Allspring Global Investments Holdings LLC Grows Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Allspring Global Investments Holdings LLC increased its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 56.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,343 shares of the company’s stock after purchasing an additional 6,270 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Fortrea were worth $122,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in FTRE. Vanguard Group Inc. raised its holdings in shares of Fortrea by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 9,884,256 shares of the company’s stock valued at $184,341,000 after purchasing an additional 120,599 shares in the last quarter. FMR LLC raised its holdings in shares of Fortrea by 67.7% in the 4th quarter. FMR LLC now owns 8,086,806 shares of the company’s stock valued at $150,819,000 after purchasing an additional 3,265,402 shares in the last quarter. Corvex Management LP raised its holdings in shares of Fortrea by 56.7% in the 4th quarter. Corvex Management LP now owns 3,480,898 shares of the company’s stock valued at $64,919,000 after purchasing an additional 1,260,156 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Fortrea in the 1st quarter valued at about $9,232,000. Finally, Northern Trust Corp raised its holdings in shares of Fortrea by 28.2% in the 4th quarter. Northern Trust Corp now owns 697,275 shares of the company’s stock valued at $13,004,000 after purchasing an additional 153,184 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on FTRE shares. Cowen restated a “hold” rating on shares of Fortrea in a report on Wednesday, May 14th. The Goldman Sachs Group reduced their price objective on shares of Fortrea from $7.00 to $5.00 and set a “neutral” rating for the company in a research note on Wednesday, May 14th. Barclays reduced their price objective on shares of Fortrea from $6.00 to $5.00 and set an “underweight” rating for the company in a research note on Tuesday, May 13th. Evercore ISI reduced their price objective on shares of Fortrea from $6.00 to $5.00 and set an “in-line” rating for the company in a research note on Wednesday. Finally, Citigroup reiterated a “neutral” rating on shares of Fortrea in a research note on Thursday, May 22nd. Two analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company. According to MarketBeat.com, Fortrea presently has an average rating of “Hold” and a consensus target price of $14.00.

Fortrea Stock Performance

Shares of NASDAQ FTRE opened at $5.11 on Friday. The company’s fifty day moving average price is $5.05 and its 200 day moving average price is $9.71. Fortrea Holdings Inc. has a 1 year low of $3.97 and a 1 year high of $28.41. The company has a market capitalization of $462.46 million, a PE ratio of -0.58, a price-to-earnings-growth ratio of 0.35 and a beta of 1.76. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 0.97.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Monday, May 12th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.09. Fortrea had a negative net margin of 29.43% and a positive return on equity of 2.84%. The firm had revenue of $651.30 million for the quarter, compared to the consensus estimate of $609.63 million. On average, research analysts predict that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Fortrea Company Profile

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.