Mutual of America Capital Management LLC Sells 142,361 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Mutual of America Capital Management LLC lowered its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 36.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 248,562 shares of the company’s stock after selling 142,361 shares during the period. Mutual of America Capital Management LLC owned 0.27% of Fortrea worth $1,877,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in FTRE. Covestor Ltd boosted its holdings in shares of Fortrea by 57.7% during the 4th quarter. Covestor Ltd now owns 4,356 shares of the company’s stock valued at $81,000 after acquiring an additional 1,593 shares in the last quarter. Swiss National Bank boosted its stake in Fortrea by 1.0% during the 4th quarter. Swiss National Bank now owns 167,420 shares of the company’s stock valued at $3,122,000 after purchasing an additional 1,600 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Fortrea in the 4th quarter worth approximately $30,000. GF Fund Management CO. LTD. purchased a new position in Fortrea in the fourth quarter valued at approximately $35,000. Finally, Janus Henderson Group PLC lifted its stake in Fortrea by 4.9% in the fourth quarter. Janus Henderson Group PLC now owns 43,298 shares of the company’s stock valued at $809,000 after purchasing an additional 2,006 shares during the last quarter.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on FTRE shares. Evercore ISI cut their target price on shares of Fortrea from $6.00 to $5.00 and set an “in-line” rating for the company in a research report on Wednesday, July 9th. Cowen reaffirmed a “hold” rating on shares of Fortrea in a research note on Wednesday, May 14th. The Goldman Sachs Group reduced their price target on shares of Fortrea from $7.00 to $5.00 and set a “neutral” rating for the company in a research report on Wednesday, May 14th. Mizuho dropped their target price on shares of Fortrea from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Friday, July 11th. Finally, Truist Financial assumed coverage on shares of Fortrea in a research note on Friday, May 2nd. They set a “hold” rating and a $7.00 price target on the stock. Two analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the stock. According to data from MarketBeat, Fortrea currently has an average rating of “Hold” and a consensus price target of $14.00.

Fortrea Trading Down 5.3%

Shares of Fortrea stock opened at $4.69 on Friday. The firm has a market capitalization of $424.45 million, a price-to-earnings ratio of -0.53, a PEG ratio of 0.32 and a beta of 1.76. Fortrea Holdings Inc. has a 12-month low of $3.97 and a 12-month high of $27.99. The firm’s 50 day simple moving average is $4.95 and its two-hundred day simple moving average is $9.23. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22.

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

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.