TrueBlue, Inc. (TBI) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of TrueBlue, Inc. (NYSE:TBI) from a sell rating to a hold rating in a report published on Wednesday.
According to Zacks, “TRUEBLUE INC., headquartered in Tacoma, Wash., is the parent company of Labor Ready, Spartan Staffing, CLP Resources, and PlaneTechs. TrueBlue’s brands provide general labor, light industrial and skilled trades services to small to mid-sized businesses in the construction, warehousing, hospitality, landscaping, transportation, light manufacturing, retail, wholesale, facilities, sanitation, and aviation industries. “
Several other equities research analysts have also commented on TBI. ValuEngine lowered shares of TrueBlue from a buy rating to a hold rating in a research note on Friday, September 1st. BMO Capital Markets reissued a hold rating and set a $23.00 price objective (down previously from $26.00) on shares of TrueBlue in a research note on Friday, August 11th. BidaskClub lowered shares of TrueBlue from a hold rating to a sell rating in a research note on Thursday, August 3rd. Finally, TheStreet raised shares of TrueBlue from a c rating to a b rating in a research note on Monday, July 31st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. TrueBlue has a consensus rating of Hold and an average target price of $20.25.
TrueBlue (NYSE TBI) opened at 23.00 on Wednesday. The company has a market cap of $956.29 million, a PE ratio of 16.24 and a beta of 2.40. The company has a 50-day moving average of $21.16 and a 200 day moving average of $24.75. TrueBlue has a 12 month low of $16.50 and a 12 month high of $28.70.
TrueBlue (NYSE:TBI) last posted its quarterly earnings data on Monday, July 31st. The business services provider reported $0.42 EPS for the quarter, hitting the consensus estimate of $0.42. TrueBlue had a net margin of 2.27% and a return on equity of 15.18%. The business had revenue of $610.10 million for the quarter, compared to analyst estimates of $610.04 million. During the same quarter in the previous year, the firm posted $0.54 earnings per share. TrueBlue’s quarterly revenue was down 9.3% on a year-over-year basis. On average, equities analysts forecast that TrueBlue will post $1.69 earnings per share for the current fiscal year.
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In other news, EVP Wayne W. Larkin sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $20.38, for a total value of $203,800.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 2.00% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio lifted its stake in shares of TrueBlue by 5.3% in the second quarter. Public Employees Retirement System of Ohio now owns 35,447 shares of the business services provider’s stock worth $939,000 after buying an additional 1,788 shares in the last quarter. Piedmont Investment Advisors LLC bought a new position in shares of TrueBlue in the second quarter worth approximately $244,000. Sterling Capital Management LLC lifted its stake in shares of TrueBlue by 8.3% in the second quarter. Sterling Capital Management LLC now owns 39,795 shares of the business services provider’s stock worth $1,055,000 after buying an additional 3,051 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of TrueBlue by 169.0% in the second quarter. Arrowstreet Capital Limited Partnership now owns 206,594 shares of the business services provider’s stock worth $5,475,000 after buying an additional 129,794 shares in the last quarter. Finally, Cubist Systematic Strategies LLC lifted its stake in shares of TrueBlue by 41.9% in the second quarter. Cubist Systematic Strategies LLC now owns 13,379 shares of the business services provider’s stock worth $355,000 after buying an additional 3,952 shares in the last quarter. Hedge funds and other institutional investors own 89.82% of the company’s stock.
TrueBlue Company Profile
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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