Public Employees Retirement System of Ohio Cuts Stock Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Public Employees Retirement System of Ohio lessened its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 4.7% in the third quarter, Holdings Channel reports. The institutional investor owned 32,486 shares of the company’s stock after selling 1,618 shares during the period. Public Employees Retirement System of Ohio’s holdings in Fortrea were worth $650,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in FTRE. nVerses Capital LLC purchased a new stake in shares of Fortrea during the second quarter valued at $26,000. Hara Capital LLC purchased a new stake in shares of Fortrea during the 3rd quarter valued at about $29,000. Blue Trust Inc. grew its stake in shares of Fortrea by 2,515.8% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock worth $35,000 after acquiring an additional 1,434 shares during the period. University of Texas Texas AM Investment Management Co. raised its holdings in shares of Fortrea by 125.0% during the second quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock valued at $53,000 after purchasing an additional 1,250 shares during the last quarter. Finally, Covestor Ltd lifted its position in Fortrea by 102.4% during the third quarter. Covestor Ltd now owns 2,763 shares of the company’s stock valued at $55,000 after purchasing an additional 1,398 shares during the period.

Fortrea Trading Up 4.1 %

FTRE opened at $19.26 on Friday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of -5.63, a PEG ratio of 2.94 and a beta of 1.16. Fortrea Holdings Inc. has a 12 month low of $16.53 and a 12 month high of $41.02. The stock has a fifty day moving average price of $19.70 and a 200-day moving average price of $22.04.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.02). The firm had revenue of $674.90 million during the quarter, compared to analyst estimates of $674.86 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. Fortrea’s revenue was down 5.4% on a year-over-year basis. During the same quarter last year, the business earned $0.24 earnings per share. As a group, equities research analysts anticipate that Fortrea Holdings Inc. will post 0.57 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Barclays raised their price target on Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Jefferies Financial Group downgraded Fortrea from a “buy” rating to a “hold” rating and cut their price target for the company from $25.00 to $21.00 in a research note on Wednesday, September 25th. Citigroup lowered shares of Fortrea from a “buy” rating to a “neutral” rating and reduced their price target for the company from $30.00 to $23.00 in a research report on Wednesday, December 11th. William Blair reissued a “market perform” rating on shares of Fortrea in a report on Friday, November 8th. Finally, Evercore ISI decreased their price target on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a research report on Tuesday, October 8th. One analyst has rated the stock with a sell rating and eleven have given a hold rating to the company. According to MarketBeat, Fortrea has an average rating of “Hold” and an average price target of $23.30.

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.