Fortrea Holdings Inc. $FTRE Shares Bought by Public Sector Pension Investment Board

Public Sector Pension Investment Board grew its holdings in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 14.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 354,161 shares of the company’s stock after buying an additional 45,610 shares during the period. Public Sector Pension Investment Board owned 0.39% of Fortrea worth $2,982,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. AQR Capital Management LLC raised its position in shares of Fortrea by 494.8% during the 2nd quarter. AQR Capital Management LLC now owns 6,515,124 shares of the company’s stock worth $31,729,000 after acquiring an additional 5,419,842 shares in the last quarter. Geode Capital Management LLC raised its holdings in Fortrea by 37.2% during the second quarter. Geode Capital Management LLC now owns 2,171,450 shares of the company’s stock worth $10,728,000 after purchasing an additional 589,145 shares in the last quarter. Bank of Nova Scotia purchased a new stake in shares of Fortrea during the 2nd quarter worth approximately $5,087,000. Invesco Ltd. boosted its holdings in shares of Fortrea by 26.5% in the 2nd quarter. Invesco Ltd. now owns 897,756 shares of the company’s stock valued at $4,435,000 after buying an additional 188,258 shares in the last quarter. Finally, Bank of America Corp DE grew its position in shares of Fortrea by 130.0% in the 2nd quarter. Bank of America Corp DE now owns 856,332 shares of the company’s stock valued at $4,230,000 after buying an additional 483,986 shares during the last quarter.

Fortrea Stock Performance

Shares of FTRE stock opened at $11.00 on Friday. The stock’s 50-day moving average price is $15.73 and its 200 day moving average price is $12.21. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.81. The stock has a market capitalization of $1.02 billion, a PE ratio of -0.98, a price-to-earnings-growth ratio of 0.32 and a beta of 1.59. Fortrea Holdings Inc. has a 52-week low of $3.97 and a 52-week high of $18.67.

Analyst Ratings Changes

FTRE has been the subject of a number of research reports. Robert W. Baird set a $19.00 price target on shares of Fortrea in a research report on Wednesday, January 14th. TD Cowen lifted their target price on Fortrea from $7.00 to $15.00 and gave the stock a “hold” rating in a research report on Thursday, January 22nd. Wedbush set a $21.00 target price on Fortrea in a research report on Thursday, December 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fortrea in a research report on Thursday, January 22nd. Finally, Mizuho set a $15.00 price objective on Fortrea in a research note on Friday, January 9th. Four equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Fortrea presently has an average rating of “Hold” and a consensus target price of $16.75.

About Fortrea

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.