State of Alaska Department of Revenue Sells 1,358 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

State of Alaska Department of Revenue reduced its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 2.6% in the third quarter, according to its most recent filing with the SEC. The fund owned 51,709 shares of the company’s stock after selling 1,358 shares during the period. State of Alaska Department of Revenue’s holdings in Fortrea were worth $1,033,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sei Investments Co. raised its position in Fortrea by 311.2% during the 1st quarter. Sei Investments Co. now owns 78,873 shares of the company’s stock valued at $3,165,000 after purchasing an additional 59,690 shares in the last quarter. Jennison Associates LLC bought a new stake in Fortrea during the 1st quarter valued at $6,560,000. First Eagle Investment Management LLC raised its position in Fortrea by 171.6% during the 1st quarter. First Eagle Investment Management LLC now owns 268,882 shares of the company’s stock valued at $10,793,000 after purchasing an additional 169,882 shares in the last quarter. Russell Investments Group Ltd. raised its position in Fortrea by 466.0% during the 1st quarter. Russell Investments Group Ltd. now owns 82,428 shares of the company’s stock valued at $3,309,000 after purchasing an additional 67,865 shares in the last quarter. Finally, Penn Davis Mcfarland Inc. raised its position in Fortrea by 86.4% during the 3rd quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company’s stock valued at $21,944,000 after purchasing an additional 508,664 shares in the last quarter.

Fortrea Stock Up 0.1 %

Shares of FTRE stock opened at $16.87 on Tuesday. Fortrea Holdings Inc. has a 1-year low of $16.53 and a 1-year high of $41.02. The stock’s fifty day moving average price is $20.11 and its 200 day moving average price is $24.61. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.19 and a quick ratio of 1.19. The company has a market cap of $1.51 billion, a price-to-earnings ratio of -5.22, a price-to-earnings-growth ratio of 2.71 and a beta of 0.70.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.10). Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The business had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $689.08 million. During the same quarter last year, the firm earned $0.52 earnings per share. The firm’s quarterly revenue was down 8.6% compared to the same quarter last year. On average, research analysts expect that Fortrea Holdings Inc. will post 0.59 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on FTRE shares. Evercore ISI decreased their target price on Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research report on Tuesday, October 8th. The Goldman Sachs Group cut their price target on Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Tuesday, October 8th. TD Cowen cut their price target on Fortrea from $27.00 to $23.00 and set a “hold” rating on the stock in a report on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft cut their price target on Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a report on Tuesday, August 20th. Finally, Bank of America cut their price target on Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a report on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $23.60.

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.