Voya Investment Management LLC Purchases 114,672 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Voya Investment Management LLC increased its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 781.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 129,352 shares of the company’s stock after purchasing an additional 114,672 shares during the quarter. Voya Investment Management LLC owned approximately 0.14% of Fortrea worth $2,412,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Fortrea by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 9,884,256 shares of the company’s stock worth $184,341,000 after buying an additional 120,599 shares during the last quarter. FMR LLC boosted its position in Fortrea by 67.7% in the fourth quarter. FMR LLC now owns 8,086,806 shares of the company’s stock worth $150,819,000 after purchasing an additional 3,265,402 shares during the last quarter. Penn Davis Mcfarland Inc. grew its stake in Fortrea by 0.8% in the 4th quarter. Penn Davis Mcfarland Inc. now owns 1,106,080 shares of the company’s stock valued at $20,628,000 after purchasing an additional 8,884 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Fortrea by 3.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 612,897 shares of the company’s stock valued at $11,431,000 after purchasing an additional 22,469 shares during the last quarter. Finally, Kennedy Capital Management LLC raised its stake in shares of Fortrea by 43.6% during the 4th quarter. Kennedy Capital Management LLC now owns 568,897 shares of the company’s stock worth $10,610,000 after purchasing an additional 172,856 shares during the period.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on FTRE. Barclays restated an “underweight” rating and set a $6.00 price objective (down previously from $12.00) on shares of Fortrea in a report on Thursday, April 10th. Mizuho lowered their price target on shares of Fortrea from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Wednesday, April 9th. Evercore ISI reduced their price objective on Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a report on Tuesday, March 4th. Truist Financial initiated coverage on Fortrea in a research note on Friday. They set a “hold” rating and a $7.00 price target for the company. Finally, William Blair reaffirmed a “market perform” rating on shares of Fortrea in a report on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $15.82.

Fortrea Price Performance

FTRE stock opened at $6.26 on Friday. The firm has a 50 day moving average of $7.93 and a 200-day moving average of $14.80. The firm has a market capitalization of $566.78 million, a P/E ratio of -1.83, a price-to-earnings-growth ratio of 1.78 and a beta of 2.15. Fortrea Holdings Inc. has a 12 month low of $4.77 and a 12 month high of $37.24. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Monday, March 3rd. The company reported $0.18 EPS 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 the consensus estimate 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 business earned $0.19 earnings per share. As a group, sell-side analysts predict that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal 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.