Public Employees Retirement Association of Colorado reduced its position in Fortrea Holdings Inc. (NASDAQ:FTRE – Free Report) by 13.2% in the second quarter, HoldingsChannel.com reports. The firm owned 9,775 shares of the company’s stock after selling 1,491 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Fortrea were worth $228,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. bought a new position in Fortrea in the 4th quarter worth $347,110,000. Gates Capital Management Inc. purchased a new position in shares of Fortrea in the fourth quarter valued at about $67,859,000. Diamond Hill Capital Management Inc. bought a new position in shares of Fortrea in the second quarter worth about $23,192,000. Nordea Investment Management AB grew its position in shares of Fortrea by 4,500.5% during the first quarter. Nordea Investment Management AB now owns 982,215 shares of the company’s stock worth $39,259,000 after purchasing an additional 960,865 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in Fortrea by 59.3% during the 2nd quarter. Victory Capital Management Inc. now owns 2,466,181 shares of the company’s stock valued at $57,561,000 after purchasing an additional 918,240 shares during the period.
Fortrea Price Performance
Shares of Fortrea stock opened at $19.84 on Friday. The stock has a market cap of $1.77 billion, a price-to-earnings ratio of -14.27, a price-to-earnings-growth ratio of 2.21 and a beta of 0.56. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.19 and a current ratio of 1.19. The stock has a 50 day moving average price of $23.15 and a 200-day moving average price of $28.31. Fortrea Holdings Inc. has a one year low of $18.07 and a one year high of $41.02.
Wall Street Analyst Weigh In
Several research analysts have weighed in on the company. Barclays dropped their price target on Fortrea from $30.00 to $21.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a research note on Tuesday, August 20th. Bank of America decreased their price target on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research note on Tuesday, August 13th. The Goldman Sachs Group began coverage on Fortrea in a research report on Thursday, June 6th. They set a “neutral” rating and a $28.00 price objective for the company. Finally, Robert W. Baird decreased their target price on Fortrea from $38.00 to $28.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortrea currently has a consensus rating of “Hold” and a consensus price target of $24.90.
Check Out Our Latest Report on FTRE
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.
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