Fortrea Holdings Inc. (NASDAQ:FTRE) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. lifted its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 2.6% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 446,200 shares of the company’s stock after purchasing an additional 11,247 shares during the period. Principal Financial Group Inc. owned approximately 0.49% of Fortrea worth $3,369,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Fortrea during the 4th quarter worth approximately $30,000. GF Fund Management CO. LTD. purchased a new position in Fortrea during the 4th quarter worth $35,000. GAMMA Investing LLC raised its position in Fortrea by 736.6% during the 1st quarter. GAMMA Investing LLC now owns 7,847 shares of the company’s stock worth $59,000 after buying an additional 6,909 shares during the last quarter. Covestor Ltd raised its position in Fortrea by 57.7% during the 4th quarter. Covestor Ltd now owns 4,356 shares of the company’s stock worth $81,000 after buying an additional 1,593 shares during the last quarter. Finally, Quarry LP raised its position in Fortrea by 1,218.7% during the 4th quarter. Quarry LP now owns 4,365 shares of the company’s stock worth $81,000 after buying an additional 4,034 shares during the last quarter.

Fortrea Price Performance

Fortrea stock opened at $4.95 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. The company has a market capitalization of $447.98 million, a PE ratio of -0.56, a P/E/G ratio of 0.33 and a beta of 1.76. Fortrea Holdings Inc. has a 12 month low of $3.97 and a 12 month high of $27.99. The stock has a 50-day moving average price of $4.98 and a two-hundred day moving average price of $9.39.

Fortrea (NASDAQ:FTRE) last released its earnings results on Monday, May 12th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.09. The business had revenue of $651.30 million during the quarter, compared to analysts’ expectations of $609.63 million. Fortrea had a positive return on equity of 2.84% and a negative net margin of 29.43%. Analysts expect that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on FTRE. Truist Financial began coverage on shares of Fortrea in a report on Friday, May 2nd. They set a “hold” rating and a $7.00 target price for the company. Cowen reissued a “hold” rating on shares of Fortrea in a research report on Wednesday, May 14th. Citigroup reaffirmed a “neutral” rating on shares of Fortrea in a research report on Thursday, May 22nd. Barclays dropped their price objective on shares of Fortrea from $6.00 to $5.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 13th. Finally, Mizuho dropped their price target on shares of Fortrea from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Friday, July 11th. Two research analysts have rated the stock with a sell rating and twelve have issued a hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $14.00.

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.