Everence Capital Management Inc. Acquires New Shares in Fortrea Holdings Inc. (NASDAQ:FTRE)

Everence Capital Management Inc. acquired a new stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 7,690 shares of the company’s stock, valued at approximately $268,000.

Other institutional investors have also recently bought and sold shares of the company. Whittier Trust Co. acquired a new stake in Fortrea during the fourth quarter valued at $25,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in Fortrea during the fourth quarter valued at $25,000. ZRC Wealth Management LLC acquired a new stake in Fortrea during the fourth quarter valued at $27,000. Allworth Financial LP bought a new position in Fortrea during the fourth quarter valued at about $28,000. Finally, CENTRAL TRUST Co bought a new position in Fortrea during the fourth quarter valued at about $30,000.

Fortrea Price Performance

Shares of FTRE opened at $36.00 on Friday. Fortrea Holdings Inc. has a 12-month low of $24.92 and a 12-month high of $41.02. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.62 and a current ratio of 1.62. The stock’s 50-day moving average price is $37.60 and its 200 day moving average price is $33.26.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Monday, March 11th. The company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.04). The company had revenue of $775.40 million during the quarter, compared to analysts’ expectations of $779.09 million. The business’s revenue for the quarter was up 1.8% compared to the same quarter last year. On average, analysts predict that Fortrea Holdings Inc. will post 1.06 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Barclays cut their target price on Fortrea from $38.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, January 25th. Deutsche Bank Aktiengesellschaft began coverage on Fortrea in a report on Wednesday, March 6th. They set a “hold” rating and a $36.00 target price on the stock. Robert W. Baird began coverage on Fortrea in a research note on Friday, March 22nd. They issued a “neutral” rating and a $43.00 price objective on the stock. Jefferies Financial Group began coverage on Fortrea in a research note on Thursday, January 4th. They issued a “buy” rating and a $44.00 price objective on the stock. Finally, William Blair began coverage on Fortrea in a research note on Friday, January 5th. They issued a “market perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Fortrea has an average rating of “Hold” and an average price target of $37.29.

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.