Legal & General Group Plc Reduces Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Legal & General Group Plc reduced its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 4.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 242,076 shares of the company’s stock after selling 11,225 shares during the period. Legal & General Group Plc’s holdings in Fortrea were worth $4,515,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FTRE. Cullen Frost Bankers Inc. raised its holdings in Fortrea by 31.9% during the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock valued at $105,000 after buying an additional 1,361 shares during the last quarter. AlphaQuest LLC purchased a new stake in shares of Fortrea during the fourth quarter worth about $117,000. Whalen Wealth Management Inc. bought a new stake in shares of Fortrea in the fourth quarter worth about $204,000. Summit Securities Group LLC purchased a new position in Fortrea during the 4th quarter valued at about $205,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Fortrea by 21.9% in the 4th 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 period.

Fortrea Stock Down 1.7 %

Shares of FTRE opened at $5.20 on Tuesday. The firm has a market capitalization of $469.04 million, a P/E ratio of -1.52, a P/E/G ratio of 1.78 and a beta of 2.10. The firm has a fifty day moving average price of $9.57 and a 200-day moving average price of $15.58. Fortrea Holdings Inc. has a 12-month low of $4.77 and a 12-month high of $38.04. 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 earnings results 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 positive return on equity of 2.00% and a negative net margin of 10.99%. The firm had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. During the same quarter in the prior year, the firm posted $0.19 earnings per share. Equities research analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Wall Street Analyst Weigh In

FTRE has been the subject of a number of research analyst reports. Barclays reaffirmed an “underweight” rating and issued a $6.00 price target (down previously from $12.00) on shares of Fortrea in a research note on Thursday, April 10th. Mizuho decreased their price target on shares of Fortrea from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday, April 9th. Evercore ISI cut their price objective on Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a research report on Tuesday, March 4th. Robert W. Baird set a $12.00 target price on Fortrea in a research note on Tuesday, March 4th. Finally, The Goldman Sachs Group reduced their price target on Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating and ten have issued a hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $16.70.

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.