Invesco Ltd. Has $10.19 Million Stake in Fortrea Holdings Inc. (NASDAQ:FTRE)

Invesco Ltd. grew its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 20.5% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 546,160 shares of the company's stock after purchasing an additional 92,774 shares during the quarter. Invesco Ltd. owned about 0.61% of Fortrea worth $10,186,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Cullen Frost Bankers Inc. increased its position in shares of Fortrea by 31.9% during the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company's stock worth $105,000 after purchasing an additional 1,361 shares during the last quarter. AlphaQuest LLC acquired a new position in shares of Fortrea during the 4th quarter worth approximately $117,000. Whalen Wealth Management Inc. acquired a new position in shares of Fortrea during the 4th quarter worth approximately $204,000. Summit Securities Group LLC acquired a new position in shares of Fortrea during the 4th quarter worth approximately $205,000. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Fortrea by 21.9% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 11,073 shares of the company's stock worth $207,000 after purchasing an additional 1,986 shares during the last quarter.

Fortrea Price Performance

Shares of Fortrea stock traded up $0.16 during midday trading on Monday, hitting $6.08. 1,546,389 shares of the company traded hands, compared to its average volume of 1,647,263. The stock has a market cap of $548.42 million, a price-to-earnings ratio of -1.78, a PEG ratio of 1.78 and a beta of 2.10. 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 firm's fifty day moving average price is $8.64 and its 200-day moving average price is $15.12. Fortrea Holdings Inc. has a 12 month low of $4.77 and a 12 month high of $38.04.

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 company had revenue of $697.00 million for the quarter, compared to the consensus estimate of $703.22 million. During the same period last year, the firm posted $0.19 earnings per share. As a group, sell-side analysts forecast that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. William Blair reissued a "market perform" rating on shares of Fortrea in a report on Tuesday, March 4th. Robert W. Baird set a $12.00 target price on Fortrea in a report on Tuesday, March 4th. Mizuho decreased their target price on Fortrea from $12.00 to $10.00 and set a "neutral" rating on the stock in a report on Wednesday, April 9th. Barclays reissued an "underweight" rating and set a $6.00 target price (down from $12.00) on shares of Fortrea in a report on Thursday, April 10th. Finally, The Goldman Sachs Group decreased 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. Two investment analysts have rated the stock with a sell rating and ten have issued a hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $16.70.

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.