Royal Bank of Canada Has $736,000 Stake in Fortrea Holdings Inc. $FTRE

Royal Bank of Canada lowered its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 71.9% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 78,149 shares of the company’s stock after selling 199,618 shares during the period. Royal Bank of Canada’s holdings in Fortrea were worth $736,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Fortrea by 3.2% during the fourth quarter. Vanguard Group Inc. now owns 8,331,016 shares of the company’s stock valued at $143,710,000 after purchasing an additional 258,098 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Fortrea by 3.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 8,272,597 shares of the company’s stock worth $142,702,000 after purchasing an additional 293,992 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Fortrea by 494.8% in the second quarter. AQR Capital Management LLC now owns 6,515,124 shares of the company’s stock valued at $31,729,000 after buying an additional 5,419,842 shares during the period. State Street Corp increased its stake in shares of Fortrea by 1.0% in the fourth quarter. State Street Corp now owns 4,110,899 shares of the company’s stock valued at $70,913,000 after buying an additional 39,777 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Fortrea by 21.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,219,029 shares of the company’s stock valued at $55,528,000 after buying an additional 565,891 shares during the last quarter.

Fortrea Price Performance

Fortrea stock opened at $18.39 on Monday. The stock’s 50 day moving average is $17.87 and its 200 day moving average is $13.97. Fortrea Holdings Inc. has a one year low of $7.61 and a one year high of $21.39. The firm has a market cap of $1.75 billion, a P/E ratio of -20.21, a P/E/G ratio of 0.44 and a beta of 1.99. The company has a debt-to-equity ratio of 1.98, a current ratio of 0.96 and a quick ratio of 0.96.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.05. Fortrea had a negative net margin of 3.18% and a positive return on equity of 10.72%. The firm had revenue of $678.20 million during the quarter, compared to analyst estimates of $647.57 million. As a group, research analysts expect that Fortrea Holdings Inc. will post 0.85 EPS for the current year.

Wall Street Analyst Weigh In

FTRE has been the topic of several recent research reports. TD Cowen lifted their target price on shares of Fortrea from $19.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, August 4th. Citigroup upped their price target on shares of Fortrea from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Zacks Research downgraded shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $20.00 price target on shares of Fortrea in a report on Thursday, July 30th. Finally, Barclays boosted their price objective on shares of Fortrea from $18.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 30th. Five analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Fortrea has an average rating of “Hold” and a consensus target price of $20.75.

Insider Activity at Fortrea

In other news, CEO Anshul Thakral sold 99,869 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $19.16, for a total transaction of $1,913,490.04. Following the completion of the sale, the chief executive officer directly owned 316,797 shares in the company, valued at $6,069,830.52. This represents a 23.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 0.73% of the company’s stock.

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.