State Street Corp Has $65.01 Million Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

State Street Corp grew its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 7.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,250,693 shares of the company’s stock after purchasing an additional 233,577 shares during the period. State Street Corp owned about 3.62% of Fortrea worth $65,014,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in FTRE. nVerses Capital LLC bought a new position in Fortrea in the second quarter worth $26,000. Hara Capital LLC bought a new position in shares of Fortrea during the 3rd quarter worth about $29,000. Blue Trust Inc. boosted its position in shares of Fortrea by 2,515.8% during the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock valued at $35,000 after acquiring an additional 1,434 shares in the last quarter. University of Texas Texas AM Investment Management Co. increased its stake in Fortrea by 125.0% in the second quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock valued at $53,000 after acquiring an additional 1,250 shares during the period. Finally, Covestor Ltd raised its position in Fortrea by 102.4% in the third quarter. Covestor Ltd now owns 2,763 shares of the company’s stock worth $55,000 after purchasing an additional 1,398 shares in the last quarter.

Analyst Ratings Changes

FTRE has been the topic of a number of recent research reports. Citigroup downgraded Fortrea from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $30.00 to $23.00 in a report on Wednesday, December 11th. The Goldman Sachs Group lowered their price target on Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 8th. Baird R W lowered Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. Evercore ISI reduced their target price on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a research note on Tuesday, October 8th. Finally, Robert W. Baird cut shares of Fortrea from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $28.00 to $25.00 in a research report on Friday, December 6th. One analyst has rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $23.30.

Fortrea Price Performance

FTRE opened at $18.37 on Thursday. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. The company’s 50 day simple moving average is $19.70 and its 200-day simple moving average is $22.07. Fortrea Holdings Inc. has a one year low of $16.53 and a one year high of $41.02. The stock has a market capitalization of $1.65 billion, a P/E ratio of -5.37, a price-to-earnings-growth ratio of 2.94 and a beta of 1.16.

Fortrea (NASDAQ:FTRE) last released its earnings results on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The firm had revenue of $674.90 million for the quarter, compared to the consensus estimate of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The company’s revenue was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.24 EPS. Sell-side analysts anticipate that Fortrea Holdings Inc. will post 0.57 earnings per share for the current fiscal 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.