State of New Jersey Common Pension Fund D Purchases Shares of 80,726 Fortrea Holdings Inc. (NASDAQ:FTRE)

State of New Jersey Common Pension Fund D purchased a new stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the 4th quarter, Holdings Channel reports. The institutional investor purchased 80,726 shares of the company’s stock, valued at approximately $2,817,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Whittier Trust Co. bought a new position in Fortrea in the 4th quarter worth $25,000. Whittier Trust Co. of Nevada Inc. bought a new position in Fortrea in the 4th quarter worth $25,000. ZRC Wealth Management LLC bought a new position in Fortrea in the 4th quarter worth $27,000. Allworth Financial LP bought a new position in Fortrea in the 4th quarter worth $28,000. Finally, CENTRAL TRUST Co bought a new position in Fortrea in the 4th quarter worth $30,000.

Fortrea Stock Up 3.3 %

NASDAQ:FTRE opened at $37.54 on Tuesday. 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 fifty-two week low of $24.92 and a fifty-two week high of $41.02. The firm has a 50-day simple moving average of $37.96 and a two-hundred day simple moving average of $33.76.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Monday, March 11th. The company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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. The company’s quarterly revenue was up 1.8% on a year-over-year basis. On average, analysts forecast that Fortrea Holdings Inc. will post 1.06 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

FTRE has been the subject of several research reports. Robert W. Baird initiated coverage on shares of 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 initiated coverage on shares of Fortrea in a report on Wednesday, March 6th. They issued a “hold” rating and a $36.00 price objective for the company. Jefferies Financial Group initiated coverage on shares of Fortrea in a research note on Thursday, January 4th. They issued a “buy” rating and a $44.00 price target for the company. Barclays decreased their price target 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. Finally, William Blair started coverage on shares of Fortrea in a research note 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’s stock. According to MarketBeat.com, Fortrea currently has an average rating of “Hold” and a consensus price target of $37.29.

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.