Nisa Investment Advisors LLC Trims Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Nisa Investment Advisors LLC reduced its position in Fortrea Holdings Inc. (NASDAQ:FTRE) by 53.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 12,510 shares of the company’s stock after selling 14,546 shares during the period. Nisa Investment Advisors LLC’s holdings in Fortrea were worth $94,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FTRE. Charles Schwab Investment Management Inc. lifted its holdings in shares of Fortrea by 3.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 612,897 shares of the company’s stock worth $11,431,000 after acquiring an additional 22,469 shares during the period. Raymond James Financial Inc. purchased a new stake in Fortrea in the fourth quarter valued at approximately $1,082,000. Swiss National Bank increased its position in Fortrea by 1.0% during the fourth quarter. Swiss National Bank now owns 167,420 shares of the company’s stock worth $3,122,000 after purchasing an additional 1,600 shares during the last quarter. Natixis Advisors LLC raised its stake in Fortrea by 16.9% during the fourth quarter. Natixis Advisors LLC now owns 214,506 shares of the company’s stock worth $4,001,000 after purchasing an additional 31,005 shares during the period. Finally, Thrivent Financial for Lutherans boosted its holdings in shares of Fortrea by 78.1% in the 4th quarter. Thrivent Financial for Lutherans now owns 125,294 shares of the company’s stock valued at $2,337,000 after purchasing an additional 54,932 shares during the last quarter.

Fortrea Trading Down 5.3%

NASDAQ FTRE opened at $4.69 on Friday. The company has a market capitalization of $424.45 million, a price-to-earnings ratio of -0.53, a price-to-earnings-growth ratio of 0.34 and a beta of 1.76. The company’s fifty day moving average price is $4.95 and its two-hundred day moving average price is $9.29. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.97 and a quick ratio of 0.97. Fortrea Holdings Inc. has a 12 month low of $3.97 and a 12 month high of $27.99.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Monday, May 12th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.09. Fortrea had a positive return on equity of 2.84% and a negative net margin of 29.43%. The business had revenue of $651.30 million during the quarter, compared to the consensus estimate of $609.63 million. As a group, research analysts predict that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Cowen restated a “hold” rating on shares of Fortrea in a report on Wednesday, May 14th. Evercore ISI lowered their price target on Fortrea from $6.00 to $5.00 and set an “in-line” rating for the company in a research report on Wednesday, July 9th. Truist Financial assumed coverage on Fortrea in a report on Friday, May 2nd. They issued a “hold” rating and a $7.00 price objective on the stock. Mizuho decreased their target price on Fortrea from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Friday, July 11th. Finally, Citigroup reissued a “neutral” rating on shares of Fortrea in a research report on Thursday, May 22nd. Two analysts have rated the stock with a sell rating and twelve have given a hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $14.00.

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.