Truist Financial Corp Acquires New Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Truist Financial Corp purchased a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 469,970 shares of the company's stock, valued at approximately $16,402,000. Truist Financial Corp owned about 0.53% of Fortrea as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of FTRE. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Fortrea in the fourth quarter worth $25,000. Whittier Trust Co. purchased a new stake in Fortrea during the 4th quarter worth about $25,000. ZRC Wealth Management LLC bought a new position in Fortrea in the 4th quarter worth about $27,000. Allworth Financial LP purchased a new position in Fortrea during the 4th quarter valued at about $28,000. Finally, Clean Yield Group bought a new stake in shares of Fortrea during the fourth quarter valued at about $30,000.

Fortrea Price Performance

NASDAQ:FTRE traded up $0.55 during mid-day trading on Wednesday, reaching $37.14. 475,903 shares of the company's stock traded hands, compared to its average volume of 871,818. Fortrea Holdings Inc. has a 12-month low of $24.92 and a 12-month high of $41.02. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.90. The company has a 50 day moving average price of $37.99 and a 200-day moving average price of $33.81.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its earnings results on Monday, March 11th. The company reported $0.19 EPS for the quarter, missing analysts' consensus estimates 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 firm's quarterly revenue was up 1.8% on a year-over-year basis. As a group, research analysts anticipate that Fortrea Holdings Inc. will post 1.06 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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