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

Mutual of America Capital Management LLC raised its holdings in Fortrea Holdings Inc. (NASDAQ:FTRE) by 9.0% during the third quarter, Holdings Channel reports. The institutional investor owned 495,444 shares of the company’s stock after buying an additional 40,748 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Fortrea were worth $9,909,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Keeley Teton Advisors LLC boosted its stake in shares of Fortrea by 2.7% in the 1st quarter. Keeley Teton Advisors LLC now owns 14,255 shares of the company’s stock worth $572,000 after buying an additional 370 shares during the last quarter. CWM LLC grew its stake in Fortrea by 12.5% in the 2nd quarter. CWM LLC now owns 4,273 shares of the company’s stock valued at $100,000 after buying an additional 475 shares in the last quarter. ProShare Advisors LLC raised its holdings in Fortrea by 6.9% during the 1st quarter. ProShare Advisors LLC now owns 8,165 shares of the company’s stock valued at $328,000 after acquiring an additional 524 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Fortrea by 21.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock worth $64,000 after acquiring an additional 572 shares in the last quarter. Finally, Arizona State Retirement System grew its position in shares of Fortrea by 2.5% in the second quarter. Arizona State Retirement System now owns 23,769 shares of the company’s stock valued at $555,000 after purchasing an additional 585 shares in the last quarter.

Fortrea Price Performance

FTRE opened at $19.34 on Monday. The stock has a 50-day moving average price of $19.66 and a 200-day moving average price of $23.44. The stock has a market capitalization of $1.73 billion, a P/E ratio of -5.65, a PEG ratio of 2.92 and a beta of 0.70. Fortrea Holdings Inc. has a 12-month low of $16.53 and a 12-month high of $41.02. The company has a current ratio of 1.18, a quick ratio of 1.19 and a debt-to-equity ratio of 0.74.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.02). The business had revenue of $674.90 million during the quarter, compared to the consensus estimate 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 revenue for the quarter was down 5.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.24 earnings per share. Equities analysts predict that Fortrea Holdings Inc. will post 0.57 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

FTRE has been the topic of a number of recent research reports. Bank of America dropped their price objective on Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a report on Tuesday, August 13th. The Goldman Sachs Group cut their price objective on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a research report on Tuesday, October 8th. 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. Citigroup reduced their price target on shares of Fortrea from $42.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Finally, TD Cowen upped their price target on shares of Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $24.50.

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.