TrueBlue, Inc. (TBI) Downgraded by Zacks Investment Research
TrueBlue, Inc. (NYSE:TBI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors 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. “
Other analysts also recently issued reports about the stock. BMO Capital Markets increased their price target on shares of TrueBlue from $23.00 to $26.00 and gave the stock a “market perform” rating in a report on Wednesday. Robert W. Baird increased their price target on shares of TrueBlue from $25.00 to $26.00 and gave the stock a “neutral” rating in a report on Tuesday. BidaskClub downgraded shares of TrueBlue from a “hold” rating to a “sell” rating in a report on Thursday, August 3rd. TheStreet downgraded shares of TrueBlue from a “b-” rating to a “c+” rating in a report on Friday, August 18th. Finally, ValuEngine downgraded shares of TrueBlue from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $23.33.
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. TrueBlue had a net margin of 2.22% and a return on equity of 14.05%. The firm had revenue of $660.78 million for the quarter, compared to the consensus estimate of $651.91 million. During the same period in the prior year, the firm posted $0.70 earnings per share. The firm’s quarterly revenue was down 5.2% compared to the same quarter last year.
TrueBlue declared that its board has authorized a share buyback program on Monday, October 30th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the business services provider to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
In other TrueBlue news, EVP Wayne W. Larkin sold 10,000 shares of the company’s stock in a transaction on 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.00% of the company’s stock.
A number of large investors have recently bought and sold shares of TBI. Meeder Asset Management Inc. raised 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 worth $106,000 after acquiring an additional 3,098 shares during the period. State of Alaska Department of Revenue raised its position in TrueBlue by 79.6% during the second quarter. State of Alaska Department of Revenue now owns 8,371 shares of the business services provider’s stock worth $221,000 after acquiring an additional 3,711 shares during the period. Victory Capital Management Inc. raised its position in TrueBlue by 381.4% during the third quarter. Victory Capital Management Inc. now owns 10,481 shares of the business services provider’s stock worth $235,000 after acquiring an additional 8,304 shares during the period. Los Angeles Capital Management & Equity Research Inc. acquired a new position in TrueBlue during the second quarter worth $236,000. Finally, Piedmont Investment Advisors LLC acquired a new position in TrueBlue during the second quarter worth $244,000. Institutional investors own 89.76% of the company’s stock.
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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