BMO Capital Markets Cuts TrueBlue (NYSE:TBI) Price Target to $10.00

TrueBlue (NYSE:TBI) had its price target cut by research analysts at BMO Capital Markets from $11.00 to $10.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “outperform” rating on the business services provider’s stock. BMO Capital Markets’ price target would suggest a potential upside of 41.44% from the company’s current price.

Separately, StockNews.com lowered TrueBlue from a “hold” rating to a “sell” rating in a report on Tuesday, August 6th.

TrueBlue Stock Performance

Shares of NYSE:TBI traded down $0.59 during trading on Tuesday, hitting $7.07. The company’s stock had a trading volume of 67,658 shares, compared to its average volume of 318,566. TrueBlue has a fifty-two week low of $6.97 and a fifty-two week high of $16.14. The stock’s 50-day moving average price is $7.64 and its two-hundred day moving average price is $9.34. The company has a market capitalization of $216.13 million, a PE ratio of -1.99 and a beta of 1.49.

TrueBlue (NYSE:TBI) last posted its earnings results on Monday, November 4th. The business services provider reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.04. TrueBlue had a negative return on equity of 0.55% and a negative net margin of 6.18%. The company had revenue of $382.36 million during the quarter, compared to analyst estimates of $386.07 million. During the same period in the prior year, the company earned $0.16 earnings per share. The business’s revenue was down 19.2% compared to the same quarter last year. On average, equities analysts predict that TrueBlue will post -0.65 earnings per share for the current fiscal year.

Institutional Investors Weigh In On TrueBlue

A number of institutional investors have recently added to or reduced their stakes in TBI. Azarias Capital Management L.P. lifted its position in TrueBlue by 40.8% in the second quarter. Azarias Capital Management L.P. now owns 1,247,222 shares of the business services provider’s stock worth $12,846,000 after purchasing an additional 361,101 shares during the period. Invenomic Capital Management LP acquired a new stake in shares of TrueBlue during the 1st quarter valued at $1,557,000. Marshall Wace LLP lifted its position in shares of TrueBlue by 330.7% during the 2nd quarter. Marshall Wace LLP now owns 143,910 shares of the business services provider’s stock valued at $1,482,000 after acquiring an additional 110,495 shares during the last quarter. GSA Capital Partners LLP lifted its position in shares of TrueBlue by 85.2% during the 3rd quarter. GSA Capital Partners LLP now owns 220,892 shares of the business services provider’s stock valued at $1,743,000 after acquiring an additional 101,589 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of TrueBlue by 33.1% during the 3rd quarter. Assenagon Asset Management S.A. now owns 386,432 shares of the business services provider’s stock valued at $3,049,000 after acquiring an additional 96,072 shares during the last quarter. 97.15% of the stock is currently owned by institutional investors and hedge funds.

About TrueBlue

TrueBlue, Inc, together with its subsidiaries, provides specialized workforce solutions in the United States, Canada, the United Kingdom, Australia, and Puerto Rico. It operates through three segments: PeopleReady, PeopleManagement, and PeopleScout. The company PeopleReady segment provides general, industrial, and skilled trade contingent staffing services for construction, transportation, manufacturing, retail, hospitality, and renewable energy industries.