Ameriprise Financial Inc. Has $9.36 Million Stake in Fortrea Holdings Inc. (NASDAQ:FTRE)

Ameriprise Financial Inc. lifted its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 54.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 501,667 shares of the company's stock after purchasing an additional 177,608 shares during the period. Ameriprise Financial Inc. owned 0.56% of Fortrea worth $9,356,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Willis Investment Counsel lifted its position in Fortrea by 0.6% during the 4th quarter. Willis Investment Counsel now owns 185,473 shares of the company's stock worth $3,459,000 after acquiring an additional 1,138 shares during the last quarter. Cullen Frost Bankers Inc. raised its position in shares of Fortrea by 31.9% during the fourth quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company's stock valued at $105,000 after buying an additional 1,361 shares during the last quarter. Covestor Ltd raised its position in shares of Fortrea by 57.7% during the fourth quarter. Covestor Ltd now owns 4,356 shares of the company's stock valued at $81,000 after buying an additional 1,593 shares during the last quarter. Swiss National Bank raised its position in Fortrea by 1.0% in the fourth quarter. Swiss National Bank now owns 167,420 shares of the company's stock worth $3,122,000 after purchasing an additional 1,600 shares in the last quarter. Finally, KBC Group NV raised its position in Fortrea by 5.0% in the fourth quarter. KBC Group NV now owns 35,031 shares of the company's stock worth $654,000 after purchasing an additional 1,659 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FTRE. Robert W. Baird set a $12.00 price objective on shares of Fortrea in a research note on Tuesday, March 4th. Citigroup restated a "neutral" rating on shares of Fortrea in a report on Thursday. Cowen reiterated a "hold" rating on shares of Fortrea in a report on Wednesday, May 14th. Barclays cut their target price on shares of Fortrea from $6.00 to $5.00 and set an "underweight" rating on the stock in a report on Tuesday, May 13th. Finally, William Blair restated a "market perform" rating on shares of Fortrea in a report on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating and twelve have given a hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $15.00.

Fortrea Stock Down 4.2%

Fortrea stock traded down $0.18 during mid-day trading on Monday, reaching $4.06. The company's stock had a trading volume of 2,418,221 shares, compared to its average volume of 1,793,396. The business's 50 day simple moving average is $6.01 and its 200 day simple moving average is $13.29. Fortrea Holdings Inc. has a 12 month low of $3.99 and a 12 month high of $28.41. The company has a market capitalization of $367.43 million, a price-to-earnings ratio of -1.19, a price-to-earnings-growth ratio of 1.78 and a beta of 2.15. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The company reported $0.02 EPS for the quarter, beating analysts' consensus estimates of ($0.07) by $0.09. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The company had revenue of $651.30 million during the quarter, compared to the consensus estimate of $609.63 million. As a group, research analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

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.