Cullen Frost Bankers Inc. Buys 1,361 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Cullen Frost Bankers Inc. boosted its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 31.9% in the 4th quarter, HoldingsChannel.com reports. The fund owned 5,633 shares of the company’s stock after purchasing an additional 1,361 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Fortrea were worth $105,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Janus Henderson Group PLC increased its holdings in Fortrea by 2.0% during the 3rd quarter. Janus Henderson Group PLC now owns 41,292 shares of the company’s stock valued at $825,000 after purchasing an additional 792 shares in the last quarter. Willis Investment Counsel grew its holdings in shares of Fortrea by 0.6% during the fourth quarter. Willis Investment Counsel now owns 185,473 shares of the company’s stock worth $3,459,000 after purchasing an additional 1,138 shares during the last quarter. Financial Counselors Inc. increased its stake in shares of Fortrea by 1.4% in the third quarter. Financial Counselors Inc. now owns 97,759 shares of the company’s stock valued at $1,955,000 after buying an additional 1,395 shares in the last quarter. Covestor Ltd increased its stake in shares of Fortrea by 102.4% in the third quarter. Covestor Ltd now owns 2,763 shares of the company’s stock valued at $55,000 after buying an additional 1,398 shares in the last quarter. Finally, Assetmark Inc. raised its holdings in shares of Fortrea by 10.7% in the third quarter. Assetmark Inc. now owns 16,238 shares of the company’s stock valued at $325,000 after buying an additional 1,566 shares during the last quarter.

Insider Buying and Selling at Fortrea

In other news, CEO Thomas Pike sold 11,268 shares of the business’s stock in a transaction on Monday, January 13th. The shares were 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 owns 159,868 shares of the company’s stock, valued at $2,884,018.72. The trade was a 6.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders sold 12,386 shares of company stock valued at $219,751. Corporate insiders own 0.12% of the company’s stock.

Fortrea Stock Down 0.1 %

Shares of Fortrea stock opened at $10.68 on Monday. The business has a fifty day simple moving average of $16.16 and a 200 day simple moving average of $18.76. The stock has a market cap of $963.34 million, a PE ratio of -3.12, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea Holdings Inc. has a 12 month low of $9.55 and a 12 month high of $41.02.

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

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Robert W. Baird lowered shares of Fortrea from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $28.00 to $25.00 in a report on Friday, December 6th. Baird R W cut shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. Barclays dropped their price objective on shares of Fortrea from $25.00 to $12.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 4th. Evercore ISI decreased their price objective on Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a research report on Tuesday, March 4th. Finally, William Blair restated a “market perform” rating on shares of Fortrea in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. According to data from MarketBeat, Fortrea presently has an average rating of “Hold” and a consensus target price of $20.30.

About Fortrea

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.