Maryland State Retirement & Pension System Acquires New Stake in Fortrea Holdings Inc. (NASDAQ:FTRE)

Maryland State Retirement & Pension System bought a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 39,028 shares of the company’s stock, valued at approximately $1,362,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. Whittier Trust Co. purchased a new stake in Fortrea in the 4th quarter valued at about $25,000. Whittier Trust Co. of Nevada Inc. acquired a new position in Fortrea during the fourth quarter worth approximately $25,000. ZRC Wealth Management LLC purchased a new position in Fortrea during the fourth quarter worth approximately $27,000. Allworth Financial LP acquired a new position in shares of Fortrea in the 4th quarter valued at $28,000. Finally, CENTRAL TRUST Co purchased a new stake in shares of Fortrea during the 4th quarter valued at $30,000.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Robert W. Baird assumed coverage on Fortrea in a research report on Friday, March 22nd. They issued a “neutral” rating and a $43.00 target price on the stock. Barclays reduced their price objective on Fortrea from $38.00 to $35.00 and set an “overweight” rating on the stock in a research note on Thursday, January 25th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Fortrea in a research note on Wednesday, March 6th. They set a “hold” rating and a $36.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $37.29.

Fortrea Price Performance

Shares of FTRE stock opened at $35.50 on Thursday. The firm has a fifty day simple moving average of $37.95 and a 200-day simple moving average of $34.07. Fortrea Holdings Inc. has a twelve month low of $24.92 and a twelve month high of $41.02. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.62 and a current ratio of 1.62.

Fortrea (NASDAQ:FTRE) last announced its earnings results 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 firm had revenue of $775.40 million during the quarter, compared to the consensus estimate of $779.09 million. Fortrea’s quarterly revenue was up 1.8% compared to the same quarter last year. Equities analysts expect that Fortrea Holdings Inc. will post 1.06 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.