New York State Common Retirement Fund Takes Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

New York State Common Retirement Fund bought a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 513,417 shares of the company’s stock, valued at approximately $17,918,000.

Other institutional investors also recently modified their holdings of the company. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Fortrea in the fourth quarter valued at approximately $25,000. Whittier Trust Co. bought a new position in shares of Fortrea in the fourth quarter valued at approximately $25,000. ZRC Wealth Management LLC bought a new position in shares of Fortrea in the fourth quarter valued at approximately $27,000. Allworth Financial LP bought a new position in shares of Fortrea in the fourth quarter valued at approximately $28,000. Finally, Clean Yield Group bought a new position in shares of Fortrea in the fourth quarter valued at approximately $30,000.

Fortrea Stock Performance

NASDAQ:FTRE opened at $36.35 on Monday. The stock’s fifty day moving average price is $37.92 and its two-hundred day moving average price is $33.70. Fortrea Holdings Inc. has a 1 year low of $24.92 and a 1 year high of $41.02. 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 (NASDAQ:FTRE) last posted 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 company’s quarterly revenue was up 1.8% on a year-over-year basis. On average, research analysts anticipate that Fortrea Holdings Inc. will post 1.06 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

About Fortrea

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.