Massachusetts Financial Services Co. MA Purchases New Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Massachusetts Financial Services Co. MA acquired a new stake in Fortrea Holdings Inc. (NASDAQ:FTREFree Report) in the fourth quarter, according to its most recent filing with the SEC. The fund acquired 464,032 shares of the company’s stock, valued at approximately $16,195,000. Massachusetts Financial Services Co. MA owned approximately 0.52% of Fortrea at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Whittier Trust Co. purchased a new position in shares of Fortrea in the fourth quarter valued at $25,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Fortrea in the fourth quarter worth $25,000. ZRC Wealth Management LLC bought a new stake in Fortrea during the fourth quarter valued at $27,000. Allworth Financial LP purchased a new position in shares of Fortrea during the fourth quarter worth about $28,000. Finally, CENTRAL TRUST Co bought a new stake in Fortrea during the fourth quarter valued at approximately $30,000.

Analyst Ratings Changes

A number of analysts recently weighed in on FTRE shares. Baird R W upgraded Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 14th. Evercore ISI cut their price objective on shares of Fortrea from $43.00 to $31.00 and set an “outperform” rating for the company in a research note on Tuesday, May 14th. Robert W. Baird upgraded shares of Fortrea from a “neutral” rating to an “outperform” rating and decreased their target price for the stock from $45.00 to $36.00 in a research report on Tuesday, May 14th. Barclays decreased their price target on Fortrea from $38.00 to $35.00 and set an “overweight” rating on the stock in a research note on Thursday, January 25th. Finally, Bank of America lowered their price objective on shares of Fortrea from $33.00 to $27.00 and set an “underperform” rating for the company in a research note on Tuesday, May 14th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Fortrea has a consensus rating of “Moderate Buy” and an average price target of $35.57.

Check Out Our Latest Stock Report on Fortrea

Fortrea Price Performance

FTRE stock opened at $27.55 on Friday. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.47 and a quick ratio of 1.62. Fortrea Holdings Inc. has a 1 year low of $24.92 and a 1 year high of $41.02. The firm has a 50-day moving average of $36.98 and a 200 day moving average of $34.18.

Fortrea (NASDAQ:FTREGet Free Report) last announced its earnings results on Monday, May 13th. The company reported ($0.04) earnings per share (EPS) for the quarter. Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. The firm had revenue of $662.10 million during the quarter, compared to the consensus estimate of $754.58 million. Fortrea’s quarterly revenue was down 4.6% on a year-over-year basis. As a group, equities research analysts anticipate that Fortrea Holdings Inc. will post 1.01 EPS for the current fiscal year.

Fortrea Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Fortrea (NASDAQ:FTRE)

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