Sumitomo Mitsui Trust Holdings Inc. Purchases New Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 13,412 shares of the company’s stock, valued at approximately $468,000.

Several other large investors have also made changes to their positions in the company. Penn Davis Mcfarland Inc. bought a new stake in shares of Fortrea in the 4th quarter valued at approximately $18,810,000. Mutual of America Capital Management LLC bought a new stake in Fortrea during the fourth quarter worth approximately $9,739,000. Willis Investment Counsel bought a new stake in Fortrea during the fourth quarter worth approximately $6,286,000. Raymond James & Associates bought a new stake in Fortrea during the fourth quarter worth approximately $4,751,000. Finally, New York State Teachers Retirement System bought a new stake in Fortrea during the fourth quarter worth approximately $3,913,000.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. 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 for the company. Jefferies Financial Group assumed coverage on Fortrea in a research report on Thursday, January 4th. They set a “buy” rating and a $44.00 target price for the company. Robert W. Baird assumed coverage on Fortrea in a research report on Friday, March 22nd. They set a “neutral” rating and a $43.00 target price for the company. William Blair assumed coverage on Fortrea in a research report on Friday, January 5th. They set a “market perform” rating 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 report on Thursday, January 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $37.29.

Fortrea Stock Down 2.4 %

Shares of NASDAQ FTRE opened at $36.35 on Friday. The business has a fifty day simple moving average of $37.88 and a 200 day simple moving average 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 one year low of $24.92 and a one year high of $41.02.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data 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. Fortrea’s revenue for the quarter was up 1.8% compared to the same quarter last year. As a group, equities research analysts expect that Fortrea Holdings Inc. will post 1.06 earnings per share for the current fiscal year.

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.