State of New Jersey Common Pension Fund D Buys Shares of 80,726 Fortrea Holdings Inc. (NASDAQ:FTRE)

State of New Jersey Common Pension Fund D acquired a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 80,726 shares of the company's stock, valued at approximately $2,817,000. State of New Jersey Common Pension Fund D owned approximately 0.09% of Fortrea at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Fractal Investments LLC acquired a new position in shares of Fortrea during the fourth quarter worth about $244,000. Yousif Capital Management LLC acquired a new position in shares of Fortrea during the fourth quarter worth about $1,596,000. Parkside Financial Bank & Trust acquired a new position in shares of Fortrea during the fourth quarter worth about $58,000. Marks Group Wealth Management Inc acquired a new position in shares of Fortrea in the fourth quarter worth about $349,000. Finally, Cohen Capital Management Inc. acquired a new position in shares of Fortrea in the fourth quarter worth about $1,873,000.

Analysts Set New Price Targets

Several research firms recently commented on FTRE. Barclays cut their price target on Fortrea from $38.00 to $35.00 and set an "overweight" rating on the stock in a research note on Thursday, January 25th. Robert W. Baird began coverage on Fortrea in a research note on Friday, March 22nd. They issued a "neutral" rating and a $43.00 price target on the stock. Deutsche Bank Aktiengesellschaft began coverage on Fortrea in a research note on Wednesday, March 6th. They issued a "hold" rating and a $36.00 price target on the stock. William Blair began coverage on Fortrea in a research note on Friday, January 5th. They issued a "market perform" rating on the stock. Finally, Jefferies Financial Group assumed coverage on Fortrea in a research note on Thursday, January 4th. They issued a "buy" rating and a $44.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $37.29.

Fortrea Price Performance

Fortrea stock traded down $0.95 during midday trading on Tuesday, hitting $36.59. The stock had a trading volume of 1,004,912 shares, compared to its average volume of 876,588. 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 Holdings Inc. has a 12 month low of $24.92 and a 12 month high of $41.02. The business has a fifty day moving average price of $37.96 and a 200 day moving average price of $33.76.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $779.09 million. Fortrea's revenue for the quarter was up 1.8% compared to the same quarter last year. On average, sell-side analysts expect 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.