Dimensional Fund Advisors LP Buys 127,660 Shares of Trueblue Inc (TBI)
Dimensional Fund Advisors LP increased its stake in Trueblue Inc (NYSE:TBI) by 6.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,219,800 shares of the business services provider’s stock after acquiring an additional 127,660 shares during the period. Dimensional Fund Advisors LP owned about 5.37% of Trueblue worth $49,834,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TBI. Meeder Asset Management Inc. lifted its stake in shares of Trueblue by 192.7% in the 3rd quarter. Meeder Asset Management Inc. now owns 4,706 shares of the business services provider’s stock valued at $106,000 after acquiring an additional 3,098 shares during the last quarter. Macquarie Group Ltd. purchased a new position in Trueblue during the 3rd quarter valued at about $117,000. Virginia Retirement Systems ET AL purchased a new position in Trueblue during the 3rd quarter valued at about $209,000. FNY Managed Accounts LLC purchased a new position in Trueblue during the 3rd quarter valued at about $215,000. Finally, Victory Capital Management Inc. increased its holdings in Trueblue by 381.4% during the 3rd quarter. Victory Capital Management Inc. now owns 10,481 shares of the business services provider’s stock valued at $235,000 after purchasing an additional 8,304 shares during the period. 90.49% of the stock is owned by institutional investors.
In other Trueblue news, EVP Wayne W. Larkin sold 12,600 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $28.54, for a total transaction of $359,604.00. Following the transaction, the executive vice president now owns 39,461 shares in the company, valued at approximately $1,126,216.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steven C. Cooper sold 23,900 shares of the company’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $28.06, for a total value of $670,634.00. The disclosure for this sale can be found here. Insiders have sold a total of 69,985 shares of company stock worth $1,939,509 in the last quarter. Company insiders own 2.00% of the company’s stock.
Trueblue Inc (TBI) opened at $27.55 on Friday. Trueblue Inc has a twelve month low of $19.30 and a twelve month high of $29.50. The stock has a market capitalization of $1,120.90, a PE ratio of 20.26 and a beta of 2.39. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.20.
Trueblue (NYSE:TBI) last announced its quarterly earnings results on Monday, October 30th. The business services provider reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. Trueblue had a return on equity of 14.05% and a net margin of 2.22%. The company had revenue of $660.78 million for the quarter, compared to the consensus estimate of $651.91 million. During the same quarter in the previous year, the business earned $0.70 EPS. Trueblue’s revenue was down 5.2% compared to the same quarter last year. equities analysts forecast that Trueblue Inc will post 1.7 earnings per share for the current year.
Trueblue declared that its board has authorized a share repurchase program on Monday, October 30th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the business services provider to buy shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.
TBI has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Trueblue from a “sell” rating to a “hold” rating in a report on Wednesday, October 4th. BMO Capital Markets boosted their price target on Trueblue from $23.00 to $26.00 and gave the company a “market perform” rating in a report on Wednesday, November 1st. TheStreet upgraded Trueblue from a “c+” rating to a “b” rating in a report on Friday, November 17th. Robert W. Baird boosted their price target on Trueblue from $25.00 to $26.00 and gave the company a “neutral” rating in a report on Tuesday, October 31st. Finally, ValuEngine upgraded Trueblue from a “hold” rating to a “buy” rating in a report on Friday, October 6th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $26.00.
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TrueBlue, Inc is a provider of specialized workforce solutions. The Company is engaged in providing staffing, on-site workforce management and recruitment process outsourcing services. The Company operates through three segments: PeopleReady, PeopleManagement and PeopleScout. Its PeopleReady segment provides blue-collar contingent staffing through the PeopleReady service line.
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