Folger Nolan Fleming Douglas Capital Management Inc. Acquires New Holdings in Fortrea Holdings Inc. (NASDAQ:FTRE)

Folger Nolan Fleming Douglas Capital Management Inc. acquired a new stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 5,896 shares of the company’s stock, valued at approximately $206,000.

Several other hedge funds also recently bought and sold shares of the company. Russell Investments Group Ltd. purchased a new position in Fortrea during the fourth quarter valued at approximately $508,000. Truist Financial Corp bought a new stake in Fortrea during the fourth quarter valued at approximately $16,402,000. State of New Jersey Common Pension Fund D bought a new stake in Fortrea during the fourth quarter valued at approximately $2,817,000. Fractal Investments LLC bought a new stake in Fortrea during the fourth quarter valued at approximately $244,000. Finally, Yousif Capital Management LLC bought a new stake in shares of Fortrea in the 4th quarter worth approximately $1,596,000.

Analyst Ratings Changes

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

Fortrea Price Performance

Shares of NASDAQ:FTRE remained flat at $36.35 during midday trading on Friday. 413,403 shares of the stock were exchanged, compared to its average volume of 751,729. The business has a 50-day moving average of $37.91 and a 200 day moving average of $33.57. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.62 and a quick ratio of 1.62. Fortrea Holdings Inc. has a 12-month low of $24.92 and a 12-month high of $41.02.

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

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.