Beck Mack & Oliver LLC Sells 217,403 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Beck Mack & Oliver LLC trimmed its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 3.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,635,996 shares of the company’s stock after selling 217,403 shares during the period. Fortrea makes up approximately 1.9% of Beck Mack & Oliver LLC’s portfolio, making the stock its 21st biggest holding. Beck Mack & Oliver LLC owned approximately 6.28% of Fortrea worth $105,111,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Covestor Ltd lifted its position in Fortrea by 57.7% in the 4th quarter. Covestor Ltd now owns 4,356 shares of the company’s stock worth $81,000 after buying an additional 1,593 shares during the last quarter. Cullen Frost Bankers Inc. boosted its position in Fortrea by 31.9% during the fourth 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 period. AlphaQuest LLC bought a new position in shares of Fortrea during the fourth quarter valued at about $117,000. Mariner LLC purchased a new position in shares of Fortrea in the fourth quarter worth about $200,000. Finally, Whalen Wealth Management Inc. bought a new stake in shares of Fortrea in the 4th quarter valued at about $204,000.

Fortrea Stock Up 5.4 %

Shares of Fortrea stock opened at $5.29 on Friday. The company has a 50-day simple moving average of $9.76 and a two-hundred day simple moving average of $15.72. Fortrea Holdings Inc. has a 52-week low of $4.77 and a 52-week high of $38.04. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. The stock has a market capitalization of $477.16 million, a PE ratio of -1.55, a price-to-earnings-growth ratio of 1.78 and a beta of 2.10.

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). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The business had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. During the same period last year, the company posted $0.19 earnings per share. On average, analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FTRE. Mizuho lowered their price objective on Fortrea from $12.00 to $10.00 and set a “neutral” rating for the company in a research report on Wednesday, April 9th. Robert W. Baird set a $12.00 price objective on shares of Fortrea in a research report on Tuesday, March 4th. Evercore ISI cut their target price on Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a research note on Tuesday, March 4th. William Blair reiterated a “market perform” rating on shares of Fortrea in a report on Tuesday, March 4th. Finally, Barclays reissued an “underweight” rating and set a $6.00 target price (down from $12.00) on shares of Fortrea in a research note on Thursday, April 10th. Two investment analysts have rated the stock with a sell rating and ten have given a hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $16.70.

Fortrea Company 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.