Texas Permanent School Fund Corp Has $1.55 Million Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Texas Permanent School Fund Corp reduced its stake in Fortrea Holdings Inc. (NASDAQ:FTRE) by 14.5% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 66,464 shares of the company’s stock after selling 11,253 shares during the quarter. Texas Permanent School Fund Corp owned approximately 0.07% of Fortrea worth $1,551,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FTRE. nVerses Capital LLC acquired a new stake in Fortrea in the 2nd quarter worth approximately $26,000. Gladius Capital Management LP acquired a new position in shares of Fortrea during the second quarter worth approximately $30,000. Concord Wealth Partners lifted its holdings in shares of Fortrea by 152.8% during the first quarter. Concord Wealth Partners now owns 862 shares of the company’s stock worth $35,000 after buying an additional 521 shares during the last quarter. Blue Trust Inc. lifted its holdings in shares of Fortrea by 2,515.8% during the second quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock worth $35,000 after buying an additional 1,434 shares during the last quarter. Finally, Parallel Advisors LLC acquired a new position in shares of Fortrea during the fourth quarter worth approximately $36,000.

Fortrea Price Performance

Fortrea stock opened at $22.98 on Thursday. The business’s 50-day simple moving average is $23.82 and its 200 day simple moving average is $29.09. The stock has a market cap of $2.05 billion, a price-to-earnings ratio of -16.53, a P/E/G ratio of 2.02 and a beta of 0.57. Fortrea Holdings Inc. has a 12-month low of $18.07 and a 12-month high of $41.02. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.77.

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

Analyst Ratings Changes

A number of brokerages have recently commented on FTRE. Citigroup cut their price target on Fortrea from $42.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. The Goldman Sachs Group started coverage on Fortrea in a research note on Thursday, June 6th. They issued a “neutral” rating and a $28.00 target price for the company. Mizuho started coverage on Fortrea in a research note on Tuesday, May 28th. They issued a “neutral” rating and a $27.00 target price for the company. Bank of America cut their target price on Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a research note on Tuesday, August 13th. Finally, William Blair restated a “market perform” rating on shares of Fortrea in a research note on Wednesday, September 11th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $27.20.

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.