Voya Investment Management LLC Buys 174,549 Shares of Fortrea Holdings Inc. $FTRE

Key Points

• Voya Investment Management LLC increased its stake in Fortrea Holdings Inc. by 134.9%, owning 303,901 shares valued at approximately $2.29 million as of its latest SEC filing.
• A significant number of institutional investors have also dramatically increased their stakes in Fortrea, with Millennium Management growing its stake by 1,625.8% during the same quarter.
• Fortrea's shares have recently been trading down 4.9%, with a current market cap of $919.80 million and a recent earnings-per-share report exceeding analyst expectations at $0.19 EPS.

Voya Investment Management LLC grew its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 134.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 303,901 shares of the company's stock after purchasing an additional 174,549 shares during the quarter. Voya Investment Management LLC owned approximately 0.34% of Fortrea worth $2,294,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Fortrea by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 9,953,261 shares of the company's stock valued at $75,147,000 after purchasing an additional 69,005 shares during the last quarter. Corvex Management LP increased its holdings in Fortrea by 28.6% in the 1st quarter. Corvex Management LP now owns 4,474,898 shares of the company's stock worth $33,785,000 after acquiring an additional 994,000 shares during the last quarter. Millennium Management LLC increased its holdings in Fortrea by 1,625.8% in the 1st quarter. Millennium Management LLC now owns 3,499,220 shares of the company's stock worth $26,419,000 after acquiring an additional 3,296,461 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in Fortrea in the 1st quarter worth about $9,232,000. Finally, Deutsche Bank AG increased its holdings in Fortrea by 17,183.6% in the 1st quarter. Deutsche Bank AG now owns 1,165,086 shares of the company's stock worth $8,796,000 after acquiring an additional 1,158,345 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on FTRE. Jefferies Financial Group boosted their price target on shares of Fortrea from $7.00 to $9.50 and gave the company a "hold" rating in a research report on Tuesday, September 9th. Baird R W upgraded Fortrea from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 4th. Barclays reiterated an "underweight" rating and set a $6.00 price target (up previously from $5.00) on shares of Fortrea in a research report on Thursday, August 7th. Robert W. Baird lifted their price target on Fortrea from $9.00 to $14.00 and gave the company an "outperform" rating in a research report on Wednesday, September 3rd. Finally, Evercore ISI boosted their target price on Fortrea from $5.00 to $7.00 and gave the stock an "in-line" rating in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $11.50.

Fortrea Stock Down 4.8%

Shares of NASDAQ FTRE traded down $0.49 during trading on Monday, reaching $9.64. The company had a trading volume of 1,176,247 shares, compared to its average volume of 1,951,408. Fortrea Holdings Inc. has a 12-month low of $3.97 and a 12-month high of $25.28. The stock has a market cap of $875.31 million, a PE ratio of -0.85 and a beta of 1.88. The business's 50-day moving average is $8.02 and its 200 day moving average is $6.70. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.87.

Fortrea (NASDAQ:FTRE - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.19 earnings per share for the quarter, beating analysts' consensus estimates of $0.06 by $0.13. The company had revenue of $710.30 million for the quarter, compared to the consensus estimate of $631.61 million. Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. As a group, equities analysts forecast that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Jill G. Mcconnell sold 3,156 shares of Fortrea stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $10.23, for a total transaction of $32,285.88. Following the sale, the chief financial officer owned 58,770 shares of the company's stock, valued at approximately $601,217.10. This trade represents a 5.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Peter M. Neupert purchased 32,500 shares of the business's stock in a transaction on Monday, August 11th. The shares were purchased at an average price of $6.26 per share, with a total value of $203,450.00. Following the acquisition, the director directly owned 98,132 shares in the company, valued at $614,306.32. This represents a 49.52% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 72,354 shares of company stock worth $507,168 and have sold 10,311 shares worth $94,635. 0.38% of the stock is owned by company insiders.

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.