Illinois Municipal Retirement Fund Acquires Shares of 49,801 Fortrea Holdings Inc. (NASDAQ:FTRE)

Illinois Municipal Retirement Fund acquired a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 49,801 shares of the company’s stock, valued at approximately $1,738,000. Illinois Municipal Retirement Fund owned 0.06% of Fortrea as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Penn Davis Mcfarland Inc. purchased a new position in shares of Fortrea during the fourth quarter valued at approximately $18,810,000. New York State Common Retirement Fund purchased a new position in shares of Fortrea during the fourth quarter valued at approximately $17,918,000. Mutual of America Capital Management LLC purchased a new position in shares of Fortrea during the fourth quarter valued at approximately $9,739,000. Willis Investment Counsel purchased a new position in shares of Fortrea during the fourth quarter valued at approximately $6,286,000. Finally, California Public Employees Retirement System purchased a new position in shares of Fortrea during the fourth quarter valued at approximately $5,621,000.

Analyst Upgrades and Downgrades

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

Fortrea Price Performance

Shares of FTRE opened at $36.35 on Friday. The stock’s fifty day moving average price is $37.91 and its two-hundred day moving average price is $33.57. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.62 and a current ratio of 1.62. Fortrea Holdings Inc. has a 1 year low of $24.92 and a 1 year high of $41.02.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Monday, March 11th. The company reported $0.19 earnings per share (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 business’s revenue for the quarter was up 1.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Fortrea Holdings Inc. will post 1.06 earnings per share for the current year.

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.