Northern Trust Corp Purchases 153,184 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Northern Trust Corp raised its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 28.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 697,275 shares of the company's stock after purchasing an additional 153,184 shares during the period. Northern Trust Corp owned 0.78% of Fortrea worth $13,004,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Quarry LP lifted its position in shares of Fortrea by 1,218.7% during the fourth quarter. Quarry LP now owns 4,365 shares of the company's stock worth $81,000 after acquiring an additional 4,034 shares in the last quarter. Voya Investment Management LLC lifted its position in shares of Fortrea by 781.1% during the fourth quarter. Voya Investment Management LLC now owns 129,352 shares of the company's stock worth $2,412,000 after acquiring an additional 114,672 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Fortrea by 7.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 59,630 shares of the company's stock worth $1,113,000 after acquiring an additional 4,260 shares in the last quarter. Hsbc Holdings PLC purchased a new stake in shares of Fortrea during the fourth quarter worth $273,000. Finally, Stifel Financial Corp lifted its position in shares of Fortrea by 39.8% during the fourth quarter. Stifel Financial Corp now owns 22,520 shares of the company's stock worth $420,000 after acquiring an additional 6,413 shares in the last quarter.

Fortrea Trading Up 0.2%

NASDAQ:FTRE traded up $0.01 during mid-day trading on Monday, reaching $4.45. 2,929,562 shares of the company's stock traded hands, compared to its average volume of 1,771,295. Fortrea Holdings Inc. has a 12-month low of $4.25 and a 12-month high of $28.41. The firm has a market capitalization of $402.73 million, a price-to-earnings ratio of -1.30, a PEG 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. The company has a 50 day moving average price of $6.66 and a 200-day moving average price of $13.88.

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

Analyst Ratings Changes

FTRE has been the topic of several recent research reports. Evercore ISI dropped their target price on Fortrea from $20.00 to $15.00 and set an "in-line" rating on the stock in a research report on Tuesday, March 4th. Truist Financial assumed coverage on Fortrea in a research report on Friday, May 2nd. They issued a "hold" rating and a $7.00 price objective on the stock. Cowen reiterated a "hold" rating on shares of Fortrea in a research report on Wednesday, May 14th. Robert W. Baird set a $12.00 price objective on Fortrea in a research report on Tuesday, March 4th. Finally, The Goldman Sachs Group lowered their price objective on Fortrea from $7.00 to $5.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 14th. Two investment analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $15.00.

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.