California Public Employees Retirement System Takes $5.62 Million Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

California Public Employees Retirement System purchased a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 161,070 shares of the company's stock, valued at approximately $5,621,000. California Public Employees Retirement System owned 0.18% of Fortrea at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of FTRE. Garrison Asset Management LLC acquired a new stake in Fortrea in the fourth quarter valued at $462,000. Handelsbanken Fonder AB acquired a new stake in shares of Fortrea in the fourth quarter valued at about $513,000. CWM LLC purchased a new stake in Fortrea during the fourth quarter worth about $82,000. Hunter Associates Investment Management LLC acquired a new position in Fortrea during the fourth quarter worth about $652,000. Finally, Eukles Asset Management purchased a new position in Fortrea in the fourth quarter valued at about $465,000.

Fortrea Stock Performance

Shares of NASDAQ FTRE traded up $0.76 during trading on Friday, reaching $37.41. The company had a trading volume of 560,477 shares, compared to its average volume of 802,820. 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 twelve month low of $24.92 and a twelve month high of $41.02. The stock has a 50-day moving average price of $38.01 and a two-hundred day moving average price of $33.96.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its 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 business had revenue of $775.40 million for the quarter, compared to the consensus estimate of $779.09 million. The business's revenue for the quarter was up 1.8% compared to the same quarter last year. Research analysts expect that Fortrea Holdings Inc. will post 1.06 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on FTRE shares. Deutsche Bank Aktiengesellschaft initiated coverage on Fortrea in a report on Wednesday, March 6th. They issued a "hold" rating and a $36.00 price target on the stock. Barclays dropped their price target on Fortrea from $38.00 to $35.00 and set an "overweight" rating for the company in a research report on Thursday, January 25th. Finally, Robert W. Baird started coverage on shares of Fortrea in a research report on Friday, March 22nd. They issued a "neutral" rating and a $43.00 price objective on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $37.29.

Fortrea Company Profile

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.