Principal Securities Inc. Makes New $463,000 Investment in Fortrea Holdings Inc. (NASDAQ:FTRE)

Principal Securities Inc. acquired a new stake in Fortrea Holdings Inc. (NASDAQ:FTREFree Report) during the 4th quarter, Holdings Channel reports. The institutional investor acquired 13,268 shares of the company’s stock, valued at approximately $463,000.

A number of other hedge funds also recently made changes to their positions in FTRE. Whittier Trust Co. bought a new position in shares of Fortrea during the fourth quarter worth approximately $25,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Fortrea during the fourth quarter worth $25,000. ZRC Wealth Management LLC bought a new stake in shares of Fortrea in the fourth quarter valued at about $27,000. Allworth Financial LP acquired a new position in shares of Fortrea in the fourth quarter valued at about $28,000. Finally, CENTRAL TRUST Co bought a new position in Fortrea during the fourth quarter worth about $30,000.

Wall Street Analysts Forecast Growth

FTRE has been the topic of a number of analyst reports. Barclays decreased their target price on shares of Fortrea from $38.00 to $35.00 and set an “overweight” rating on the stock in a research report on Thursday, January 25th. Deutsche Bank Aktiengesellschaft started coverage on Fortrea in a research note on Wednesday, March 6th. They issued a “hold” rating and a $36.00 price target for the company. Robert W. Baird upgraded shares of Fortrea from a “neutral” rating to an “outperform” rating and reduced their price objective for the stock from $45.00 to $36.00 in a research note on Tuesday. Evercore ISI dropped their target price on shares of Fortrea from $43.00 to $31.00 and set an “outperform” rating for the company in a research report on Tuesday. Finally, Bank of America reduced their price target on shares of Fortrea from $33.00 to $27.00 and set an “underperform” rating on the stock in a research report on Tuesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.57.

Get Our Latest Stock Report on Fortrea

Fortrea Stock Performance

Shares of NASDAQ FTRE opened at $28.84 on Wednesday. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.47 and a quick ratio of 1.62. Fortrea Holdings Inc. has a 12 month low of $24.92 and a 12 month high of $41.02. The stock has a 50-day moving average price of $37.50 and a two-hundred day moving average price of $34.22.

Fortrea (NASDAQ:FTREGet Free Report) last released its quarterly earnings data on Monday, May 13th. The company reported ($0.04) earnings per share (EPS) for the quarter. Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. The company had revenue of $662.10 million for the quarter, compared to analyst estimates of $754.58 million. The company’s revenue for the quarter was down 4.6% on a year-over-year basis. As a group, equities research analysts expect that Fortrea Holdings Inc. will post 1.06 EPS for the current year.

Fortrea Company Profile

(Free Report)

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.

See Also

Want to see what other hedge funds are holding FTRE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortrea Holdings Inc. (NASDAQ:FTREFree Report).

Institutional Ownership by Quarter for Fortrea (NASDAQ:FTRE)

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