Clifford Swan Investment Counsel LLC Takes $861,000 Position in Fortrea Holdings Inc. (NASDAQ:FTRE)

Clifford Swan Investment Counsel LLC acquired a new position in shares of Fortrea Holdings Inc. (NASDAQ:FTRE) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 24,681 shares of the company’s stock, valued at approximately $861,000.

A number of other hedge funds also recently made changes to their positions in the stock. Whittier Trust Co. bought a new stake in shares of Fortrea during the 4th quarter worth $25,000. Whittier Trust Co. of Nevada Inc. bought a new stake in Fortrea in the fourth quarter worth $25,000. ZRC Wealth Management LLC bought a new stake in Fortrea in the fourth quarter worth $27,000. Allworth Financial LP bought a new stake in Fortrea in the fourth quarter worth $28,000. Finally, CENTRAL TRUST Co bought a new stake in Fortrea in the fourth quarter worth $30,000.

Fortrea Price Performance

Shares of NASDAQ FTRE traded down $1.07 during midday trading on Monday, hitting $36.34. 1,342,195 shares of the company traded hands, compared to its average volume of 875,328. Fortrea Holdings Inc. has a 12-month low of $24.92 and a 12-month high of $41.02. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.62 and a quick ratio of 1.62. The stock has a 50-day moving average price of $38.01 and a 200 day moving average price of $33.96.

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

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Robert W. Baird assumed coverage on shares of Fortrea in a research note on Friday, March 22nd. They issued a “neutral” rating and a $43.00 price target for the company. Deutsche Bank Aktiengesellschaft assumed 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. Finally, Barclays lowered their price target 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. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $37.29.

Fortrea 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.