Sumitomo Mitsui Trust Holdings Inc. purchased a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE – Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 13,412 shares of the company’s stock, valued at approximately $468,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. Banyan Capital Management Inc. acquired a new stake in shares of Fortrea in the fourth quarter worth approximately $816,000. Daymark Wealth Partners LLC acquired a new stake in shares of Fortrea in the fourth quarter worth approximately $254,000. Nordea Investment Management AB acquired a new stake in shares of Fortrea in the fourth quarter worth approximately $747,000. Raymond James Trust N.A. acquired a new stake in shares of Fortrea in the fourth quarter worth approximately $363,000. Finally, FORVIS Wealth Advisors LLC acquired a new stake in shares of Fortrea in the fourth quarter worth approximately $244,000.
Fortrea Stock Performance
FTRE opened at $36.35 on Friday. The firm’s 50 day moving average is $37.88 and its 200-day moving average is $33.56. Fortrea Holdings Inc. has a 52-week low of $24.92 and a 52-week high of $41.02. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.90.
Wall Street Analyst Weigh In
Several equities research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Fortrea in a research report on Wednesday, March 6th. They issued a “hold” rating and a $36.00 target price on the stock. Barclays reduced their price target on shares of Fortrea from $38.00 to $35.00 and set an “overweight” rating on the stock in a research report on Thursday, January 25th. Jefferies Financial Group initiated coverage on shares of Fortrea in a research report on Thursday, January 4th. They set a “buy” rating and a $44.00 price target on the stock. Robert W. Baird initiated coverage on shares of Fortrea in a research report on Friday, March 22nd. They set a “neutral” rating and a $43.00 price target on the stock. Finally, William Blair initiated coverage on shares of Fortrea in a research report on Friday, January 5th. They set a “market perform” rating on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $37.29.
Read Our Latest Stock Analysis on FTRE
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.
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