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

Beck Mack & Oliver LLC lessened its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 3.7% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,635,996 shares of the company’s stock after selling 217,403 shares during the period. Fortrea comprises approximately 1.9% of Beck Mack & Oliver LLC’s holdings, making the stock its 21st biggest position. Beck Mack & Oliver LLC owned approximately 0.06% of Fortrea worth $105,111,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Covestor Ltd increased its stake in shares of Fortrea by 57.7% in the 4th quarter. Covestor Ltd now owns 4,356 shares of the company’s stock worth $81,000 after purchasing an additional 1,593 shares in the last quarter. Cullen Frost Bankers Inc. grew its holdings 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 purchasing an additional 1,361 shares during the period. AlphaQuest LLC bought a new position in shares of Fortrea in the fourth quarter worth about $117,000. Mariner LLC bought a new position in shares of Fortrea during the 4th quarter valued at approximately $200,000. Finally, Whalen Wealth Management Inc. purchased a new stake in Fortrea in the 4th quarter worth approximately $204,000.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Robert W. Baird set a $12.00 price objective on shares of Fortrea in a research note on Tuesday, March 4th. Barclays reiterated 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 dropped their price objective on 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 decreased 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. Finally, William Blair restated a “market perform” rating on shares of Fortrea in a research note on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating and ten have issued a hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $16.70.

Fortrea Price Performance

Fortrea stock opened at $5.29 on Friday. Fortrea Holdings Inc. has a 52-week low of $4.77 and a 52-week high of $38.04. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The firm’s fifty day moving average is $9.76 and its 200 day moving average is $15.72. The company has a market cap of $477.16 million, a price-to-earnings ratio of -1.55, a PEG ratio of 1.78 and a beta of 2.10.

Fortrea (NASDAQ:FTRE) last announced its quarterly 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 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 in the previous year, the business posted $0.19 EPS. Sell-side analysts forecast that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

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.