Fortrea Holdings Inc. (NASDAQ:FTRE) Shares Acquired by Voya Investment Management LLC

Voya Investment Management LLC lifted its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 781.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 129,352 shares of the company's stock after acquiring an additional 114,672 shares during the period. Voya Investment Management LLC owned 0.14% of Fortrea worth $2,412,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its holdings in Fortrea by 21.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company's stock valued at $7,288,000 after purchasing an additional 63,766 shares during the last quarter. Penn Davis Mcfarland Inc. lifted its position in shares of Fortrea by 0.8% during the fourth quarter. Penn Davis Mcfarland Inc. now owns 1,106,080 shares of the company's stock worth $20,628,000 after purchasing an additional 8,884 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Fortrea in the 4th quarter valued at about $227,000. Whalen Wealth Management Inc. bought a new position in Fortrea in the fourth quarter worth approximately $204,000. Finally, KBC Group NV raised its holdings in shares of Fortrea by 5.0% in the fourth 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.

Analysts Set New Price Targets

A number of research firms have commented on FTRE. The Goldman Sachs Group cut their target price on shares of Fortrea from $22.00 to $11.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 4th. Truist Financial started coverage on Fortrea in a report on Friday, May 2nd. They issued a "hold" rating and a $7.00 price target on the stock. Robert W. Baird set a $12.00 price objective on Fortrea in a research report on Tuesday, March 4th. Barclays reissued an "underweight" rating and set a $6.00 price target (down from $12.00) on shares of Fortrea in a research report on Thursday, April 10th. Finally, Evercore ISI reduced their price objective on shares of Fortrea from $20.00 to $15.00 and set an "in-line" rating for the company in a research note on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company. Based on data from MarketBeat.com, Fortrea has a consensus rating of "Hold" and an average price target of $15.82.

Fortrea Stock Performance

Shares of Fortrea stock traded up $0.18 during trading on Friday, hitting $6.13. 1,098,091 shares of the company's stock were exchanged, compared to its average volume of 1,688,051. The business has a 50-day simple moving average of $7.32 and a 200-day simple moving average of $14.45. The stock has a market capitalization of $555.01 million, a price-to-earnings ratio of -1.79, a PEG ratio of 1.78 and a beta of 2.15. Fortrea Holdings Inc. has a 52-week low of $4.77 and a 52-week high of $36.11. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18.

Fortrea (NASDAQ:FTRE - Get Free Report) last issued its quarterly earnings data on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing analysts' consensus estimates of $0.36 by ($0.18). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The firm had revenue of $697.00 million for the quarter, compared to analyst estimates of $703.22 million. During the same period in the previous year, the business earned $0.19 EPS. On average, research analysts forecast that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Fortrea 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.