State Street Corp Has $65.01 Million Stake in Fortrea Holdings Inc. (NASDAQ:FTRE)

State Street Corp raised its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 7.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,250,693 shares of the company's stock after buying an additional 233,577 shares during the quarter. State Street Corp owned about 3.62% of Fortrea worth $65,014,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Penn Davis Mcfarland Inc. raised its holdings in Fortrea by 86.4% in the 3rd quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company's stock worth $21,944,000 after purchasing an additional 508,664 shares during the period. Mutual of America Capital Management LLC raised its position in shares of Fortrea by 9.0% during the 3rd quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company's stock valued at $9,909,000 after buying an additional 40,748 shares during the period. Diamond Hill Capital Management Inc. purchased a new stake in Fortrea in the 2nd quarter valued at about $23,192,000. Starboard Value LP boosted its position in shares of Fortrea by 5.0% during the 3rd quarter. Starboard Value LP now owns 8,400,000 shares of the company's stock worth $168,000,000 after purchasing an additional 400,000 shares during the period. Finally, First Eagle Investment Management LLC raised its holdings in shares of Fortrea by 40.4% in the 2nd quarter. First Eagle Investment Management LLC now owns 377,382 shares of the company's stock valued at $8,808,000 after buying an additional 108,500 shares during the period.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on FTRE. William Blair reaffirmed a "market perform" rating on shares of Fortrea in a research report on Friday, November 8th. Jefferies Financial Group cut Fortrea from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $25.00 to $21.00 in a research report on Wednesday, September 25th. Citigroup downgraded Fortrea from a "buy" rating to a "neutral" rating and cut their target price for the stock from $30.00 to $23.00 in a research note on Wednesday, December 11th. TD Cowen lifted their price target on Fortrea from $23.00 to $25.00 and gave the stock a "hold" rating in a research note on Monday, November 11th. Finally, Robert W. Baird cut Fortrea from an "outperform" rating to a "neutral" rating and lowered their target price for the company from $28.00 to $25.00 in a report on Friday, December 6th. One research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company. Based on data from MarketBeat, Fortrea currently has a consensus rating of "Hold" and a consensus target price of $23.30.

Fortrea Stock Up 0.7 %

Shares of FTRE traded up $0.13 during mid-day trading on Thursday, reaching $18.50. The company's stock had a trading volume of 1,064,999 shares, compared to its average volume of 1,287,429. Fortrea Holdings Inc. has a 1 year low of $16.53 and a 1 year high of $41.02. The company has a market cap of $1.66 billion, a price-to-earnings ratio of -5.41, a price-to-earnings-growth ratio of 2.94 and a beta of 1.16. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The business has a fifty day moving average of $19.70 and a 200 day moving average of $22.04.

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

Fortrea 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.