Everence Capital Management Inc. Makes New Investment in Fortrea Holdings Inc. (NASDAQ:FTRE)

Everence Capital Management Inc. bought a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 7,690 shares of the company’s stock, valued at approximately $268,000.

Other large investors have also recently added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. bought a new position in Fortrea during the 4th quarter worth about $25,000. Whittier Trust Co. bought a new position in Fortrea during the 4th quarter worth about $25,000. ZRC Wealth Management LLC bought a new position in Fortrea during the 4th quarter worth about $27,000. Allworth Financial LP bought a new position in Fortrea during the 4th quarter worth about $28,000. Finally, Clean Yield Group bought a new position in Fortrea during the 4th quarter worth about $30,000.

Fortrea Stock Performance

Fortrea stock opened at $36.00 on Friday. Fortrea Holdings Inc. has a 52 week low of $24.92 and a 52 week high of $41.02. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.90. The stock has a 50-day simple moving average of $37.60 and a 200 day simple moving average of $33.26.

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

Analyst Ratings Changes

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

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.