Amalgamated Bank Has $567,000 Stock Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Amalgamated Bank decreased its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 29.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 28,335 shares of the company’s stock after selling 11,721 shares during the period. Amalgamated Bank’s holdings in Fortrea were worth $567,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of FTRE. Sei Investments Co. boosted its position in Fortrea by 311.2% during the first quarter. Sei Investments Co. now owns 78,873 shares of the company’s stock valued at $3,165,000 after purchasing an additional 59,690 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in Fortrea by 466.0% during the first quarter. Russell Investments Group Ltd. now owns 82,428 shares of the company’s stock valued at $3,309,000 after buying an additional 67,865 shares in the last quarter. ProShare Advisors LLC raised its holdings in Fortrea by 6.9% during the first quarter. ProShare Advisors LLC now owns 8,165 shares of the company’s stock valued at $328,000 after buying an additional 524 shares in the last quarter. Covestor Ltd raised its holdings in Fortrea by 420.8% during the first quarter. Covestor Ltd now owns 2,083 shares of the company’s stock valued at $84,000 after buying an additional 1,683 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC bought a new position in Fortrea during the first quarter valued at about $496,000.

Fortrea Trading Down 4.3 %

Shares of FTRE opened at $19.34 on Friday. Fortrea Holdings Inc. has a 12-month low of $16.53 and a 12-month high of $41.02. The company has a quick ratio of 1.19, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of -5.65, a P/E/G ratio of 3.21 and a beta of 0.70. The stock’s 50-day moving average price is $19.66 and its 200 day moving average price is $23.53.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results 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). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The firm had revenue of $674.90 million for the quarter, compared to the consensus estimate of $674.86 million. During the same quarter in the prior year, the firm earned $0.24 earnings per share. The company’s revenue was down 5.4% on a year-over-year basis. As a group, research analysts predict that Fortrea Holdings Inc. will post 0.57 earnings per share for the current year.

Wall Street Analyst Weigh In

FTRE has been the topic of several recent research reports. Barclays raised their target price on Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. Evercore ISI cut their target price on Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a report on Tuesday, October 8th. Citigroup cut their target price on Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. TD Cowen raised their target price on Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a report on Monday, November 11th. Finally, Jefferies Financial Group lowered 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 report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $24.50.

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.