New York State Common Retirement Fund Acquires Shares of 513,417 Fortrea Holdings Inc. (NASDAQ:FTRE)

New York State Common Retirement Fund acquired a new position in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 513,417 shares of the company's stock, valued at approximately $17,918,000. New York State Common Retirement Fund owned approximately 0.58% of Fortrea at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. California Public Employees Retirement System bought a new position in Fortrea in the fourth quarter worth $5,621,000. Garrison Asset Management LLC bought a new stake in Fortrea in the 4th quarter worth about $462,000. Handelsbanken Fonder AB bought a new stake in Fortrea in the 4th quarter worth about $513,000. CWM LLC bought a new stake in Fortrea in the 4th quarter worth about $82,000. Finally, Hunter Associates Investment Management LLC bought a new stake in Fortrea in the 4th quarter worth about $652,000.

Fortrea Stock Up 3.3 %

Shares of NASDAQ FTRE traded up $1.19 during mid-day trading on Monday, reaching $37.54. 488,487 shares of the company were exchanged, compared to its average volume of 875,024. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.90. Fortrea Holdings Inc. has a 1 year low of $24.92 and a 1 year high of $41.02. The firm has a 50-day moving average of $37.96 and a 200 day moving average of $33.76.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its earnings results on Monday, March 11th. The company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.04). The company had revenue of $775.40 million during the quarter, compared to the consensus estimate of $779.09 million. The company's revenue for the quarter was up 1.8% compared to the same quarter last year. On average, equities analysts predict that Fortrea Holdings Inc. will post 1.06 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on FTRE shares. Jefferies Financial Group started coverage on Fortrea in a report on Thursday, January 4th. They issued a "buy" rating and a $44.00 price target on the stock. Robert W. Baird assumed coverage on Fortrea in a report on Friday, March 22nd. They issued a "neutral" rating and a $43.00 price target on the stock. William Blair started coverage on Fortrea in a research note on Friday, January 5th. They issued a "market perform" rating on the stock. Barclays cut their target price on Fortrea from $38.00 to $35.00 and set an "overweight" rating on the stock in a research report on Thursday, January 25th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Fortrea in a research report on Wednesday, March 6th. They issued a "hold" rating and a $36.00 price objective on the stock. 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 stock. According to MarketBeat.com, the stock currently has a consensus 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.