FMR LLC increased its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 67.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,086,806 shares of the company's stock after buying an additional 3,265,402 shares during the period. FMR LLC owned about 9.02% of Fortrea worth $150,819,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in FTRE. JPMorgan Chase & Co. increased its position in Fortrea by 21.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company's stock valued at $7,288,000 after purchasing an additional 63,766 shares during the period. KLP Kapitalforvaltning AS bought a new stake in shares of Fortrea in the 4th quarter valued at $300,000. State Street Corp increased its position in shares of Fortrea by 7.7% during the third quarter. State Street Corp now owns 3,250,693 shares of the company's stock worth $65,014,000 after buying an additional 233,577 shares during the period. Raymond James Financial Inc. bought a new position in Fortrea during the fourth quarter worth $1,082,000. Finally, Easterly Investment Partners LLC acquired a new position in Fortrea in the fourth quarter valued at $1,902,000.
Fortrea Stock Down 9.3 %
Shares of NASDAQ:FTRE traded down $0.50 during midday trading on Tuesday, hitting $4.86. 1,835,505 shares of the company's stock were exchanged, compared to its average volume of 1,593,462. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. Fortrea Holdings Inc. has a 12 month low of $4.84 and a 12 month high of $38.04. The company has a market cap of $438.37 million, a PE ratio of -1.42, a price-to-earnings-growth ratio of 1.78 and a beta of 2.10. The stock has a 50 day moving average price of $10.35 and a 200-day moving average price of $16.00.
Fortrea (NASDAQ:FTRE - Get Free Report) last issued its quarterly earnings data on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing analysts' consensus estimates of $0.36 by ($0.18). The company had revenue of $697.00 million for the quarter, compared to the consensus estimate of $703.22 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. During the same period in the prior year, the firm posted $0.19 earnings per share. On average, sell-side analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.
Wall Street Analyst Weigh In
FTRE has been the subject of several research analyst reports. Barclays reissued an "underweight" rating and issued a $6.00 price objective (down from $12.00) on shares of Fortrea in a research report on Thursday, April 10th. William Blair reiterated a "market perform" rating on shares of Fortrea in a report on Tuesday, March 4th. The Goldman Sachs Group cut their price target on Fortrea from $22.00 to $11.00 and set a "neutral" rating on the stock in a report on Tuesday, March 4th. Evercore ISI lowered their price objective on shares of Fortrea from $20.00 to $15.00 and set an "in-line" rating for the company in a research note on Tuesday, March 4th. Finally, Mizuho dropped their target price on shares of Fortrea from $12.00 to $10.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 9th. Two research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $16.70.
View Our Latest Research Report on FTRE
About Fortrea
(
Free Report)
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.
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