Cohen Capital Management Inc. Acquires 1,272 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Cohen Capital Management Inc. lifted its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 2.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 54,951 shares of the company’s stock after acquiring an additional 1,272 shares during the period. Cohen Capital Management Inc. owned approximately 0.06% of Fortrea worth $2,206,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Texas Permanent School Fund Corp raised its position in shares of Fortrea by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 77,717 shares of the company’s stock worth $3,120,000 after acquiring an additional 1,017 shares in the last quarter. Financial Counselors Inc. increased its position in Fortrea by 0.4% in the 1st quarter. Financial Counselors Inc. now owns 94,880 shares of the company’s stock valued at $3,808,000 after buying an additional 395 shares in the last quarter. Jennison Associates LLC bought a new stake in Fortrea in the 1st quarter valued at about $6,560,000. Mutual of America Capital Management LLC increased its position in Fortrea by 31.6% in the 1st quarter. Mutual of America Capital Management LLC now owns 367,203 shares of the company’s stock valued at $14,740,000 after buying an additional 88,159 shares in the last quarter. Finally, Nordea Investment Management AB increased its position in Fortrea by 4,500.5% in the 1st quarter. Nordea Investment Management AB now owns 982,215 shares of the company’s stock valued at $39,259,000 after buying an additional 960,865 shares in the last quarter.

Insider Transactions at Fortrea

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

Fortrea Stock Performance

Shares of NASDAQ FTRE traded up $1.26 during midday trading on Thursday, reaching $24.75. The company’s stock had a trading volume of 1,551,769 shares, compared to its average volume of 1,126,987. Fortrea Holdings Inc. has a 12-month low of $22.15 and a 12-month high of $41.02. The firm has a 50 day moving average price of $26.23 and a 200-day moving average price of $32.29. The stock has a market capitalization of $2.21 billion and a P/E ratio of -17.81. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.47 and a quick ratio of 1.47.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Monday, May 13th. The company reported ($0.04) earnings per share for the quarter. Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. The business had revenue of $662.10 million during the quarter, compared to analysts’ expectations of $754.58 million. The business’s revenue was down 4.6% on a year-over-year basis. As a group, equities analysts predict that Fortrea Holdings Inc. will post 0.75 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently commented on the company. Mizuho assumed coverage on Fortrea in a research report on Tuesday, May 28th. They issued a “neutral” rating and a $27.00 target price for the company. Bank of America decreased their target price on Fortrea from $33.00 to $27.00 and set an “underperform” rating for the company in a research report on Tuesday, May 14th. Evercore ISI decreased their price objective on Fortrea from $43.00 to $31.00 and set an “outperform” rating for the company in a report on Tuesday, May 14th. Baird R W raised Fortrea from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 14th. Finally, TD Cowen started coverage on Fortrea in a report on Wednesday, May 29th. They set a “hold” rating and a $27.00 price objective for the company. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Fortrea has an average rating of “Moderate Buy” and an average target price of $32.30.

Fortrea 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.