Cerity Partners LLC Invests $455,000 in Fortrea Holdings Inc. (NASDAQ:FTRE)

Cerity Partners LLC acquired a new position in Fortrea Holdings Inc. (NASDAQ:FTRE) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 13,039 shares of the company’s stock, valued at approximately $455,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FTRE. Whittier Trust Co. purchased a new position in Fortrea during the fourth quarter valued at $25,000. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Fortrea in the 4th quarter worth $25,000. ZRC Wealth Management LLC purchased a new position in shares of Fortrea in the 4th quarter worth $27,000. Allworth Financial LP purchased a new position in shares of Fortrea in the 4th quarter worth $28,000. Finally, CENTRAL TRUST Co purchased a new position in shares of Fortrea in the 4th quarter worth $30,000.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FTRE. Deutsche Bank Aktiengesellschaft began coverage on shares of Fortrea in a research note on Wednesday, March 6th. They issued a “hold” rating and a $36.00 price objective for the company. Jefferies Financial Group began coverage on shares of Fortrea in a research note on Thursday, January 4th. They issued a “buy” rating and a $44.00 price objective for the company. William Blair began coverage on shares of Fortrea in a research note on Friday, January 5th. They issued a “market perform” rating for the company. Robert W. Baird began coverage on shares of Fortrea in a research note on Friday, March 22nd. They issued a “neutral” rating and a $43.00 price objective for the company. Finally, Barclays dropped their price objective on shares of 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 given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $37.29.

Fortrea Trading Down 2.4 %

Fortrea stock opened at $36.35 on Friday. The firm has a 50-day moving average price of $37.88 and a 200-day moving average price of $33.56. 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 12-month low of $24.92 and a 12-month high of $41.02.

Fortrea (NASDAQ:FTRE) last released 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 firm had revenue of $775.40 million for the quarter, compared to analysts’ expectations of $779.09 million. Fortrea’s revenue for the quarter was up 1.8% on a year-over-year basis. Research analysts expect that Fortrea Holdings Inc. will post 1.06 EPS 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.