Maryland State Retirement & Pension System Takes $1.36 Million Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Maryland State Retirement & Pension System bought a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the fourth quarter, HoldingsChannel reports. The firm bought 39,028 shares of the company’s stock, valued at approximately $1,362,000.

Several other hedge funds have also recently bought and sold shares of the stock. Whittier Trust Co. bought a new stake in Fortrea during the 4th quarter worth about $25,000. Whittier Trust Co. of Nevada Inc. bought a new stake in Fortrea during the fourth quarter worth about $25,000. ZRC Wealth Management LLC acquired a new position in Fortrea during the fourth quarter valued at approximately $27,000. Allworth Financial LP bought a new position in Fortrea in the fourth quarter valued at approximately $28,000. Finally, CENTRAL TRUST Co acquired a new position in shares of Fortrea during the 4th quarter worth approximately $30,000.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on FTRE shares. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Fortrea in a research note on Wednesday, March 6th. They issued a “hold” rating and a $36.00 target price for the company. Barclays decreased their price objective on shares of 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 note on Friday, March 22nd. They issued a “neutral” rating and a $43.00 target price for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Fortrea presently has an average rating of “Hold” and a consensus price target of $37.29.

Fortrea Stock Performance

Shares of FTRE stock opened at $35.50 on Thursday. 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 52 week low of $24.92 and a 52 week high of $41.02. The company has a 50-day simple moving average of $37.95 and a 200 day simple moving average of $34.07.

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