Kennedy Capital Management LLC Trims Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Kennedy Capital Management LLC decreased its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 13.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 292,874 shares of the company’s stock after selling 45,519 shares during the quarter. Kennedy Capital Management LLC’s holdings in Fortrea were worth $11,756,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Allworth Financial LP acquired a new stake in Fortrea during the fourth quarter worth $28,000. Glassman Wealth Services acquired a new stake in Fortrea during the fourth quarter worth $28,000. Clean Yield Group acquired a new stake in Fortrea during the fourth quarter worth $30,000. CENTRAL TRUST Co acquired a new stake in Fortrea during the fourth quarter worth $30,000. Finally, Concord Wealth Partners increased its stake in Fortrea by 152.8% during the first quarter. Concord Wealth Partners now owns 862 shares of the company’s stock worth $35,000 after acquiring an additional 521 shares during the last quarter.

Fortrea Stock Up 2.2 %

NASDAQ FTRE traded up $0.59 during trading on Tuesday, reaching $27.88. 1,092,860 shares of the company’s stock were exchanged, compared to its average volume of 1,141,829. The stock has a market cap of $2.49 billion and a P/E ratio of -19.97. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.47 and a current ratio of 1.47. The company has a 50 day moving average price of $24.95 and a two-hundred day moving average price of $31.67. Fortrea Holdings Inc. has a 1 year low of $22.15 and a 1 year high of $41.02.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Monday, May 13th. The company reported ($0.04) earnings per share for the quarter. Fortrea had a negative net margin of 4.11% and a positive return on equity of 4.76%. The firm had revenue of $662.10 million during the quarter, compared to analysts’ expectations of $754.58 million. Fortrea’s quarterly revenue was down 4.6% on a year-over-year basis. On average, equities research analysts anticipate that Fortrea Holdings Inc. will post 0.72 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Baird R W raised Fortrea from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 14th. Evercore ISI dropped their price objective on Fortrea from $43.00 to $31.00 and set an “outperform” rating for the company in a research note on Tuesday, May 14th. Bank of America dropped their price objective on Fortrea from $27.00 to $26.00 and set an “underperform” rating for the company in a research note on Thursday, July 18th. Robert W. Baird raised Fortrea from a “neutral” rating to an “outperform” rating and lowered their target price for the stock from $45.00 to $36.00 in a research note on Tuesday, May 14th. Finally, Mizuho initiated coverage on Fortrea in a research note on Tuesday, May 28th. They set a “neutral” rating and a $27.00 target price for the company. One analyst has rated the stock with a sell rating, six have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $31.70.

Insider Activity

In other news, General Counsel James S. Hanson bought 2,000 shares of Fortrea stock in a transaction dated Wednesday, June 12th. The stock was acquired at an average cost of $25.30 per share, with a total value of $50,600.00. Following the acquisition, the general counsel now owns 7,475 shares of the company’s stock, valued at $189,117.50. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, General Counsel James S. Hanson acquired 2,000 shares of Fortrea stock in a transaction on Wednesday, June 12th. The stock was purchased at an average cost of $25.30 per share, with a total value of $50,600.00. Following the purchase, the general counsel now directly owns 7,475 shares in the company, valued at $189,117.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Thomas Pike acquired 10,000 shares of Fortrea stock in a transaction on Wednesday, May 29th. The shares were bought at an average cost of $24.81 per share, with a total value of $248,100.00. Following the completion of the purchase, the chief executive officer now owns 57,827 shares in the company, valued at $1,434,687.87. The disclosure for this purchase can be found here. Company insiders own 0.12% of the company’s stock.

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.