Fortrea Holdings Inc. (NASDAQ:FTRE) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. increased its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 3.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 434,953 shares of the company’s stock after purchasing an additional 13,026 shares during the quarter. Principal Financial Group Inc. owned 0.48% of Fortrea worth $8,112,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Hara Capital LLC bought a new position in shares of Fortrea in the third quarter valued at $29,000. Covestor Ltd raised its position in shares of Fortrea by 102.4% during the third quarter. Covestor Ltd now owns 2,763 shares of the company’s stock worth $55,000 after purchasing an additional 1,398 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Fortrea by 21.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock valued at $64,000 after purchasing an additional 572 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Fortrea by 26.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 9,087 shares of the company’s stock valued at $182,000 after purchasing an additional 1,917 shares during the period. Finally, Whalen Wealth Management Inc. purchased a new position in Fortrea in the 4th quarter worth about $204,000.

Fortrea Trading Down 1.4 %

NASDAQ:FTRE opened at $13.85 on Friday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The company’s 50 day moving average is $16.98 and its 200-day moving average is $19.20. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of -4.05, a P/E/G ratio of 1.78 and a beta of 1.20. Fortrea Holdings Inc. has a 12 month low of $13.48 and a 12 month high of $41.02.

Insider Buying and Selling

In other news, CEO Thomas Pike sold 11,268 shares of the firm’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $18.04, for a total value of $203,274.72. Following the sale, the chief executive officer now directly owns 159,868 shares of the company’s stock, valued at approximately $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 12,386 shares of company stock worth $219,751 in the last quarter. 0.12% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have commented on FTRE. Citigroup lowered shares of Fortrea from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $30.00 to $23.00 in a research note on Wednesday, December 11th. Barclays lifted their target price on Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. William Blair restated a “market perform” rating on shares of Fortrea in a report on Friday, November 8th. TD Cowen upped their price objective on shares of Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Finally, Baird R W lowered shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. One investment analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $23.30.

Fortrea 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.