Fortrea Holdings Inc. $FTRE Position Cut by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans reduced its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 31.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 157,449 shares of the company’s stock after selling 71,919 shares during the quarter. Thrivent Financial for Lutherans owned 0.17% of Fortrea worth $1,325,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the business. AQR Capital Management LLC raised its stake in shares of Fortrea by 494.8% during the second 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 in the last quarter. Geode Capital Management LLC increased its stake in Fortrea by 37.2% during the 2nd quarter. Geode Capital Management LLC now owns 2,171,450 shares of the company’s stock valued at $10,728,000 after buying an additional 589,145 shares during the period. Bank of Nova Scotia bought a new stake in shares of Fortrea during the 2nd quarter worth about $5,087,000. Invesco Ltd. lifted its stake in shares of Fortrea by 26.5% in the 2nd quarter. Invesco Ltd. now owns 897,756 shares of the company’s stock worth $4,435,000 after acquiring an additional 188,258 shares during the period. Finally, Bank of America Corp DE lifted its stake in shares of Fortrea by 130.0% in the 2nd quarter. Bank of America Corp DE now owns 856,332 shares of the company’s stock worth $4,230,000 after acquiring an additional 483,986 shares during the period.

Wall Street Analyst Weigh In

Several brokerages recently commented on FTRE. Wedbush set a $21.00 target price on Fortrea in a report on Thursday, December 11th. Barclays set a $15.00 price target on Fortrea and gave the company an “equal weight” rating in a research report on Monday, December 15th. TD Cowen upped their price objective on Fortrea from $7.00 to $15.00 and gave the company a “hold” rating in a report on Thursday, January 22nd. Wall Street Zen lowered Fortrea from a “buy” rating to a “hold” rating in a report on Monday, October 27th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Fortrea in a report on Thursday, January 22nd. Four equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $16.75.

Fortrea Stock Down 4.7%

Shares of Fortrea stock opened at $9.79 on Friday. Fortrea Holdings Inc. has a 12-month low of $3.97 and a 12-month high of $18.67. The firm has a market capitalization of $904.60 million, a PE ratio of -0.87, a price-to-earnings-growth ratio of 0.30 and a beta of 1.59. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.81. The stock’s fifty day moving average is $16.20 and its 200-day moving average is $12.02.

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.