Bank of America Corp DE Cuts Stock Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Bank of America Corp DE decreased its stake in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 56.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 333,168 shares of the company's stock after selling 426,291 shares during the period. Bank of America Corp DE owned 0.37% of Fortrea worth $6,214,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. BNP Paribas Financial Markets purchased a new position in shares of Fortrea in the fourth quarter worth about $546,000. Ameriprise Financial Inc. grew its stake in Fortrea by 54.8% during the fourth quarter. Ameriprise Financial Inc. now owns 501,667 shares of the company's stock valued at $9,356,000 after acquiring an additional 177,608 shares in the last quarter. Algert Global LLC purchased a new position in Fortrea during the fourth quarter valued at approximately $1,116,000. AQR Capital Management LLC grew its stake in Fortrea by 23.6% during the fourth quarter. AQR Capital Management LLC now owns 388,503 shares of the company's stock valued at $7,246,000 after acquiring an additional 74,175 shares in the last quarter. Finally, Northern Trust Corp grew its stake in Fortrea by 28.2% during the fourth quarter. Northern Trust Corp now owns 697,275 shares of the company's stock valued at $13,004,000 after acquiring an additional 153,184 shares in the last quarter.

Fortrea Stock Up 3.0%

FTRE stock traded up $0.13 during trading on Friday, hitting $4.31. 1,064,133 shares of the stock traded hands, compared to its average volume of 1,797,657. Fortrea Holdings Inc. has a 1 year low of $3.97 and a 1 year high of $28.41. The firm's 50 day moving average is $5.72 and its two-hundred day moving average is $13.04. The stock has a market cap of $389.60 million, a price-to-earnings ratio of -1.27, 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 current ratio of 1.18 and a quick ratio of 1.18.

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

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Mizuho reduced their price objective on shares of Fortrea from $10.00 to $8.00 and set a "neutral" rating for the company in a research note on Wednesday, May 14th. Barclays dropped their target price on shares of Fortrea from $6.00 to $5.00 and set an "underweight" rating for the company in a research report on Tuesday, May 13th. William Blair reiterated a "market perform" rating on shares of Fortrea in a research report on Tuesday, March 4th. Evercore ISI lowered their price objective on shares of Fortrea from $20.00 to $15.00 and set an "in-line" rating for the company in a report on Tuesday, March 4th. Finally, Robert W. Baird set a $12.00 price objective on shares of Fortrea in a report on Tuesday, March 4th. Two analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the stock. Based on data from MarketBeat.com, Fortrea presently has an average rating of "Hold" and a consensus price target of $15.00.

Fortrea Company 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.