New York State Teachers Retirement System Reduces Holdings in Fortrea Holdings Inc. $FTRE

New York State Teachers Retirement System lowered its stake in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) by 28.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. 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 owned about 0.08% of Fortrea worth $732,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of FTRE. Vanguard Group Inc. increased its stake in Fortrea by 3.2% during the 4th quarter. Vanguard Group Inc. now owns 8,331,016 shares of the company’s stock valued at $143,710,000 after purchasing an additional 258,098 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Fortrea by 3.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 8,272,597 shares of the company’s stock worth $142,702,000 after buying an additional 293,992 shares during the period. Eagle Health Investments LP lifted its stake in shares of Fortrea by 23.2% during the fourth quarter. Eagle Health Investments LP now owns 1,218,560 shares of the company’s stock worth $21,020,000 after buying an additional 229,788 shares during the period. Ausbil Investment Management Ltd lifted its stake in shares of Fortrea by 587.2% during the fourth quarter. Ausbil Investment Management Ltd now owns 224,713 shares of the company’s stock worth $3,876,000 after buying an additional 192,015 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in shares of Fortrea by 65.5% during the third quarter. JPMorgan Chase & Co. now owns 692,702 shares of the company’s stock valued at $5,833,000 after buying an additional 274,209 shares during the last quarter.

Fortrea Stock Performance

NASDAQ FTRE opened at $17.86 on Tuesday. The stock has a 50-day simple moving average of $15.79 and a two-hundred day simple moving average of $13.67. The firm has a market capitalization of $1.69 billion, a P/E ratio of -3.64, a PEG ratio of 0.54 and a beta of 2.03. Fortrea Holdings Inc. has a fifty-two week low of $4.45 and a fifty-two week high of $18.67. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.95 and a current ratio of 0.95.

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

Analysts Set New Price Targets

Several research firms recently issued reports on FTRE. Mizuho upped their target price on Fortrea from $13.00 to $16.00 and gave the company a “neutral” rating in a research report on Monday. TD Cowen reaffirmed a “buy” rating on shares of Fortrea in a research report on Wednesday, May 6th. Robert W. Baird set a $20.00 price target on Fortrea in a research note on Wednesday, May 6th. Citigroup increased their price objective on Fortrea from $16.00 to $20.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $14.00 price objective on shares of Fortrea in a research note on Thursday, May 7th. 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 assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $17.75.

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.