Fortrea Holdings Inc. (NASDAQ:FTRE) Shares Bought by Arizona State Retirement System

Arizona State Retirement System grew its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 2.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,769 shares of the company’s stock after purchasing an additional 585 shares during the quarter. Arizona State Retirement System’s holdings in Fortrea were worth $555,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sei Investments Co. boosted its stake in Fortrea by 311.2% during the 1st quarter. Sei Investments Co. now owns 78,873 shares of the company’s stock worth $3,165,000 after purchasing an additional 59,690 shares during the last quarter. Jennison Associates LLC acquired a new stake in Fortrea during the 1st quarter worth $6,560,000. First Eagle Investment Management LLC boosted its stake in Fortrea by 171.6% during the 1st quarter. First Eagle Investment Management LLC now owns 268,882 shares of the company’s stock worth $10,793,000 after purchasing an additional 169,882 shares during the last quarter. 13D Management LLC purchased a new position in shares of Fortrea during the 4th quarter worth $4,568,000. Finally, Mutual of America Capital Management LLC raised its holdings in shares of Fortrea by 31.6% during the 1st quarter. Mutual of America Capital Management LLC now owns 367,203 shares of the company’s stock worth $14,740,000 after acquiring an additional 88,159 shares during the period.

Fortrea Stock Up 1.4 %

Shares of FTRE opened at $21.69 on Tuesday. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.77. The firm has a market cap of $1.94 billion, a P/E ratio of -15.60, a price-to-earnings-growth ratio of 2.02 and a beta of 0.56. The company’s 50-day moving average price is $23.87 and its 200 day moving average price is $29.31. Fortrea Holdings Inc. has a 12-month low of $18.07 and a 12-month high of $41.02.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). The business had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $689.08 million. Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The firm’s revenue for the quarter was down 8.6% on a year-over-year basis. During the same quarter last year, the company earned $0.52 earnings per share. On average, sell-side analysts forecast that Fortrea Holdings Inc. will post 0.6 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently commented on FTRE. William Blair reiterated a “market perform” rating on shares of Fortrea in a report on Wednesday, September 11th. Deutsche Bank Aktiengesellschaft reduced their price target on Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a report on Tuesday, August 20th. Barclays reduced their price target on Fortrea from $30.00 to $21.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 13th. Evercore ISI lowered Fortrea from an “outperform” rating to an “in-line” rating and reduced their price target for the stock from $31.00 to $27.00 in a report on Thursday, August 8th. Finally, The Goldman Sachs Group initiated coverage on Fortrea in a report on Thursday, June 6th. They set a “neutral” rating and a $28.00 price target on the stock. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $27.20.

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.