Invesco Ltd. Grows Stock Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Invesco Ltd. boosted its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 20.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 546,160 shares of the company’s stock after buying an additional 92,774 shares during the quarter. Invesco Ltd. owned approximately 0.61% of Fortrea worth $10,186,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. JPMorgan Chase & Co. grew its position in shares of 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 acquiring an additional 63,766 shares during the period. KLP Kapitalforvaltning AS bought a new stake in Fortrea during the fourth quarter valued at about $300,000. Alliancebernstein L.P. increased its position in Fortrea by 107.3% in the fourth quarter. Alliancebernstein L.P. now owns 111,845 shares of the company’s stock worth $2,086,000 after buying an additional 57,879 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Fortrea in the fourth quarter worth about $1,082,000. Finally, Norges Bank purchased a new position in shares of Fortrea during the 4th quarter valued at about $330,000.

Wall Street Analyst Weigh In

FTRE has been the subject of a number of recent analyst reports. Robert W. Baird set a $12.00 price target on shares of Fortrea in a research report on Tuesday, March 4th. Mizuho dropped their target price on shares of Fortrea from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Wednesday, April 9th. Barclays reissued an “underweight” rating and set a $6.00 price target (down from $12.00) on shares of Fortrea in a report on Thursday, April 10th. William Blair reiterated a “market perform” rating on shares of Fortrea in a research report on Tuesday, March 4th. Finally, Evercore ISI lowered their price target on Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $16.70.

Fortrea Trading Up 5.8 %

FTRE opened at $5.50 on Wednesday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. The stock’s 50 day moving average price is $9.38 and its 200-day moving average price is $15.51. Fortrea Holdings Inc. has a one year low of $4.77 and a one year high of $38.04. The stock has a market cap of $496.10 million, a price-to-earnings ratio of -1.61, a P/E/G ratio of 1.78 and a beta of 2.10.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The business had revenue of $697.00 million during the quarter, compared to analysts’ expectations of $703.22 million. During the same period last year, the company earned $0.19 earnings per share. On average, equities analysts forecast that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

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.