Arizona State Retirement System Purchases 585 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Arizona State Retirement System grew its position in Fortrea Holdings Inc. (NASDAQ:FTRE) by 2.5% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 23,769 shares of the company’s stock after buying an additional 585 shares during the period. Arizona State Retirement System’s holdings in Fortrea were worth $555,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Concord Wealth Partners raised its position in shares of Fortrea by 152.8% in the 1st quarter. Concord Wealth Partners now owns 862 shares of the company’s stock valued at $35,000 after purchasing an additional 521 shares during the last quarter. Parallel Advisors LLC purchased a new position in shares of Fortrea in the 4th quarter valued at approximately $36,000. nVerses Capital LLC purchased a new position in shares of Fortrea in the 2nd quarter valued at approximately $26,000. Ables Iannone Moore & Associates Inc. purchased a new position in shares of Fortrea in the 4th quarter valued at approximately $40,000. Finally, Evermay Wealth Management LLC purchased a new position in shares of Fortrea in the 4th quarter valued at approximately $44,000.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of Fortrea in a research report on Thursday, June 6th. They set a “neutral” rating and a $28.00 price target for the company. Barclays reduced their price target on shares of Fortrea from $30.00 to $21.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 13th. Mizuho assumed coverage on shares of Fortrea in a research report on Tuesday, May 28th. They set a “neutral” rating and a $27.00 price target for the company. Robert W. Baird reduced their price target on shares of Fortrea from $38.00 to $28.00 and set an “outperform” rating for the company in a research report on Tuesday, August 13th. Finally, 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 report on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $27.20.

Fortrea Price Performance

Fortrea stock opened at $21.69 on Tuesday. The company’s fifty day moving average price is $23.87 and its 200 day moving average price is $29.31. Fortrea Holdings Inc. has a 1 year low of $18.07 and a 1 year high of $41.02. The stock has a market capitalization of $1.94 billion, a P/E ratio of -15.60, a P/E/G ratio of 2.02 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.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. The company had revenue of $662.40 million during the quarter, compared to analyst estimates of $689.08 million. During the same period in the prior year, the business posted $0.52 EPS. Fortrea’s revenue was down 8.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Fortrea Holdings Inc. will post 0.6 earnings per share for the current fiscal year.

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.