Charles Schwab Investment Management Inc. Buys 22,469 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Charles Schwab Investment Management Inc. lifted its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 3.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 612,897 shares of the company’s stock after acquiring an additional 22,469 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Fortrea were worth $11,431,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. JPMorgan Chase & Co. boosted its holdings in shares of Fortrea by 21.2% in the third quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company’s stock worth $7,288,000 after buying an additional 63,766 shares during the last quarter. Starboard Value LP boosted its holdings in shares of 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 buying an additional 400,000 shares during the last quarter. State Street Corp boosted its holdings in shares of 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 buying an additional 233,577 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Fortrea by 25.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,135,619 shares of the company’s stock worth $22,712,000 after buying an additional 227,109 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Fortrea by 21.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 11,073 shares of the company’s stock worth $207,000 after buying an additional 1,986 shares during the last quarter.

Insider Activity

In other 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 transaction of $203,274.72. Following the sale, the chief executive officer now owns 159,868 shares in the company, valued at $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The transaction 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 worth $226,168 over the last quarter. Insiders own 0.12% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on FTRE shares. Baird R W downgraded shares of Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. Citigroup downgraded shares of Fortrea from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $30.00 to $23.00 in a report on Wednesday, December 11th. Barclays dropped their price objective on shares of Fortrea from $25.00 to $12.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 4th. William Blair reissued a “market perform” rating on shares of Fortrea in a report on Tuesday, March 4th. Finally, Evercore ISI lowered their price target on shares of Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating and eleven have given a hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $19.00.

Fortrea Price Performance

Shares of NASDAQ:FTRE opened at $8.77 on Friday. 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 $8.65 and a 1-year high of $40.63. The company has a market capitalization of $791.05 million, a P/E ratio of -2.56, a P/E/G ratio of 1.78 and a beta of 1.34. The firm’s 50 day simple moving average is $14.32 and its two-hundred day simple moving average is $17.91.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Monday, March 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.18). The company had revenue of $697.00 million for the quarter, compared to the consensus estimate 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 quarter in the previous year, the business earned $0.19 EPS. Research analysts expect 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.