First Financial Group Corp Acquires New Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

First Financial Group Corp acquired a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 14,600 shares of the company’s stock, valued at approximately $272,000.

Other large investors have also bought and sold shares of the company. Starboard Value LP raised its holdings in Fortrea by 5.0% in the third quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock worth $168,000,000 after purchasing an additional 400,000 shares during the period. Sessa Capital IM L.P. raised its holdings in Fortrea by 2.3% in the third quarter. Sessa Capital IM L.P. now owns 6,908,044 shares of the company’s stock worth $138,161,000 after purchasing an additional 158,044 shares during the period. Pacer Advisors Inc. raised its holdings in Fortrea by 5,021,169.7% in the third quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock worth $122,519,000 after purchasing an additional 6,125,827 shares during the period. FMR LLC raised its holdings in Fortrea by 91.6% in the third quarter. FMR LLC now owns 4,821,404 shares of the company’s stock worth $96,428,000 after purchasing an additional 2,304,677 shares during the period. Finally, State Street Corp raised its holdings in Fortrea by 7.7% in the third quarter. State Street Corp now owns 3,250,693 shares of the company’s stock worth $65,014,000 after purchasing an additional 233,577 shares during the period.

Insider Activity

In related news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $18.04, for a total transaction of $203,274.72. Following the completion of the sale, the chief executive officer now owns 159,868 shares of the company’s stock, valued at approximately $2,884,018.72. The trade was a 6.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 13,029 shares of company stock valued at $226,168 in the last quarter. Company insiders own 0.12% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on FTRE. William Blair reiterated a “market perform” rating on shares of Fortrea in a report on Tuesday, March 4th. Baird R W downgraded shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. Citigroup downgraded shares of Fortrea from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $30.00 to $23.00 in a research report on Wednesday, December 11th. Evercore ISI lowered their price objective on shares of Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a research report on Tuesday, March 4th. Finally, Robert W. Baird set a $12.00 price objective on shares of Fortrea in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating and eleven have given a hold rating to the company. According to data from MarketBeat.com, Fortrea presently has an average rating of “Hold” and a consensus price target of $19.00.

Fortrea Stock Up 0.8 %

Fortrea stock opened at $9.66 on Friday. The company has a market cap of $871.33 million, a P/E ratio of -2.82, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34. Fortrea Holdings Inc. has a 1-year low of $9.47 and a 1-year high of $41.02. The company has a fifty day simple moving average of $15.46 and a 200 day simple moving average of $18.48. 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 announced its quarterly earnings data on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The firm had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. During the same period last year, the business earned $0.19 EPS. Research analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share 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.