Ameriprise Financial Inc. Increases Stock Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Ameriprise Financial Inc. increased its position in Fortrea Holdings Inc. (NASDAQ:FTRE) by 54.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 501,667 shares of the company’s stock after acquiring an additional 177,608 shares during the period. Ameriprise Financial Inc. owned about 0.56% of Fortrea worth $9,356,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Covestor Ltd grew its position in shares of Fortrea by 57.7% during the 4th quarter. Covestor Ltd now owns 4,356 shares of the company’s stock valued at $81,000 after acquiring an additional 1,593 shares during the period. Quarry LP grew its position in shares of Fortrea by 1,218.7% during the 4th quarter. Quarry LP now owns 4,365 shares of the company’s stock valued at $81,000 after acquiring an additional 4,034 shares during the period. Cullen Frost Bankers Inc. grew its position in shares of Fortrea by 31.9% during the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock valued at $105,000 after acquiring an additional 1,361 shares during the period. AlphaQuest LLC bought a new stake in shares of Fortrea during the 4th quarter valued at $117,000. Finally, Tower Research Capital LLC TRC grew its position in shares of Fortrea by 140.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 10,633 shares of the company’s stock valued at $198,000 after acquiring an additional 6,205 shares during the period.

Fortrea Stock Up 5.4%

FTRE opened at $4.69 on Wednesday. The firm has a 50-day simple moving average of $6.45 and a two-hundred day simple moving average of $13.73. Fortrea Holdings Inc. has a 52 week low of $4.24 and a 52 week high of $28.41. The company has a market capitalization of $424.45 million, a PE ratio of -1.37, a price-to-earnings-growth ratio of 1.78 and a beta of 2.15. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Monday, May 12th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.09. The firm had revenue of $651.30 million for the quarter, compared to analysts’ expectations of $609.63 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. Analysts forecast that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on FTRE shares. William Blair reissued a “market perform” rating on shares of Fortrea in a research report on Tuesday, March 4th. Truist Financial assumed coverage on shares of Fortrea in a report on Friday, May 2nd. They issued a “hold” rating and a $7.00 target price for the company. Mizuho dropped their target price on shares of Fortrea from $10.00 to $8.00 and set a “neutral” rating for the company in a report on Wednesday, May 14th. Evercore ISI dropped their target price on shares of Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a report on Tuesday, March 4th. Finally, Cowen reaffirmed a “hold” rating on shares of Fortrea in a report on Wednesday, May 14th. Two investment analysts have rated the stock with a sell rating and twelve have given a hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $15.00.

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.