Louisiana State Employees Retirement System Acquires Shares of 44,400 Fortrea Holdings Inc. (NASDAQ:FTRE)

Louisiana State Employees Retirement System bought a new stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 44,400 shares of the company's stock, valued at approximately $1,550,000. Louisiana State Employees Retirement System owned 0.05% of Fortrea as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FTRE. Penn Davis Mcfarland Inc. acquired a new stake in shares of Fortrea in the 4th quarter worth approximately $18,810,000. Mutual of America Capital Management LLC acquired a new stake in shares of Fortrea in the 4th quarter worth approximately $9,739,000. Willis Investment Counsel acquired a new stake in shares of Fortrea in the 4th quarter worth approximately $6,286,000. Raymond James & Associates acquired a new stake in shares of Fortrea in the 4th quarter worth approximately $4,751,000. Finally, New York State Teachers Retirement System acquired a new stake in shares of Fortrea in the 4th quarter worth approximately $3,913,000.

Fortrea Stock Down 1.4 %

Shares of FTRE stock traded down $0.50 during trading hours on Friday, reaching $35.50. 1,111,056 shares of the stock traded hands, compared to its average volume of 661,873. Fortrea Holdings Inc. has a 1-year low of $24.92 and a 1-year high of $41.02. The business has a fifty day moving average price of $37.67 and a 200 day moving average price of $33.40. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.90.

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

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on FTRE. Deutsche Bank Aktiengesellschaft began coverage on shares of Fortrea in a research note on Wednesday, March 6th. They issued a "hold" rating and a $36.00 price target for the company. Jefferies Financial Group assumed coverage on shares of Fortrea in a research note on Thursday, January 4th. They set a "buy" rating and a $44.00 target price for the company. William Blair assumed coverage on shares of Fortrea in a research note on Friday, January 5th. They set a "market perform" rating for the company. Robert W. Baird assumed coverage on shares of Fortrea in a research note on Friday, March 22nd. They set a "neutral" rating and a $43.00 target price for the company. Finally, Barclays cut their target price on shares of Fortrea from $38.00 to $35.00 and set an "overweight" rating for the company in a research note on Thursday, January 25th. One equities research 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.com, the stock presently has an average rating of "Hold" and an average price target of $37.29.

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.