex Management LP lifted its position in shares of Fortrea by 28.6% in the 1st quarter. Corvex Management LP now owns 4,474,898 shares of the company’s stock valued at $33,785,000 after acquiring an additional 994,000 shares in the last quarter. Millennium Management LLC lifted its position in shares of Fortrea by 1,625.8% in the 1st quarter. Millennium Management LLC now owns 3,499,220 shares of the company’s stock valued at $26,419,000 after acquiring an additional 3,296,461 shares in the last quarter. Deutsche Bank AG lifted its position in shares of Fortrea by 17,183.6% in the 1st quarter. Deutsche Bank AG now owns 1,165,086 shares of the company’s stock valued at $8,796,000 after acquiring an additional 1,158,345 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of Fortrea by 181.9% in the first quarter. AQR Capital Management LLC now owns 1,095,282 shares of the company’s stock valued at $8,269,000 after purchasing an additional 706,779 shares in the last quarter.

Fortrea Stock Down 0.7%

FTRE opened at $9.45 on Friday. Fortrea Holdings Inc. has a fifty-two week low of $3.97 and a fifty-two week high of $25.28. The business has a 50-day moving average of $9.34 and a 200-day moving average of $6.79. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.02 and a quick ratio of 1.02. The company has a market capitalization of $858.06 million, a PE ratio of -0.83 and a beta of 1.81.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data on Friday, May 24th. The company reported $0.37 earnings per share for the quarter. The firm had revenue of $693.90 million for the quarter. Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. Equities research analysts forecast that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Insider Activity

In related news, Director Erin L. Russell bought 9,854 shares of the business’s stock in a transaction on Tuesday, September 2nd. The shares were bought at an average cost of $10.15 per share, for a total transaction of $100,018.10. Following the completion of the acquisition, the director directly owned 9,854 shares in the company, valued at approximately $100,018.10. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Jill G. Mcconnell sold 4,886 shares of the firm’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $8.01, for a total value of $39,136.86. Following the transaction, the chief financial officer owned 54,770 shares in the company, valued at approximately $438,707.70. This trade represents a 8.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 72,354 shares of company stock worth $507,168 and have sold 10,311 shares worth $94,635. 0.38% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on FTRE. Mizuho increased their target price on Fortrea from $7.00 to $9.00 and gave the company a “neutral” rating in a report on Friday. Zacks Research raised Fortrea from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 7th. Jefferies Financial Group increased their price objective on Fortrea from $7.00 to $9.50 and gave the stock a “hold” rating in a research note on Tuesday, September 9th. Evercore ISI increased their price target on shares of Fortrea from $7.00 to $11.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 8th. Finally, Baird R W raised shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 4th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $12.39.

Fortrea 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.