Janus Henderson Group PLC Acquires 792 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Janus Henderson Group PLC lifted its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 2.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 41,292 shares of the company’s stock after purchasing an additional 792 shares during the period. Janus Henderson Group PLC’s holdings in Fortrea were worth $825,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FTRE. Cetera Advisors LLC bought a new stake in Fortrea during the 1st quarter worth about $241,000. CWM LLC increased its holdings in shares of Fortrea by 12.5% in the second quarter. CWM LLC now owns 4,273 shares of the company’s stock valued at $100,000 after purchasing an additional 475 shares in the last quarter. SG Americas Securities LLC bought a new position in Fortrea in the 2nd quarter worth approximately $260,000. Blue Trust Inc. lifted its holdings in Fortrea by 2,515.8% during the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock worth $35,000 after buying an additional 1,434 shares in the last quarter. Finally, Penn Davis Mcfarland Inc. boosted its position in Fortrea by 3.3% in the 2nd quarter. Penn Davis Mcfarland Inc. now owns 588,532 shares of the company’s stock valued at $13,736,000 after buying an additional 18,545 shares during the last quarter.

Analyst Upgrades and Downgrades

FTRE has been the topic of several research reports. Robert W. Baird lowered Fortrea from an “outperform” rating to a “neutral” rating and cut their price target for the company from $28.00 to $25.00 in a research note on Friday, December 6th. Jefferies Financial Group downgraded shares of Fortrea from a “buy” rating to a “hold” rating and cut their target price for the company from $25.00 to $21.00 in a research report on Wednesday, September 25th. William Blair reiterated a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. Evercore ISI cut their price objective on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a report on Tuesday, October 8th. Finally, Baird R W lowered shares of Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. One investment analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. According to data from MarketBeat.com, Fortrea has an average rating of “Hold” and an average target price of $23.30.

Fortrea Stock Performance

FTRE stock opened at $20.00 on Friday. Fortrea Holdings Inc. has a 1-year low of $16.53 and a 1-year high of $41.02. The business’s 50-day moving average price is $19.65 and its two-hundred day moving average price is $22.18. The firm has a market cap of $1.79 billion, a PE ratio of -5.85, a P/E/G ratio of 2.94 and a beta of 1.16. 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 issued its quarterly earnings data on Friday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.02). The business had revenue of $674.90 million during the quarter, compared to analyst estimates of $674.86 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. Fortrea’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.24 earnings per share. As a group, research analysts forecast that Fortrea Holdings Inc. will post 0.57 earnings per share for the current 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.