Teachers Retirement System of The State of Kentucky Makes New $1.03 Million Investment in Fortrea Holdings Inc. (NASDAQ:FTRE)

Teachers Retirement System of The State of Kentucky bought a new stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 29,503 shares of the company’s stock, valued at approximately $1,029,000.

Other hedge funds have also recently made changes to their positions in the company. Cohen Capital Management Inc. purchased a new position in shares of Fortrea during the fourth quarter valued at $1,873,000. New York State Teachers Retirement System bought a new stake in shares of Fortrea in the 4th quarter valued at about $3,913,000. Amalgamated Bank purchased a new stake in shares of Fortrea in the 4th quarter worth approximately $1,320,000. Mutual of America Capital Management LLC bought a new position in shares of Fortrea during the fourth quarter valued at approximately $9,739,000. Finally, 13D Management LLC purchased a new position in Fortrea during the fourth quarter valued at approximately $4,568,000.

Insider Activity at Fortrea

In other news, CEO Thomas Pike bought 10,000 shares of the stock in a transaction that occurred on Wednesday, May 29th. The stock was purchased at an average price of $24.81 per share, for a total transaction of $248,100.00. Following the completion of the purchase, the chief executive officer now owns 57,827 shares in the company, valued at approximately $1,434,687.87. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Thomas Pike acquired 10,000 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were bought at an average price of $24.81 per share, with a total value of $248,100.00. Following the completion of the acquisition, the chief executive officer now owns 57,827 shares in the company, valued at $1,434,687.87. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel James S. Hanson purchased 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were bought at an average price of $25.30 per share, for a total transaction of $50,600.00. Following the completion of the purchase, the general counsel now directly owns 7,475 shares in the company, valued at $189,117.50. The disclosure for this purchase can be found here. 0.12% of the stock is owned by corporate insiders.

Fortrea Stock Down 3.3 %

Shares of FTRE opened at $23.15 on Monday. The company’s 50-day moving average price is $29.96 and its 200 day moving average price is $33.19. Fortrea Holdings Inc. has a 12-month low of $22.95 and a 12-month high of $41.02. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.98. The firm has a market cap of $2.07 billion and a P/E ratio of -16.65.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Monday, May 13th. The company reported ($0.04) EPS for the quarter. The firm had revenue of $662.10 million for the quarter, compared to analysts’ expectations of $754.58 million. Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. The business’s quarterly revenue was down 4.6% compared to the same quarter last year. On average, sell-side analysts forecast that Fortrea Holdings Inc. will post 0.75 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Baird R W raised Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 14th. Bank of America lowered their price target on shares of Fortrea from $33.00 to $27.00 and set an “underperform” rating on the stock in a report on Tuesday, May 14th. The Goldman Sachs Group began coverage on shares of Fortrea in a research note on Thursday, June 6th. They set a “neutral” rating and a $28.00 price objective for the company. Mizuho started coverage on shares of Fortrea in a research note on Tuesday, May 28th. They issued a “neutral” rating and a $27.00 target price for the company. Finally, Evercore ISI reduced their price target on Fortrea from $43.00 to $31.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 14th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $32.30.

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.