Allianz Asset Management GmbH Acquires 50,902 Shares of Fortrea Holdings Inc. $FTRE

Allianz Asset Management GmbH boosted its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 20.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 305,008 shares of the company’s stock after purchasing an additional 50,902 shares during the quarter. Allianz Asset Management GmbH owned about 0.34% of Fortrea worth $2,568,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. AQR Capital Management LLC grew its position in shares of Fortrea by 494.8% in the 2nd quarter. AQR Capital Management LLC now owns 6,515,124 shares of the company’s stock valued at $31,729,000 after purchasing an additional 5,419,842 shares during the period. Geode Capital Management LLC increased its position in shares of Fortrea by 37.2% during the second quarter. Geode Capital Management LLC now owns 2,171,450 shares of the company’s stock worth $10,728,000 after acquiring an additional 589,145 shares in the last quarter. Bank of Nova Scotia acquired a new stake in shares of Fortrea during the second quarter worth $5,087,000. Invesco Ltd. lifted its position in Fortrea by 26.5% in the 2nd quarter. Invesco Ltd. now owns 897,756 shares of the company’s stock valued at $4,435,000 after acquiring an additional 188,258 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in Fortrea by 130.0% in the 2nd quarter. Bank of America Corp DE now owns 856,332 shares of the company’s stock worth $4,230,000 after purchasing an additional 483,986 shares during the period.

Fortrea Trading Down 15.2%

Shares of FTRE stock opened at $11.59 on Thursday. Fortrea Holdings Inc. has a twelve month low of $3.97 and a twelve month high of $18.67. The stock’s fifty day simple moving average is $16.38 and its 200 day simple moving average is $12.01. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.81. The firm has a market capitalization of $1.07 billion, a P/E ratio of -1.03, a P/E/G ratio of 0.40 and a beta of 1.59.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on FTRE shares. TD Cowen upped their price target on Fortrea from $7.00 to $15.00 and gave the stock a “hold” rating in a research report on Thursday, January 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Fortrea in a research note on Thursday, January 22nd. Wall Street Zen downgraded shares of Fortrea from a “buy” rating to a “hold” rating in a research note on Monday, October 27th. Evercore set a $25.00 target price on Fortrea and gave the company an “outperform” rating in a research report on Tuesday, January 6th. Finally, Citigroup raised Fortrea from a “neutral” rating to a “buy” rating and increased their price target for the company from $12.00 to $21.00 in a research report on Thursday, December 11th. Four research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $16.75.

Fortrea Company Profile

Fortrea, Inc is a global contract development and manufacturing organization (CDMO) that provides integrated solutions for pharmaceutical and biotechnology companies. Established as a spin-off from Thermo Fisher Scientific’s Pharma Services business in October 2023, Fortrea leverages a legacy of scientific expertise and manufacturing scale to support drug development from early-stage research through commercial production. The company’s comprehensive offerings address the complex needs of both small-molecule and biologics programs, making it a single source for clients seeking to accelerate timelines and manage costs.

Fortrea’s core services encompass analytical and formulation development, process optimization, clinical and commercial manufacturing, and packaging services.