Principal Financial Group Inc. Sells 34,142 Shares of Fortrea Holdings Inc. $FTRE

Principal Financial Group Inc. lessened its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 7.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 449,081 shares of the company’s stock after selling 34,142 shares during the period. Principal Financial Group Inc.’s holdings in Fortrea were worth $4,230,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of FTRE. Larson Financial Group LLC grew its holdings in shares of Fortrea by 136.7% during the fourth quarter. Larson Financial Group LLC now owns 1,856 shares of the company’s stock worth $32,000 after buying an additional 1,072 shares in the last quarter. Osaic Holdings Inc. lifted its stake in Fortrea by 74.3% in the 2nd quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock valued at $38,000 after acquiring an additional 2,918 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in Fortrea by 137.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company’s stock valued at $43,000 after acquiring an additional 5,036 shares in the last quarter. Toronto Dominion Bank acquired a new position in Fortrea during the 4th quarter worth approximately $51,000. Finally, Allworth Financial LP boosted its position in Fortrea by 19.6% during the 3rd quarter. Allworth Financial LP now owns 6,769 shares of the company’s stock worth $57,000 after acquiring an additional 1,109 shares during the last quarter.

Wall Street Analyst Weigh In

FTRE has been the topic of a number of recent research reports. Mizuho lifted their price objective on shares of Fortrea from $13.00 to $16.00 and gave the company a “neutral” rating in a report on Monday, July 13th. Citigroup increased their target price on shares of Fortrea from $16.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Truist Financial set a $19.00 target price on shares of Fortrea in a research report on Wednesday, May 6th. TD Cowen reiterated a “buy” rating on shares of Fortrea in a research note on Wednesday, May 6th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $14.00 price target on shares of Fortrea in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Fortrea has an average rating of “Moderate Buy” and a consensus price target of $17.75.

Fortrea Stock Up 7.8%

NASDAQ:FTRE opened at $20.70 on Wednesday. Fortrea Holdings Inc. has a twelve month low of $5.26 and a twelve month high of $21.12. The firm has a market capitalization of $1.96 billion, a price-to-earnings ratio of -4.22, a price-to-earnings-growth ratio of 0.58 and a beta of 2.03. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.98. The stock’s 50 day moving average price is $16.68 and its two-hundred day moving average price is $13.77.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Tuesday, May 5th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.03 by $0.13. Fortrea had a positive return on equity of 9.51% and a negative net margin of 16.50%.The company had revenue of $636.50 million during the quarter, compared to the consensus estimate of $628.50 million. Equities research analysts expect that Fortrea Holdings Inc. will post 0.8 earnings per share for the current fiscal year.

Fortrea Company Profile

Fortrea, Inc is a global contract development and manufacturing organization (CDMO) that provides integrated solutions for pharmaceutical and biotechnology companies. Established as a spin-off from Thermo Fisher Scientific’s Pharma Services business in October 2023, Fortrea leverages a legacy of scientific expertise and manufacturing scale to support drug development from early-stage research through commercial production. The company’s comprehensive offerings address the complex needs of both small-molecule and biologics programs, making it a single source for clients seeking to accelerate timelines and manage costs.

Fortrea’s core services encompass analytical and formulation development, process optimization, clinical and commercial manufacturing, and packaging services.