Louisiana State Employees Retirement System bought a new position in Fortrea Holdings Inc. (NASDAQ:FTRE – Free Report) during the first quarter, Holdings Channel.com reports. The fund bought 41,000 shares of the company’s stock, valued at approximately $386,000.
Several other hedge funds have also recently added to or reduced their stakes in FTRE. Larson Financial Group LLC increased its holdings in shares of Fortrea by 136.7% in the fourth quarter. Larson Financial Group LLC now owns 1,856 shares of the company’s stock valued at $32,000 after buying an additional 1,072 shares in the last quarter. Osaic Holdings Inc. boosted its stake in shares of Fortrea by 74.3% during the 2nd quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock worth $38,000 after acquiring an additional 2,918 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Fortrea by 137.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company’s stock worth $43,000 after acquiring an additional 5,036 shares in the last quarter. Toronto Dominion Bank acquired a new position in shares of Fortrea in the 4th quarter worth $51,000. Finally, Allworth Financial LP grew its holdings in shares of Fortrea by 19.6% in the 3rd quarter. Allworth Financial LP now owns 6,769 shares of the company’s stock worth $57,000 after acquiring an additional 1,109 shares during the last quarter.
Wall Street Analyst Weigh In
A number of equities research analysts have recently issued reports on the company. Barclays boosted their target price on Fortrea from $16.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Wednesday, June 24th. Truist Financial set a $19.00 price target on Fortrea in a research note on Wednesday, May 6th. TD Cowen reissued a “buy” rating on shares of Fortrea in a research note on Wednesday, May 6th. Zacks Research upgraded Fortrea from a “hold” rating to a “strong-buy” rating in a report on Monday. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $14.00 price objective on shares of Fortrea in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $17.45.
Fortrea Price Performance
Shares of NASDAQ:FTRE opened at $17.02 on Thursday. The company’s fifty day moving average is $15.38 and its two-hundred day moving average is $13.67. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.98. Fortrea Holdings Inc. has a 12-month low of $4.45 and a 12-month high of $18.67. The company has a market cap of $1.61 billion, a P/E ratio of -3.47, a price-to-earnings-growth ratio of 0.53 and a beta of 2.03.
Fortrea (NASDAQ:FTRE – Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.03 by $0.13. Fortrea had a positive return on equity of 9.51% and a negative net margin of 16.50%.The business had revenue of $636.50 million during the quarter, compared to analysts’ expectations of $628.50 million. Equities analysts expect that Fortrea Holdings Inc. will post 0.8 earnings per share for the current fiscal year.
About Fortrea
Fortrea, Inc is a global contract development and manufacturing organization (CDMO) that provides integrated solutions for pharmaceutical and biotechnology companies. Established as a spin-off from Thermo Fisher Scientific’s Pharma Services business in October 2023, Fortrea leverages a legacy of scientific expertise and manufacturing scale to support drug development from early-stage research through commercial production. The company’s comprehensive offerings address the complex needs of both small-molecule and biologics programs, making it a single source for clients seeking to accelerate timelines and manage costs.
Fortrea’s core services encompass analytical and formulation development, process optimization, clinical and commercial manufacturing, and packaging services.
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