Financial Counselors Inc. Has $492,000 Stock Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Financial Counselors Inc. lessened its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 73.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,401 shares of the company’s stock after selling 71,358 shares during the period. Financial Counselors Inc.’s holdings in Fortrea were worth $492,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Prudential Financial Inc. raised its stake in shares of Fortrea by 13.0% in the fourth quarter. Prudential Financial Inc. now owns 102,835 shares of the company’s stock worth $1,918,000 after purchasing an additional 11,859 shares during the last quarter. Vanguard Group Inc. grew its holdings in Fortrea by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 9,884,256 shares of the company’s stock worth $184,341,000 after buying an additional 120,599 shares in the last quarter. Fox Run Management L.L.C. purchased a new stake in Fortrea in the 4th quarter valued at $302,000. KLP Kapitalforvaltning AS bought a new position in Fortrea during the 4th quarter valued at $300,000. Finally, Sei Investments Co. boosted its holdings in Fortrea by 45.4% during the 4th quarter. Sei Investments Co. now owns 56,499 shares of the company’s stock worth $1,054,000 after acquiring an additional 17,638 shares during the last quarter.

Insider Activity

In related news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction that occurred 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 directly owns 159,868 shares in the company, valued at approximately $2,884,018.72. The trade was a 6.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 13,029 shares of company stock valued at $226,168 over the last quarter. Company insiders own 0.12% of the company’s stock.

Fortrea Stock Performance

NASDAQ:FTRE opened at $8.03 on Friday. The company has a market capitalization of $724.31 million, a P/E ratio of -2.35, a P/E/G ratio of 1.78 and a beta of 1.34. The business has a fifty day simple moving average of $13.39 and a two-hundred day simple moving average of $17.49. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. Fortrea Holdings Inc. has a 1 year low of $8.00 and a 1 year high of $40.63.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.18). The firm had revenue of $697.00 million during the quarter, compared to analysts’ expectations 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 period last year, the business posted $0.19 EPS. On average, analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Analyst Upgrades and Downgrades

FTRE has been the topic of a number of recent analyst reports. Barclays dropped their price target on shares of Fortrea from $25.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 4th. Citigroup cut shares of Fortrea from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $30.00 to $23.00 in a research report on Wednesday, December 11th. Baird R W lowered Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. Robert W. Baird set a $12.00 price target on Fortrea in a report on Tuesday, March 4th. Finally, The Goldman Sachs Group cut their price objective on Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating and eleven have given a hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $19.00.

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.