Voya Investment Management LLC Grows Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Voya Investment Management LLC grew its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 781.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 129,352 shares of the company’s stock after buying an additional 114,672 shares during the period. Voya Investment Management LLC’s holdings in Fortrea were worth $2,412,000 at the end of the most recent reporting period.

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

Fortrea Price Performance

Shares of Fortrea stock opened at $6.26 on Friday. The company has a market cap of $566.78 million, a PE ratio of -1.83, a P/E/G ratio of 1.78 and a beta of 2.15. The business has a 50 day moving average of $7.93 and a 200 day moving average of $14.80. Fortrea Holdings Inc. has a 52 week low of $4.77 and a 52 week high of $37.24. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.18). The company had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. During the same quarter last year, the company posted $0.19 earnings per share. As a group, equities research analysts forecast that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Mizuho decreased their price target on shares of Fortrea from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 9th. Truist Financial assumed coverage on shares of Fortrea in a research note on Friday. They issued a “hold” rating and a $7.00 price target for the company. The Goldman Sachs Group reduced their price objective on Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Evercore ISI lowered their target price on Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a research note on Tuesday, March 4th. Finally, Robert W. Baird set a $12.00 price target on Fortrea in a research report on Tuesday, March 4th. Two analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average 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.