Handelsbanken Fonder AB Makes New Investment in Fortrea Holdings Inc. (NASDAQ:FTRE)

Handelsbanken Fonder AB bought a new position in Fortrea Holdings Inc. (NASDAQ:FTRE) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 14,700 shares of the company’s stock, valued at approximately $513,000.

A number of other large investors have also bought and sold shares of the company. 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 position in shares of Fortrea in the fourth quarter valued at $25,000. ZRC Wealth Management LLC purchased a new position in shares of Fortrea in the fourth quarter valued at $27,000. Allworth Financial LP purchased a new position in shares of Fortrea in the fourth quarter valued at $28,000. Finally, CENTRAL TRUST Co purchased a new position in shares of Fortrea in the fourth quarter valued at $30,000.

Fortrea Trading Up 1.5 %

NASDAQ:FTRE opened at $37.14 on Thursday. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.62 and a quick ratio of 1.62. The stock has a fifty day moving average of $37.99 and a 200 day moving average of $33.81. Fortrea Holdings Inc. has a 52-week low of $24.92 and a 52-week high of $41.02.

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 business had revenue of $775.40 million during the quarter, compared to analysts’ expectations of $779.09 million. Fortrea’s revenue for the quarter was up 1.8% on a year-over-year basis. On average, equities analysts forecast that Fortrea Holdings Inc. will post 1.06 EPS for the current fiscal year.

Analysts Set New Price Targets

FTRE has been the subject of several recent research reports. Barclays reduced their price target on Fortrea from $38.00 to $35.00 and set an “overweight” rating for the company in a research report on Thursday, January 25th. Robert W. Baird initiated coverage on Fortrea in a research report on Friday, March 22nd. They issued a “neutral” rating and a $43.00 price target for the company. Deutsche Bank Aktiengesellschaft initiated coverage on Fortrea in a research note on Wednesday, March 6th. They set a “hold” rating and a $36.00 price objective for the company. Jefferies Financial Group initiated coverage on Fortrea in a research note on Thursday, January 4th. They set a “buy” rating and a $44.00 price objective for the company. Finally, William Blair initiated coverage on Fortrea in a research note on Friday, January 5th. They set a “market perform” rating for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Fortrea presently has an average rating of “Hold” and a consensus target price of $37.29.

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.