TrueBlue, Inc. (TBI) Stock Rating Upgraded by Zacks Investment Research
TrueBlue, Inc. (NYSE:TBI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors 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. “
TBI has been the subject of a number of other reports. BMO Capital Markets reaffirmed a “hold” rating and issued a $23.00 target price (down from $26.00) on shares of TrueBlue in a research report on Friday, August 11th. BidaskClub downgraded TrueBlue from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. TheStreet upgraded TrueBlue from a “c” rating to a “b” rating in a report on Monday, July 31st. Finally, ValuEngine lowered TrueBlue from a “buy” rating to a “hold” rating in a report on Friday, September 1st. One analyst has rated the stock with a sell rating and five have given a hold rating to the stock. The company presently has an average rating of “Hold” and an average target price of $21.25.
Shares of TrueBlue (TBI) traded up 0.65% during mid-day trading on Wednesday, hitting $23.35. The stock had a trading volume of 140,965 shares. The company has a market cap of $970.85 million, a P/E ratio of 16.49 and a beta of 2.40. TrueBlue has a 1-year low of $16.50 and a 1-year high of $28.70. The firm’s 50 day moving average price is $20.87 and its 200 day moving average price is $24.80.
TrueBlue (NYSE:TBI) last announced its quarterly earnings data on Monday, July 31st. The business services provider reported $0.42 earnings per share for the quarter, meeting the consensus estimate of $0.42. The firm had revenue of $610.10 million for the quarter, compared to analyst estimates of $610.04 million. TrueBlue had a net margin of 2.27% and a return on equity of 15.18%. The business’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.54 earnings per share. Analysts predict 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 TrueBlue stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $23.00, for a total transaction of $230,000.00. Following the completion of the transaction, the executive vice president now directly owns 52,061 shares in the company, valued at $1,197,403. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.00% of the stock is currently owned by company insiders.
Large investors have recently bought and sold shares of the company. Hillsdale Investment Management Inc. acquired a new stake in shares of TrueBlue in the 2nd quarter worth about $949,000. Numeric Investors LLC boosted its stake in TrueBlue by 0.8% during the 2nd quarter. Numeric Investors LLC now owns 1,116,864 shares of the business services provider’s stock valued at $29,597,000 after purchasing an additional 8,707 shares during the last quarter. Federated Investors Inc. PA boosted its stake in TrueBlue by 26,192.3% during the 2nd quarter. Federated Investors Inc. PA now owns 37,598 shares of the business services provider’s stock valued at $996,000 after purchasing an additional 37,455 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its stake in TrueBlue by 1.5% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 453,956 shares of the business services provider’s stock valued at $12,416,000 after purchasing an additional 6,795 shares during the last quarter. Finally, Great West Life Assurance Co. Can boosted its stake in TrueBlue by 4.2% during the 2nd quarter. Great West Life Assurance Co. Can now owns 61,360 shares of the business services provider’s stock valued at $1,623,000 after purchasing an additional 2,500 shares during the last quarter. 89.82% of the stock is owned by institutional investors.
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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