Arizona State Retirement System Buys Shares of 23,582 Fortrea Holdings Inc. (NASDAQ:FTRE)

Arizona State Retirement System bought a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 23,582 shares of the company’s stock, valued at approximately $823,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Penn Davis Mcfarland Inc. bought a new stake in shares of Fortrea during the 4th quarter worth about $18,810,000. Willis Investment Counsel bought a new stake in shares of Fortrea during the 4th quarter worth about $6,286,000. Raymond James & Associates bought a new stake in shares of Fortrea during the 4th quarter worth about $4,751,000. State of Alaska Department of Revenue bought a new stake in shares of Fortrea during the 4th quarter worth about $1,926,000. Finally, Mcrae Capital Management Inc. bought a new stake in shares of Fortrea during the 4th quarter worth about $1,851,000.

Fortrea Trading Down 0.8 %

Fortrea stock opened at $36.51 on Thursday. The business has a 50 day moving average price of $37.51 and a two-hundred day moving average price of $33.24. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.90. Fortrea Holdings Inc. has a 12 month low of $24.92 and a 12 month high of $41.02.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Monday, March 11th. The company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.04). The business had revenue of $775.40 million during the quarter, compared to analysts’ expectations of $779.09 million. The firm’s revenue was up 1.8% on a year-over-year basis. Equities research analysts predict that Fortrea Holdings Inc. will post 1.06 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Robert W. Baird assumed coverage on Fortrea in a research note on Friday, March 22nd. They set a “neutral” rating and a $43.00 price target for the company. Deutsche Bank Aktiengesellschaft assumed coverage on Fortrea in a research note on Wednesday, March 6th. They set a “hold” rating and a $36.00 target price for the company. William Blair assumed coverage on Fortrea in a research note on Friday, January 5th. They set a “market perform” rating for the company. Jefferies Financial Group assumed coverage on Fortrea in a research note on Thursday, January 4th. They set a “buy” rating and a $44.00 target price for the company. Finally, Barclays decreased their target price on Fortrea from $38.00 to $35.00 and set an “overweight” rating for the company in a research note on Thursday, January 25th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $37.29.

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.