Trueblue (TBI) Rating Increased to Strong-Buy at Zacks Investment Research

Trueblue (NYSE:TBI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday. The firm presently has a $31.00 price target on the business services provider’s stock. Zacks Investment Research‘s price target points to a potential upside of 11.31% from the company’s previous close.

According to Zacks, “TrueBlue, Inc. is a leading provider of specialized workforce solutions, helping clients improve growth and performance by providing staffing, workforce management, and recruitment process outsourcing solutions. The company’s specialized workforce solutions meet clients’ needs for a reliable, efficient workforce in a wide variety of industries. “

A number of other analysts also recently issued reports on the stock. Robert W. Baird raised their price objective on shares of Trueblue from $25.00 to $26.00 and gave the stock a “neutral” rating in a report on Tuesday, October 31st. BMO Capital Markets raised their price objective on shares of Trueblue from $23.00 to $26.00 and gave the stock a “market perform” rating in a report on Wednesday, November 1st. Finally, TheStreet upgraded shares of Trueblue from a “c+” rating to a “b” rating in a report on Friday, November 17th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $28.67.

Trueblue (NYSE:TBI) traded up $0.10 during midday trading on Tuesday, reaching $27.85. 114,416 shares of the company were exchanged, compared to its average volume of 228,928. Trueblue has a 1-year low of $19.30 and a 1-year high of $29.50. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.02 and a quick ratio of 1.77. The stock has a market capitalization of $1,110.56, a P/E ratio of 20.86 and a beta of 2.28.

Trueblue (NYSE:TBI) last posted its quarterly earnings data on Wednesday, February 7th. The business services provider reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.03. Trueblue had a net margin of 2.21% and a return on equity of 13.30%. The business had revenue of $669.63 million during the quarter, compared to the consensus estimate of $667.66 million. During the same quarter last year, the company posted $0.58 earnings per share. The firm’s quarterly revenue was down 8.9% compared to the same quarter last year. research analysts predict that Trueblue will post 1.98 earnings per share for the current fiscal year.

Trueblue declared that its Board of Directors has authorized a share repurchase program on Monday, October 30th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the business services provider to buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

In other Trueblue news, EVP Wayne W. Larkin sold 12,600 shares of the stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $28.54, for a total transaction of $359,604.00. Following the completion of the transaction, the executive vice president now owns 39,461 shares in the company, valued at $1,126,216.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steven C. Cooper sold 23,900 shares of the firm’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 transaction of $670,634.00. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in TBI. Vanguard Group Inc. boosted its position in shares of Trueblue by 16.1% in the second quarter. Vanguard Group Inc. now owns 4,519,856 shares of the business services provider’s stock valued at $119,777,000 after acquiring an additional 627,033 shares during the period. Hood River Capital Management LLC bought a new position in shares of Trueblue in the fourth quarter valued at approximately $16,839,000. FMR LLC boosted its position in shares of Trueblue by 16.1% in the second quarter. FMR LLC now owns 1,209,465 shares of the business services provider’s stock valued at $32,051,000 after acquiring an additional 168,165 shares during the period. Citadel Advisors LLC bought a new position in shares of Trueblue in the third quarter valued at approximately $3,423,000. Finally, Acadian Asset Management LLC boosted its position in shares of Trueblue by 88.2% in the fourth quarter. Acadian Asset Management LLC now owns 306,388 shares of the business services provider’s stock valued at $8,425,000 after acquiring an additional 143,575 shares during the period. Institutional investors own 90.52% of the company’s stock.

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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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