Hunter Associates Investment Management LLC Invests $652,000 in Fortrea Holdings Inc. (NASDAQ:FTRE)

Hunter Associates Investment Management LLC bought 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 institutional investor bought 18,822 shares of the company’s stock, valued at approximately $652,000.

A number of other institutional investors also recently modified their holdings of FTRE. Penn Davis Mcfarland Inc. purchased a new stake in shares of Fortrea during the fourth quarter worth about $18,810,000. Mutual of America Capital Management LLC bought a new position in Fortrea in the fourth quarter worth about $9,739,000. Willis Investment Counsel bought a new position in Fortrea in the fourth quarter worth about $6,286,000. Raymond James & Associates bought a new position in Fortrea in the fourth quarter worth about $4,751,000. Finally, New York State Teachers Retirement System bought a new position in Fortrea in the fourth quarter worth about $3,913,000.

Fortrea Stock Down 1.4 %

FTRE stock traded down $0.50 on Friday, hitting $35.50. The company had a trading volume of 1,111,056 shares, compared to its average volume of 661,873. Fortrea Holdings Inc. has a 12-month low of $24.92 and a 12-month 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. The stock’s 50-day simple moving average is $37.67 and its 200 day simple moving average is $33.32.

Fortrea (NASDAQ:FTRE) last issued 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 analysts’ expectations of $779.09 million. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. On average, research analysts expect that Fortrea Holdings Inc. will post 1.06 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FTRE has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Fortrea in a research note on Wednesday, March 6th. They issued a “hold” rating and a $36.00 price target for the company. William Blair started coverage on shares of Fortrea in a research note on Friday, January 5th. They set a “market perform” rating for the company. 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 target price for the company. Barclays decreased their target price on shares of Fortrea from $38.00 to $35.00 and set an “overweight” rating for the company in a research note on Thursday, January 25th. Finally, Jefferies Financial Group began coverage on shares of Fortrea in a research note on Thursday, January 4th. They set a “buy” rating and a $44.00 target price for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $37.29.

About Fortrea

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.