New York State Teachers Retirement System Invests $3.91 Million in Fortrea Holdings Inc. (NASDAQ:FTRE)

New York State Teachers Retirement System bought a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 112,113 shares of the company’s stock, valued at approximately $3,913,000. New York State Teachers Retirement System owned 0.13% of Fortrea as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Fortrea during the fourth quarter valued at $25,000. Whittier Trust Co. purchased a new position in shares of Fortrea during the fourth quarter valued at $25,000. ZRC Wealth Management LLC purchased a new position in shares of Fortrea during the fourth quarter valued at $27,000. Allworth Financial LP purchased a new position in shares of Fortrea during the fourth quarter valued at $28,000. Finally, Clean Yield Group purchased a new position in shares of Fortrea during the fourth quarter valued at $30,000.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on FTRE shares. Barclays lowered their price target on Fortrea from $38.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, January 25th. Jefferies Financial Group started coverage on Fortrea in a report on Thursday, January 4th. They set a “buy” rating and a $44.00 price target on the stock. Deutsche Bank Aktiengesellschaft started coverage on Fortrea in a research note on Wednesday, March 6th. They issued a “hold” rating and a $36.00 target price on the stock. William Blair started coverage on Fortrea in a research note on Friday, January 5th. They issued a “market perform” rating on the stock. Finally, Robert W. Baird started coverage on Fortrea in a research note on Friday, March 22nd. They issued a “neutral” rating and a $43.00 target price on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $37.29.

Fortrea Trading Down 0.6 %

FTRE opened at $39.05 on Monday. The stock has a 50-day moving average of $37.15 and a 200-day moving average of $33.10. Fortrea Holdings Inc. has a 52-week low of $24.92 and a 52-week high of $41.02. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.90.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Monday, March 11th. The company reported $0.19 earnings per share (EPS) 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. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. Equities analysts forecast that Fortrea Holdings Inc. will post 1.06 earnings per share for the current fiscal year.

Fortrea Company 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.