Summit Securities Group LLC Takes Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Summit Securities Group LLC purchased a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 11,000 shares of the company’s stock, valued at approximately $205,000.

Several other institutional investors have also recently added to or reduced their stakes in FTRE. Cullen Frost Bankers Inc. grew its stake in shares of Fortrea by 31.9% in the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock valued at $105,000 after purchasing an additional 1,361 shares during the last quarter. AlphaQuest LLC acquired a new stake in shares of Fortrea during the fourth quarter worth $117,000. Whalen Wealth Management Inc. purchased a new position in Fortrea in the 4th quarter valued at $204,000. Allspring Global Investments Holdings LLC increased its stake in Fortrea by 21.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 11,073 shares of the company’s stock valued at $207,000 after buying an additional 1,986 shares during the period. Finally, Centiva Capital LP purchased a new position in Fortrea during the 3rd quarter worth $220,000.

Insider Activity at Fortrea

In related news, CEO Thomas Pike sold 11,268 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $18.04, for a total transaction of $203,274.72. Following the transaction, the chief executive officer now owns 159,868 shares of the company’s stock, valued at approximately $2,884,018.72. This represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold a total of 13,029 shares of company stock valued at $226,168 over the last quarter. Insiders own 0.12% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FTRE. Evercore ISI lowered their price objective on Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a report on Tuesday, March 4th. Barclays reduced their price target on Fortrea from $25.00 to $12.00 and set an “equal weight” rating for the company in a report on Tuesday, March 4th. Baird R W cut Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. Citigroup lowered shares of Fortrea from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $30.00 to $23.00 in a research report on Wednesday, December 11th. Finally, Robert W. Baird set a $12.00 price target on shares of Fortrea in a 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 company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $19.00.

Fortrea Stock Performance

Shares of FTRE opened at $8.03 on Friday. The company has a 50-day moving average of $13.39 and a two-hundred day moving average of $17.47. The stock has a market cap of $724.31 million, a P/E ratio of -2.35, a PEG ratio of 1.78 and a beta of 1.34. Fortrea Holdings Inc. has a 12-month low of $8.00 and a 12-month high of $40.63. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74.

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 analysts’ consensus estimates of $0.36 by ($0.18). The company had revenue of $697.00 million during the quarter, compared to analysts’ expectations of $703.22 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. During the same period in the previous year, the company posted $0.19 EPS. As a group, research analysts predict that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

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.