Principal Financial Group Inc. Trims Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Principal Financial Group Inc. trimmed its position in Fortrea Holdings Inc. (NASDAQ:FTRE) by 3.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 421,927 shares of the company’s stock after selling 17,222 shares during the period. Principal Financial Group Inc. owned about 0.47% of Fortrea worth $8,439,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sei Investments Co. lifted its holdings in Fortrea by 311.2% in the 1st quarter. Sei Investments Co. now owns 78,873 shares of the company’s stock valued at $3,165,000 after purchasing an additional 59,690 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Fortrea by 466.0% during the 1st quarter. Russell Investments Group Ltd. now owns 82,428 shares of the company’s stock worth $3,309,000 after acquiring an additional 67,865 shares during the period. Penn Davis Mcfarland Inc. lifted its holdings in shares of Fortrea by 86.4% during the 3rd quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company’s stock worth $21,944,000 after acquiring an additional 508,664 shares during the period. Diamond Hill Capital Management Inc. purchased a new position in shares of Fortrea during the 2nd quarter worth about $23,192,000. Finally, UniSuper Management Pty Ltd purchased a new position in shares of Fortrea during the 1st quarter worth about $707,000.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. The Goldman Sachs Group cut their price objective on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Tuesday, October 8th. TD Cowen increased their price objective on shares of Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a report on Monday, November 11th. William Blair reiterated a “market perform” rating on shares of Fortrea in a report on Friday, November 8th. Evercore ISI cut their price target on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a report on Tuesday, October 8th. Finally, Barclays raised their price target on shares of Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $24.50.

Fortrea Stock Down 2.5 %

FTRE stock opened at $18.86 on Tuesday. Fortrea Holdings Inc. has a twelve month low of $16.53 and a twelve month high of $41.02. The company has a current ratio of 1.18, a quick ratio of 1.19 and a debt-to-equity ratio of 0.74. The company has a market capitalization of $1.69 billion, a P/E ratio of -5.51, a PEG ratio of 2.92 and a beta of 0.70. The firm has a 50 day simple moving average of $19.63 and a 200-day simple moving average of $23.31.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The company had revenue of $674.90 million for the quarter, compared to analyst estimates of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The firm’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.24 EPS. On average, equities research analysts predict that Fortrea Holdings Inc. will post 0.57 earnings per share for the current fiscal 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.