Mutual of America Capital Management LLC Acquires 40,748 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Mutual of America Capital Management LLC lifted its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 9.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 495,444 shares of the company's stock after acquiring an additional 40,748 shares during the quarter. Mutual of America Capital Management LLC owned about 0.55% of Fortrea worth $9,909,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in FTRE. Sei Investments Co. grew its position in Fortrea by 311.2% during the 1st quarter. Sei Investments Co. now owns 78,873 shares of the company's stock worth $3,165,000 after purchasing an additional 59,690 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Fortrea by 466.0% in 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 during the last quarter. ProShare Advisors LLC lifted its stake in shares of Fortrea by 6.9% in the 1st quarter. ProShare Advisors LLC now owns 8,165 shares of the company's stock valued at $328,000 after purchasing an additional 524 shares during the last quarter. Covestor Ltd lifted its stake in shares of Fortrea by 420.8% in the 1st quarter. Covestor Ltd now owns 2,083 shares of the company's stock valued at $84,000 after purchasing an additional 1,683 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC acquired a new stake in shares of Fortrea in the 1st quarter valued at $496,000.

Fortrea Stock Down 2.5 %

Fortrea stock traded down $0.48 during mid-day trading on Monday, reaching $18.86. The company's stock had a trading volume of 773,861 shares, compared to its average volume of 1,296,230. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of -5.51, a price-to-earnings-growth ratio of 2.92 and a beta of 0.70. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.19 and a current ratio of 1.18. The business's 50 day simple moving average is $19.63 and its 200 day simple moving average is $23.31. Fortrea Holdings Inc. has a 12 month low of $16.53 and a 12 month high of $41.02.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its earnings results on Friday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.25 by ($0.02). The company had revenue of $674.90 million for the quarter, compared to analyst estimates of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The business's quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.24 EPS. As a group, research analysts anticipate that Fortrea Holdings Inc. will post 0.57 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FTRE. TD Cowen boosted their target price on shares of Fortrea from $23.00 to $25.00 and gave the stock a "hold" rating in a research report on Monday, November 11th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Fortrea from $28.00 to $23.00 and set a "hold" rating on the stock in a research note on Tuesday, August 20th. Jefferies Financial Group lowered shares of Fortrea from a "buy" rating to a "hold" rating and reduced their price target for the company from $25.00 to $21.00 in a research report on Wednesday, September 25th. Evercore ISI reduced 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. Finally, The Goldman Sachs Group reduced their price target on shares of Fortrea from $26.00 to $23.00 and set a "neutral" rating on the stock in a research report on Tuesday, October 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $24.50.

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.