Sumitomo Mitsui Trust Holdings Inc. Invests $468,000 in Fortrea Holdings Inc. (NASDAQ:FTRE)

Sumitomo Mitsui Trust Holdings Inc. purchased a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 13,412 shares of the company’s stock, valued at approximately $468,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Banyan Capital Management Inc. acquired a new stake in shares of Fortrea in the fourth quarter worth approximately $816,000. Daymark Wealth Partners LLC acquired a new stake in shares of Fortrea in the fourth quarter worth approximately $254,000. Nordea Investment Management AB acquired a new stake in shares of Fortrea in the fourth quarter worth approximately $747,000. Raymond James Trust N.A. acquired a new stake in shares of Fortrea in the fourth quarter worth approximately $363,000. Finally, FORVIS Wealth Advisors LLC acquired a new stake in shares of Fortrea in the fourth quarter worth approximately $244,000.

Fortrea Stock Performance

FTRE opened at $36.35 on Friday. The firm’s 50 day moving average is $37.88 and its 200-day moving average is $33.56. Fortrea Holdings Inc. has a 52-week low of $24.92 and a 52-week high of $41.02. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.90.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings data on Monday, March 11th. The company reported $0.19 earnings per share (EPS) 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 the consensus estimate of $779.09 million. The business’s revenue for the quarter was up 1.8% on a year-over-year basis. On average, equities research analysts predict that Fortrea Holdings Inc. will post 1.06 earnings per share for the current year.

Wall Street Analyst Weigh In

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