Fortrea Holdings Inc. $FTRE Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System cut its position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 28.3% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 77,699 shares of the company’s stock after selling 30,615 shares during the quarter. New York State Teachers Retirement System’s holdings in Fortrea were worth $732,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FTRE. Larson Financial Group LLC increased its holdings in Fortrea by 136.7% in the fourth quarter. Larson Financial Group LLC now owns 1,856 shares of the company’s stock valued at $32,000 after buying an additional 1,072 shares in the last quarter. Toronto Dominion Bank purchased a new stake in shares of Fortrea during the 4th quarter worth about $51,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Fortrea by 27.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,490 shares of the company’s stock valued at $77,000 after acquiring an additional 980 shares during the period. Allworth Financial LP increased its stake in shares of Fortrea by 19.6% in the 3rd quarter. Allworth Financial LP now owns 6,769 shares of the company’s stock valued at $57,000 after purchasing an additional 1,109 shares in the last quarter. Finally, Osaic Holdings Inc. increased its stake in shares of Fortrea by 74.3% in the 2nd quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock valued at $38,000 after purchasing an additional 2,918 shares in the last quarter.

Analyst Ratings Changes

FTRE has been the subject of a number of analyst reports. Barclays upped their price target on Fortrea from $16.00 to $18.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 24th. Wall Street Zen upgraded Fortrea from a “hold” rating to a “buy” rating in a research report on Monday. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $14.00 target price on shares of Fortrea in a research note on Thursday, May 7th. Mizuho increased their target price on Fortrea from $13.00 to $16.00 and gave the company a “neutral” rating in a research report on Monday. Finally, Citigroup lifted their price target on shares of Fortrea from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Fortrea has a consensus rating of “Moderate Buy” and a consensus target price of $17.75.

Fortrea Stock Performance

NASDAQ FTRE opened at $17.86 on Tuesday. The company has a market cap of $1.69 billion, a PE ratio of -3.64, a price-to-earnings-growth ratio of 0.54 and a beta of 2.03. The stock’s 50 day simple moving average is $15.79 and its 200-day simple moving average is $13.67. Fortrea Holdings Inc. has a 1-year low of $4.45 and a 1-year high of $18.67. The company has a debt-to-equity ratio of 1.98, a current ratio of 0.95 and a quick ratio of 0.95.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.03 by $0.13. Fortrea had a positive return on equity of 9.51% and a negative net margin of 16.50%.The firm had revenue of $636.50 million during the quarter, compared to analysts’ expectations of $628.50 million. As a group, equities research analysts anticipate that Fortrea Holdings Inc. will post 0.8 EPS for the current fiscal year.

Fortrea Profile

Fortrea, Inc is a global contract development and manufacturing organization (CDMO) that provides integrated solutions for pharmaceutical and biotechnology companies. Established as a spin-off from Thermo Fisher Scientific’s Pharma Services business in October 2023, Fortrea leverages a legacy of scientific expertise and manufacturing scale to support drug development from early-stage research through commercial production. The company’s comprehensive offerings address the complex needs of both small-molecule and biologics programs, making it a single source for clients seeking to accelerate timelines and manage costs.

Fortrea’s core services encompass analytical and formulation development, process optimization, clinical and commercial manufacturing, and packaging services.