Thrivent Financial for Lutherans Increases Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Thrivent Financial for Lutherans grew its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 78.1% during the fourth quarter, HoldingsChannel reports. The fund owned 125,294 shares of the company’s stock after purchasing an additional 54,932 shares during the period. Thrivent Financial for Lutherans’ holdings in Fortrea were worth $2,337,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. JPMorgan Chase & Co. increased its stake in Fortrea by 21.2% in the third quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company’s stock valued at $7,288,000 after purchasing an additional 63,766 shares during the last quarter. Starboard Value LP boosted its holdings in shares of Fortrea by 5.0% in the 3rd quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock valued at $168,000,000 after buying an additional 400,000 shares in the last quarter. State Street Corp grew its position in shares of Fortrea by 7.7% in the 3rd quarter. State Street Corp now owns 3,250,693 shares of the company’s stock valued at $65,014,000 after buying an additional 233,577 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its position in Fortrea by 25.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,135,619 shares of the company’s stock valued at $22,712,000 after acquiring an additional 227,109 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Fortrea by 5.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 590,428 shares of the company’s stock valued at $11,809,000 after acquiring an additional 29,285 shares during the last quarter.

Insider Buying and Selling

In other news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction on Monday, January 13th. The stock was sold at an average price of $18.04, for a total transaction of $203,274.72. Following the completion of the transaction, the chief executive officer now owns 159,868 shares of the company’s stock, valued at $2,884,018.72. The trade was a 6.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have sold a total of 13,029 shares of company stock worth $226,168 in the last quarter. Company insiders own 0.12% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a report on Tuesday, March 4th. Evercore ISI cut their price target 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. Citigroup cut shares of Fortrea from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $30.00 to $23.00 in a research note on Wednesday, December 11th. Robert W. Baird set a $12.00 price objective on Fortrea in a research report on Tuesday, March 4th. Finally, The Goldman Sachs Group cut their price target on Fortrea from $22.00 to $11.00 and set a “neutral” rating for the company in a research note on Tuesday, March 4th. One research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $19.00.

Fortrea Price Performance

Fortrea stock opened at $8.36 on Friday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. Fortrea Holdings Inc. has a one year low of $8.16 and a one year high of $40.63. The company has a market cap of $754.07 million, a P/E ratio of -2.44, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34. The business has a fifty day moving average of $13.59 and a two-hundred day moving average of $17.57.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data 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 company had revenue of $697.00 million for the quarter, compared to analysts’ expectations of $703.22 million. During the same period in the prior year, the firm posted $0.19 EPS. As a group, analysts predict that Fortrea Holdings Inc. will post 0.51 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.