Fortrea Holdings Inc. $FTRE Stock Position Reduced by ING Groep NV

ING Groep NV lessened its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 48.7% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 122,100 shares of the company’s stock after selling 116,000 shares during the quarter. ING Groep NV’s holdings in Fortrea were worth $2,106,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of FTRE. Vanguard Group Inc. boosted its position in Fortrea by 3.2% during the 4th quarter. Vanguard Group Inc. now owns 8,331,016 shares of the company’s stock valued at $143,710,000 after purchasing an additional 258,098 shares during the period. Goldman Sachs Group Inc. boosted its position in Fortrea by 3.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 8,272,597 shares of the company’s stock valued at $142,702,000 after purchasing an additional 293,992 shares during the period. AQR Capital Management LLC boosted its position in Fortrea by 494.8% during the 2nd quarter. AQR Capital Management LLC now owns 6,515,124 shares of the company’s stock valued at $31,729,000 after purchasing an additional 5,419,842 shares during the period. Geode Capital Management LLC boosted its position in Fortrea by 9.4% during the 4th quarter. Geode Capital Management LLC now owns 2,278,934 shares of the company’s stock valued at $39,318,000 after purchasing an additional 196,759 shares during the period. Finally, Park West Asset Management LLC acquired a new position in Fortrea during the 3rd quarter valued at approximately $18,579,000.

Fortrea Stock Up 1.9%

Shares of Fortrea stock opened at $16.88 on Wednesday. The business’s fifty day moving average price is $12.43 and its two-hundred day moving average price is $13.25. The company has a debt-to-equity ratio of 1.98, a current ratio of 0.95 and a quick ratio of 0.95. The company has a market capitalization of $1.60 billion, a P/E ratio of -3.44, a PEG ratio of 0.50 and a beta of 2.12. Fortrea Holdings Inc. has a 1-year low of $4.36 and a 1-year high of $18.67.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Tuesday, May 5th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.13. The firm had revenue of $636.50 million for the quarter, compared to the consensus estimate of $628.51 million. Fortrea had a positive return on equity of 9.51% and a negative net margin of 16.50%. As a group, research analysts forecast that Fortrea Holdings Inc. will post 0.8 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Citigroup boosted their price objective on Fortrea from $16.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Barclays boosted their price objective on Fortrea from $11.00 to $16.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 6th. TD Cowen restated a “buy” rating on shares of Fortrea in a research report on Wednesday, May 6th. Mizuho boosted their price objective on Fortrea from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Tuesday, May 12th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $14.00 price objective on shares of Fortrea in a research report on Thursday, May 7th. Five equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Fortrea has an average rating of “Hold” and a consensus price target of $17.25.

About Fortrea

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.