WINTON GROUP Ltd Buys 294,276 Shares of Fortrea Holdings Inc. $FTRE

WINTON GROUP Ltd increased its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 2,830.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 304,674 shares of the company’s stock after buying an additional 294,276 shares during the quarter. WINTON GROUP Ltd’s holdings in Fortrea were worth $2,565,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in FTRE. Nisa Investment Advisors LLC increased its holdings in Fortrea by 214.3% during the third quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $28,000 after buying an additional 2,278 shares during the last quarter. Allworth Financial LP raised its position in Fortrea by 6,802.4% during the second quarter. Allworth Financial LP now owns 5,660 shares of the company’s stock worth $28,000 after acquiring an additional 5,578 shares in the last quarter. GAMMA Investing LLC lifted its stake in Fortrea by 88.2% in the third quarter. GAMMA Investing LLC now owns 6,043 shares of the company’s stock valued at $51,000 after acquiring an additional 2,832 shares during the last quarter. Osaic Holdings Inc. lifted its stake in Fortrea by 74.3% in the second quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock valued at $38,000 after acquiring an additional 2,918 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new position in shares of Fortrea in the 1st quarter valued at about $65,000.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Citigroup raised shares of Fortrea from a “neutral” rating to a “buy” rating and upped their target price for the company from $12.00 to $21.00 in a report on Thursday, December 11th. Robert W. Baird reduced their price target on Fortrea from $19.00 to $16.00 and set an “outperform” rating for the company in a report on Friday, February 27th. Evercore set a $25.00 price target on Fortrea and gave the stock an “outperform” rating in a research report on Tuesday, January 6th. TD Cowen upgraded Fortrea from a “hold” rating to a “buy” rating and set a $15.00 price objective on the stock in a research note on Monday. Finally, Barclays cut their price objective on Fortrea from $15.00 to $12.00 and set an “equal weight” rating for the company in a research report on Friday, February 27th. Five investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $16.15.

Fortrea Price Performance

NASDAQ:FTRE opened at $8.95 on Wednesday. The company has a market cap of $836.83 million, a P/E ratio of -0.82, a P/E/G ratio of 0.36 and a beta of 1.80. The firm’s fifty day moving average price is $14.07 and its two-hundred day moving average price is $12.47. Fortrea Holdings Inc. has a one year low of $3.97 and a one year high of $18.67. The company has a debt-to-equity ratio of 1.86, a current ratio of 0.98 and a quick ratio of 0.98.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Thursday, February 26th. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.07). The company had revenue of $660.50 million for the quarter, compared to analyst estimates of $665.22 million. Fortrea had a positive return on equity of 6.23% and a negative net margin of 36.21%. Equities analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

About Fortrea

Fortrea, Inc is a global contract development and manufacturing organization (CDMO) that provides integrated solutions for pharmaceutical and biotechnology companies. Established as a spin-off from Thermo Fisher Scientific’s Pharma Services business in October 2023, Fortrea leverages a legacy of scientific expertise and manufacturing scale to support drug development from early-stage research through commercial production. The company’s comprehensive offerings address the complex needs of both small-molecule and biologics programs, making it a single source for clients seeking to accelerate timelines and manage costs.

Fortrea’s core services encompass analytical and formulation development, process optimization, clinical and commercial manufacturing, and packaging services.