57,997 Shares in Fortrea Holdings Inc. (NASDAQ:FTRE) Purchased by Raymond James Financial Inc.

Raymond James Financial Inc. acquired a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 57,997 shares of the company's stock, valued at approximately $1,082,000. Raymond James Financial Inc. owned about 0.06% of Fortrea at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in FTRE. Willis Investment Counsel raised its holdings in shares of 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 period. Cullen Frost Bankers Inc. lifted its stake in 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 acquiring an additional 1,361 shares in the last quarter. Swiss National Bank boosted its holdings in Fortrea by 1.0% during the 4th quarter. Swiss National Bank now owns 167,420 shares of the company's stock valued at $3,122,000 after acquiring an additional 1,600 shares during the period. KBC Group NV grew its position in Fortrea by 5.0% in the 4th quarter. KBC Group NV now owns 35,031 shares of the company's stock valued at $654,000 after acquiring an additional 1,659 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. boosted its stake in shares of Fortrea by 10.4% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 19,020 shares of the company's stock valued at $355,000 after purchasing an additional 1,787 shares during the period.

Fortrea Stock Performance

Shares of Fortrea stock traded up $0.19 during trading hours on Friday, hitting $6.14. 4,131,258 shares of the company were exchanged, compared to its average volume of 1,696,994. The business has a 50-day moving average of $7.22 and a 200-day moving average of $14.34. Fortrea Holdings Inc. has a 1 year low of $4.77 and a 1 year high of $29.32. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $555.92 million, a price-to-earnings ratio of -1.80, a P/E/G ratio of 1.78 and a beta of 2.15.

Fortrea (NASDAQ:FTRE - Get Free Report) last issued its earnings results on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.18). The firm had revenue of $697.00 million during the quarter, compared to analysts' expectations of $703.22 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. During the same period in the previous year, the firm earned $0.19 EPS. As a group, analysts expect that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FTRE. Barclays reiterated 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. Truist Financial initiated coverage on shares of Fortrea in a research note on Friday, May 2nd. They issued a "hold" rating and a $7.00 price target for the company. Evercore ISI lowered their price objective on Fortrea from $20.00 to $15.00 and set an "in-line" rating for the company in a research report on Tuesday, March 4th. Mizuho dropped their target price on shares of Fortrea from $12.00 to $10.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 9th. Finally, The Goldman Sachs Group reduced their price target on shares of Fortrea from $22.00 to $11.00 and set a "neutral" rating for the company in a research report on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $15.82.

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.