Zacks Investment Research lowered shares of TrueBlue, Inc. (NYSE:TBI) from a hold rating to a sell rating in a research note released on Thursday.
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. “
TBI has been the subject of a number of other reports. ValuEngine raised TrueBlue from a hold rating to a buy rating in a report on Friday, October 6th. BidaskClub cut TrueBlue from a buy rating to a hold rating in a research report on Tuesday, July 25th. Robert W. Baird reiterated a hold rating and set a $25.00 target price on shares of TrueBlue in a research report on Friday, October 6th. BMO Capital Markets reiterated a hold rating and set a $23.00 target price on shares of TrueBlue in a research report on Friday, October 13th. Finally, TheStreet upgraded TrueBlue from a c rating to a b rating in a research report on Monday, July 31st. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $23.33.
Shares of TrueBlue (NYSE:TBI) traded up $0.35 during midday trading on Thursday, reaching $26.85. The company’s stock had a trading volume of 306,028 shares, compared to its average volume of 263,611. The stock has a market cap of $1,110.57, a P/E ratio of 15.00 and a beta of 2.37. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.77 and a quick ratio of 1.71. TrueBlue has a 12 month low of $16.75 and a 12 month high of $28.70.
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, topping the Zacks’ consensus estimate of $0.58 by $0.02. The company had revenue of $660.78 million during the quarter, compared to the consensus estimate of $651.91 million. TrueBlue had a return on equity of 14.05% and a net margin of 2.22%. TrueBlue’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.70 EPS. equities analysts anticipate that TrueBlue will post 1.7 earnings per share for the current year.
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TrueBlue declared that its Board of Directors has initiated a stock buyback plan on Monday, October 30th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the business services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
In other TrueBlue news, EVP Wayne W. Larkin sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $20.38, for a total transaction of $203,800.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its position in TrueBlue by 50,858.0% during the 1st quarter. BlackRock Inc. now owns 5,165,614 shares of the business services provider’s stock worth $141,280,000 after purchasing an additional 5,155,477 shares during the period. Vanguard Group Inc. boosted its stake in shares of TrueBlue by 16.1% during the 2nd quarter. Vanguard Group Inc. now owns 4,519,856 shares of the business services provider’s stock worth $119,777,000 after acquiring an additional 627,033 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of TrueBlue by 1.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,092,140 shares of the business services provider’s stock worth $55,441,000 after acquiring an additional 24,233 shares in the last quarter. Alliancebernstein L.P. boosted its stake in shares of TrueBlue by 2.6% during the 2nd quarter. Alliancebernstein L.P. now owns 1,380,711 shares of the business services provider’s stock worth $36,589,000 after acquiring an additional 35,040 shares in the last quarter. Finally, FMR LLC boosted its stake in shares of TrueBlue by 16.1% during the 2nd quarter. FMR LLC now owns 1,209,465 shares of the business services provider’s stock worth $32,051,000 after acquiring an additional 168,165 shares in the last quarter. Institutional investors own 89.76% 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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