Folger Nolan Fleming Douglas Capital Management Inc. Invests $206,000 in Fortrea Holdings Inc. (NASDAQ:FTRE)

Folger Nolan Fleming Douglas Capital Management Inc. acquired a new stake in Fortrea Holdings Inc. (NASDAQ:FTRE) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 5,896 shares of the company’s stock, valued at approximately $206,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Penn Davis Mcfarland Inc. bought a new stake in Fortrea in the 4th quarter valued at $18,810,000. New York State Common Retirement Fund bought a new stake in Fortrea in the 4th quarter valued at $17,918,000. Truist Financial Corp bought a new stake in Fortrea during the 4th quarter worth about $16,402,000. Mutual of America Capital Management LLC bought a new stake in Fortrea during the 4th quarter worth about $9,739,000. Finally, Willis Investment Counsel bought a new stake in Fortrea during the 4th quarter worth about $6,286,000.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on FTRE shares. Barclays cut 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. William Blair started coverage on shares of Fortrea in a research note on Friday, January 5th. They set a “market perform” rating on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Fortrea in a research note on Wednesday, March 6th. They set a “hold” rating and a $36.00 price objective on the stock. Robert W. Baird started coverage on shares of Fortrea in a research note on Friday, March 22nd. They set a “neutral” rating and a $43.00 price objective on the stock. Finally, Jefferies Financial Group started coverage on shares of Fortrea in a research note on Thursday, January 4th. They set a “buy” rating and a $44.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Fortrea has a consensus rating of “Hold” and a consensus price target of $37.29.

Fortrea Price Performance

FTRE remained flat at $36.35 on Friday. 413,403 shares of the company were exchanged, compared to its average volume of 751,729. Fortrea Holdings Inc. has a twelve month low of $24.92 and a twelve month high of $41.02. The firm’s fifty day simple moving average is $37.91 and its two-hundred day simple moving average is $33.57. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.62 and a current ratio of 1.62.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Monday, March 11th. The company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.04). The company had revenue of $775.40 million for the quarter, compared to analyst estimates of $779.09 million. The company’s revenue for the quarter was up 1.8% on a year-over-year basis. On average, analysts forecast that Fortrea Holdings Inc. will post 1.06 earnings per share 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.