Stoneridge Investment Partners LLC Acquires New Stake in Trueblue Inc (TBI)

Stoneridge Investment Partners LLC acquired a new position in shares of Trueblue Inc (NYSE:TBI) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,770 shares of the business services provider’s stock, valued at approximately $241,000.

Several other hedge funds have also recently bought and sold shares of the company. Meeder Asset Management Inc. boosted its position in Trueblue by 192.7% during the third quarter. Meeder Asset Management Inc. now owns 4,706 shares of the business services provider’s stock valued at $106,000 after purchasing an additional 3,098 shares during the last quarter. Macquarie Group Ltd. acquired a new position in Trueblue during the third quarter valued at approximately $117,000. Jane Street Group LLC acquired a new position in Trueblue during the third quarter valued at approximately $203,000. Piedmont Investment Advisors LLC acquired a new position in Trueblue during the second quarter valued at approximately $244,000. Finally, Virginia Retirement Systems ET AL acquired a new position in Trueblue during the third quarter valued at approximately $209,000. 90.77% of the stock is owned by institutional investors.

Shares of Trueblue Inc (NYSE:TBI) opened at $27.15 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.77 and a quick ratio of 1.77. The stock has a market capitalization of $1,071.26, a P/E ratio of 14.89 and a beta of 2.28. Trueblue Inc has a 52 week low of $19.30 and a 52 week high of $29.50.

Trueblue (NYSE:TBI) last released its quarterly earnings data on Wednesday, February 7th. The business services provider reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.03. The firm had revenue of $669.63 million for the quarter, compared to analyst estimates of $667.66 million. Trueblue had a return on equity of 13.41% and a net margin of 2.21%. The business’s revenue for the quarter was down 8.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.58 earnings per share. equities research analysts forecast that Trueblue Inc will post 1.86 EPS for the current fiscal year.

Trueblue announced that its board has initiated a stock repurchase plan on Monday, October 30th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the business services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Several research analysts recently commented on the company. BMO Capital Markets reduced their price target on Trueblue from $30.00 to $29.00 and set a “market perform” rating for the company in a research report on Thursday. Robert W. Baird increased their price target on Trueblue from $25.00 to $26.00 and gave the company a “neutral” rating in a research report on Tuesday, October 31st. TheStreet raised Trueblue from a “c+” rating to a “b” rating in a research report on Friday, November 17th. Finally, Zacks Investment Research cut Trueblue from a “hold” rating to a “sell” rating in a research report on Thursday, November 2nd. Two 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’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $27.50.

In other Trueblue news, EVP James E. Defebaugh sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $28.16, for a total value of $211,200.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Steven C. Cooper sold 23,900 shares of the company’s stock in a transaction that occurred on Monday, December 4th. The shares were 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 sold 44,000 shares of company stock worth $1,241,438 in the last 90 days. Corporate insiders own 2.00% of the company’s stock.

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About Trueblue

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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Institutional Ownership by Quarter for Trueblue (NYSE:TBI)

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