Corvex Management LP Purchases 1,260,156 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Corvex Management LP boosted its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 56.7% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,480,898 shares of the company's stock after purchasing an additional 1,260,156 shares during the period. Fortrea comprises approximately 1.8% of Corvex Management LP's holdings, making the stock its 16th largest position. Corvex Management LP owned approximately 3.88% of Fortrea worth $64,919,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its holdings in Fortrea by 21.2% in the third quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company's stock worth $7,288,000 after buying an additional 63,766 shares during the last quarter. Penn Davis Mcfarland Inc. increased its stake in shares of Fortrea by 0.8% during the 4th quarter. Penn Davis Mcfarland Inc. now owns 1,106,080 shares of the company's stock worth $20,628,000 after purchasing an additional 8,884 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Fortrea during the 4th quarter valued at $227,000. Whalen Wealth Management Inc. bought a new position in shares of Fortrea during the 4th quarter valued at $204,000. Finally, KBC Group NV lifted its stake in shares of Fortrea by 5.0% in the 4th quarter. KBC Group NV now owns 35,031 shares of the company's stock valued at $654,000 after purchasing an additional 1,659 shares during the last quarter.

Fortrea Stock Performance

Shares of NASDAQ:FTRE traded up $0.19 during trading on Friday, hitting $6.14. 4,131,258 shares of the stock were exchanged, compared to its average volume of 1,703,494. The company's fifty day simple moving average is $7.22 and its 200-day simple moving average is $14.37. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. The company has a market capitalization of $555.92 million, a price-to-earnings ratio of -1.80, a price-to-earnings-growth ratio of 1.78 and a beta of 2.15. Fortrea Holdings Inc. has a 1-year low of $4.77 and a 1-year high of $35.93.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings results on Monday, March 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.18). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The business had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. During the same period last year, the firm earned $0.19 EPS. Sell-side analysts expect that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on FTRE shares. The Goldman Sachs Group cut their target price on Fortrea from $22.00 to $11.00 and set a "neutral" rating on the stock in a report on Tuesday, March 4th. Evercore ISI reduced their target price on Fortrea from $20.00 to $15.00 and set an "in-line" rating for the company in a report on Tuesday, March 4th. Mizuho lowered their price target on Fortrea from $12.00 to $10.00 and set a "neutral" rating on the stock in a report on Wednesday, April 9th. William Blair reissued a "market perform" rating on shares of Fortrea in a research report on Tuesday, March 4th. Finally, Truist Financial began coverage on shares of Fortrea in a report on Friday, May 2nd. They set a "hold" rating and a $7.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. Based on data from MarketBeat.com, Fortrea currently has a consensus rating of "Hold" and a consensus target price of $15.82.

Fortrea 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.