Allspring Global Investments Holdings LLC Boosts Stock Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Allspring Global Investments Holdings LLC increased its position in Fortrea Holdings Inc. (NASDAQ:FTRE) by 26.7% in the 3rd quarter, HoldingsChannel reports. The fund owned 9,087 shares of the company’s stock after buying an additional 1,917 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Fortrea were worth $182,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Willis Investment Counsel raised its position in shares of Fortrea by 1.2% during the 3rd quarter. Willis Investment Counsel now owns 184,335 shares of the company’s stock valued at $3,687,000 after purchasing an additional 2,252 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Fortrea by 552.3% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 161,900 shares of the company’s stock worth $3,779,000 after buying an additional 137,082 shares in the last quarter. University of Texas Texas AM Investment Management Co. raised its holdings in Fortrea by 125.0% during the second quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock valued at $53,000 after acquiring an additional 1,250 shares during the period. Sanctuary Advisors LLC purchased a new position in shares of Fortrea in the second quarter valued at about $331,000. Finally, Brandes Investment Partners LP boosted its stake in shares of Fortrea by 27.1% in the second quarter. Brandes Investment Partners LP now owns 2,438,159 shares of the company’s stock worth $56,845,000 after acquiring an additional 519,344 shares during the period.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on FTRE shares. Jefferies Financial Group cut Fortrea from a “buy” rating to a “hold” rating and lowered their price target for the stock from $25.00 to $21.00 in a report on Wednesday, September 25th. Evercore ISI cut their target price on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research note on Tuesday, October 8th. TD Cowen decreased their price target on shares of Fortrea from $27.00 to $23.00 and set a “hold” rating on the stock in a research note on Tuesday, August 13th. William Blair restated a “market perform” rating on shares of Fortrea in a research report on Wednesday, September 11th. Finally, Bank of America decreased their target price on Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $23.60.

Fortrea Price Performance

NASDAQ:FTRE opened at $16.85 on Monday. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of -5.17, a PEG ratio of 2.71 and a beta of 0.70. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.19 and a quick ratio of 1.19. The business has a 50 day simple moving average of $20.11 and a 200-day simple moving average of $24.69. Fortrea Holdings Inc. has a 1 year low of $16.53 and a 1 year high of $41.02.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The company had revenue of $662.40 million during the quarter, compared to the consensus estimate of $689.08 million. During the same quarter in the prior year, the business earned $0.52 earnings per share. The firm’s quarterly revenue was down 8.6% compared to the same quarter last year. Equities analysts forecast that Fortrea Holdings Inc. will post 0.59 EPS for the current year.

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.