Arizona State Retirement System Makes New Investment in Fortrea Holdings Inc. (NASDAQ:FTRE)

Arizona State Retirement System acquired a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 23,582 shares of the company's stock, valued at approximately $823,000.

A number of other institutional investors also recently modified their holdings of the company. Banyan Capital Management Inc. bought a new position in Fortrea during the fourth quarter worth $816,000. Daymark Wealth Partners LLC acquired a new position in Fortrea during the fourth quarter worth $254,000. Nordea Investment Management AB acquired a new position in Fortrea during the fourth quarter worth $747,000. Raymond James Trust N.A. acquired a new position in Fortrea during the fourth quarter worth $363,000. Finally, FORVIS Wealth Advisors LLC acquired a new position in Fortrea during the fourth quarter worth $244,000.

Analyst Upgrades and Downgrades

FTRE has been the topic of several research reports. Robert W. Baird initiated coverage on shares of Fortrea in a report on Friday, March 22nd. They set a "neutral" rating and a $43.00 price objective on the stock. William Blair initiated coverage on shares of Fortrea in a report on Friday, January 5th. They set a "market perform" rating on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Fortrea in a report on Wednesday, March 6th. They set a "hold" rating and a $36.00 price objective on the stock. Barclays lowered their target price on shares of Fortrea from $38.00 to $35.00 and set an "overweight" rating for the company in a report on Thursday, January 25th. Finally, Jefferies Financial Group initiated coverage on shares of Fortrea in a report on Thursday, January 4th. They issued a "buy" rating and a $44.00 target price for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $37.29.

Fortrea Stock Down 1.4 %

Shares of FTRE stock traded down $0.51 on Thursday, hitting $36.00. The stock had a trading volume of 675,276 shares, compared to its average volume of 877,224. The business has a 50 day moving average of $37.60 and a 200 day moving average of $33.26. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.62 and a current ratio of 1.62. Fortrea Holdings Inc. has a 12-month low of $24.92 and a 12-month high of $41.02.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its quarterly earnings results on Monday, March 11th. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.04). The company had revenue of $775.40 million for the quarter, compared to the consensus estimate of $779.09 million. Fortrea's revenue for the quarter was up 1.8% on a year-over-year basis. Equities research analysts anticipate that Fortrea Holdings Inc. will post 1.06 EPS for the current 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.