Burney Co. Lowers Stake in Fortrea Holdings Inc. (NASDAQ:FTRE)

Burney Co. decreased its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 14.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,732 shares of the company’s stock after selling 1,981 shares during the quarter. Burney Co.’s holdings in Fortrea were worth $471,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in FTRE. Allworth Financial LP purchased a new stake in Fortrea during the 4th quarter valued at $28,000. Glassman Wealth Services purchased a new stake in shares of Fortrea during the 4th quarter valued at about $28,000. CENTRAL TRUST Co purchased a new position in shares of Fortrea during the fourth quarter valued at approximately $30,000. Concord Wealth Partners lifted its position in Fortrea by 152.8% during the first quarter. Concord Wealth Partners now owns 862 shares of the company’s stock valued at $35,000 after purchasing an additional 521 shares during the period. Finally, Parallel Advisors LLC purchased a new stake in Fortrea in the fourth quarter worth approximately $36,000.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. The Goldman Sachs Group started coverage on Fortrea in a report on Thursday, June 6th. They set a “neutral” rating and a $28.00 price target on the stock. Barclays initiated coverage on Fortrea in a research note on Wednesday, July 24th. They set an “equal weight” rating and a $30.00 price target for the company. TD Cowen assumed coverage on shares of Fortrea in a report on Wednesday, May 29th. They issued a “hold” rating and a $27.00 price objective on the stock. Mizuho initiated coverage on shares of Fortrea in a report on Tuesday, May 28th. They set a “neutral” rating and a $27.00 target price for the company. Finally, Baird R W raised shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 14th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $31.70.

Insider Activity at Fortrea

In other Fortrea news, General Counsel James S. Hanson acquired 2,000 shares of the stock in a transaction on Wednesday, June 12th. The stock was acquired at an average price of $25.30 per share, for a total transaction of $50,600.00. Following the completion of the transaction, the general counsel now directly owns 7,475 shares of the company’s stock, valued at $189,117.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, General Counsel James S. Hanson acquired 2,000 shares of the stock in a transaction dated Wednesday, June 12th. The stock was acquired at an average cost of $25.30 per share, with a total value of $50,600.00. Following the purchase, the general counsel now directly owns 7,475 shares of the company’s stock, valued at $189,117.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Thomas Pike acquired 10,000 shares of the company’s stock in a transaction on Wednesday, May 29th. The shares were purchased at an average cost of $24.81 per share, with a total value of $248,100.00. Following the completion of the purchase, the chief executive officer now directly owns 57,827 shares of the company’s stock, valued at $1,434,687.87. The disclosure for this purchase can be found here. 0.12% of the stock is currently owned by insiders.

Fortrea Price Performance

Shares of Fortrea stock traded down $1.37 on Friday, hitting $26.48. 968,090 shares of the company traded hands, compared to its average volume of 1,231,258. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.47 and a current ratio of 1.47. The business has a 50-day simple moving average of $25.07 and a 200 day simple moving average of $31.56. Fortrea Holdings Inc. has a 52 week low of $22.15 and a 52 week high of $41.02. The stock has a market capitalization of $2.37 billion and a P/E ratio of -19.05.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Monday, May 13th. The company reported ($0.04) earnings per share (EPS) for the quarter. The firm had revenue of $662.10 million during the quarter, compared to the consensus estimate of $754.58 million. Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. The firm’s revenue for the quarter was down 4.6% compared to the same quarter last year. Research analysts expect that Fortrea Holdings Inc. will post 0.72 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.