Fortrea Holdings Inc. (NASDAQ:FTRE) Shares Purchased by Sessa Capital IM L.P.

Sessa Capital IM L.P. increased its position in Fortrea Holdings Inc. (NASDAQ:FTRE) by 2.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,908,044 shares of the company’s stock after purchasing an additional 158,044 shares during the quarter. Fortrea accounts for 5.1% of Sessa Capital IM L.P.’s portfolio, making the stock its 7th largest position. Sessa Capital IM L.P. owned 7.71% of Fortrea worth $138,161,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Russell Investments Group Ltd. grew its holdings in Fortrea by 466.0% in the 1st quarter. Russell Investments Group Ltd. now owns 82,428 shares of the company’s stock worth $3,309,000 after buying an additional 67,865 shares in the last quarter. Penn Davis Mcfarland Inc. grew its position in Fortrea by 86.4% during the 3rd quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company’s stock worth $21,944,000 after purchasing an additional 508,664 shares in the last quarter. Diamond Hill Capital Management Inc. purchased a new stake in Fortrea in the 2nd quarter worth about $23,192,000. Mutual of America Capital Management LLC boosted its holdings in shares of Fortrea by 9.0% during the third quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company’s stock worth $9,909,000 after purchasing an additional 40,748 shares during the period. Finally, UniSuper Management Pty Ltd purchased a new stake in shares of Fortrea during the first quarter worth $707,000.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. TD Cowen boosted their price target on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Evercore ISI dropped their price objective on Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research note on Tuesday, October 8th. The Goldman Sachs Group lowered their price target on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th. Robert W. Baird raised their target price on Fortrea from $28.00 to $30.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Finally, Barclays boosted their target price on Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Fortrea currently has an average rating of “Hold” and a consensus target price of $24.50.

Fortrea Stock Up 1.8 %

Shares of NASDAQ:FTRE opened at $19.50 on Friday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of -5.70, a PEG ratio of 2.82 and a beta of 0.70. The business’s 50 day moving average is $19.56 and its 200 day moving average is $23.13. Fortrea Holdings Inc. has a 12-month low of $16.53 and a 12-month high of $41.02.

Fortrea (NASDAQ:FTRE) last released its earnings results on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The company had revenue of $674.90 million during the quarter, compared to analysts’ expectations of $674.86 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The firm’s revenue was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.24 earnings per share. On average, sell-side analysts forecast that Fortrea Holdings Inc. will post 0.57 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.