Maryland State Retirement & Pension System Sells 1,804 Shares of Fortrea Holdings Inc. (NASDAQ:FTRE)

Maryland State Retirement & Pension System lowered its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 4.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 35,207 shares of the company’s stock after selling 1,804 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Fortrea were worth $657,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FTRE. Janus Henderson Group PLC grew its stake in shares of Fortrea by 2.0% during the third quarter. Janus Henderson Group PLC now owns 41,292 shares of the company’s stock valued at $825,000 after purchasing an additional 792 shares during the last quarter. Willis Investment Counsel increased its stake in shares of Fortrea by 0.6% in the 4th quarter. Willis Investment Counsel now owns 185,473 shares of the company’s stock valued at $3,459,000 after buying an additional 1,138 shares during the period. Cullen Frost Bankers Inc. raised its position in shares of Fortrea by 31.9% during the fourth quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock worth $105,000 after acquiring an additional 1,361 shares during the last quarter. Financial Counselors Inc. lifted its stake in shares of Fortrea by 1.4% during the third quarter. Financial Counselors Inc. now owns 97,759 shares of the company’s stock valued at $1,955,000 after acquiring an additional 1,395 shares during the period. Finally, Swiss National Bank boosted its holdings in Fortrea by 1.0% in the fourth quarter. Swiss National Bank now owns 167,420 shares of the company’s stock valued at $3,122,000 after acquiring an additional 1,600 shares during the last quarter.

Insider Buying and Selling at Fortrea

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the firm’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $18.04, for a total value of $203,274.72. Following the transaction, the chief executive officer now directly owns 159,868 shares of the company’s stock, valued at approximately $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders have sold 13,029 shares of company stock valued at $226,168. 0.12% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. The Goldman Sachs Group dropped their price objective on Fortrea from $22.00 to $11.00 and set a “neutral” rating for the company in a report on Tuesday, March 4th. Robert W. Baird set a $12.00 price objective on shares of Fortrea in a report on Tuesday, March 4th. Baird R W lowered shares of Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. Citigroup downgraded Fortrea from a “buy” rating to a “neutral” rating and cut their price target for the company from $30.00 to $23.00 in a research note on Wednesday, December 11th. Finally, Evercore ISI decreased their price objective on Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $19.00.

Fortrea Stock Up 7.2 %

Shares of Fortrea stock opened at $9.40 on Tuesday. Fortrea Holdings Inc. has a 1 year low of $8.65 and a 1 year high of $40.63. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. The company has a market capitalization of $847.88 million, a P/E ratio of -2.75, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34. The business has a 50-day moving average of $14.14 and a two-hundred day moving average of $17.78.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.18). The company had revenue of $697.00 million for the quarter, compared to analyst estimates of $703.22 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. During the same quarter last year, the business posted $0.19 earnings per share. As a group, equities analysts predict that Fortrea Holdings Inc. will post 0.51 EPS for the current 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.