California Public Employees Retirement System Buys New Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

California Public Employees Retirement System purchased a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 161,070 shares of the company’s stock, valued at approximately $5,621,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of FTRE. New York State Teachers Retirement System bought a new stake in shares of Fortrea in the 4th quarter valued at $3,913,000. Mutual of America Capital Management LLC acquired a new position in shares of Fortrea during the fourth quarter valued at about $9,739,000. Willis Investment Counsel acquired a new position in shares of Fortrea during the fourth quarter valued at about $6,286,000. Nisa Investment Advisors LLC bought a new position in shares of Fortrea during the 4th quarter worth about $1,023,000. Finally, Cohen Klingenstein LLC acquired a new stake in shares of Fortrea in the 4th quarter valued at about $948,000.

Fortrea Stock Performance

Shares of NASDAQ:FTRE opened at $37.41 on Friday. The business’s 50 day moving average is $38.01 and its 200 day moving average is $33.92. Fortrea Holdings Inc. has a 12-month low of $24.92 and a 12-month high of $41.02. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.90.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data on Monday, March 11th. The company reported $0.19 earnings per share 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 analyst estimates of $779.09 million. The company’s revenue was up 1.8% compared to the same quarter last year. As a group, equities analysts predict that Fortrea Holdings Inc. will post 1.06 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FTRE. Robert W. Baird started coverage on Fortrea in a report on Friday, March 22nd. They issued a “neutral” rating and a $43.00 price target on the stock. Barclays cut their target price on Fortrea from $38.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, January 25th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Fortrea in a research note on Wednesday, March 6th. They set a “hold” rating and a $36.00 price target for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price 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.