Robert W. Baird Lowers TrueBlue (NYSE:TBI) Price Target to $13.00

TrueBlue (NYSE:TBI) had its target price dropped by research analysts at Robert W. Baird from $14.00 to $13.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the business services provider’s stock. Robert W. Baird’s price target suggests a potential upside of 23.28% from the stock’s current price.

TrueBlue Price Performance

TrueBlue stock opened at $10.55 on Tuesday. The business has a 50 day moving average of $11.38 and a 200-day moving average of $12.86. TrueBlue has a 1 year low of $10.15 and a 1 year high of $19.06. The company has a market capitalization of $331.00 million, a P/E ratio of -23.43 and a beta of 1.51.

TrueBlue (NYSE:TBI) last released its quarterly earnings data on Monday, May 6th. The business services provider reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.43) by $0.46. The company had revenue of $403.00 million during the quarter, compared to the consensus estimate of $400.24 million. TrueBlue had a positive return on equity of 2.39% and a negative net margin of 0.74%. The firm’s revenue was down 13.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.06) earnings per share. Equities analysts anticipate that TrueBlue will post -0.51 EPS for the current year.

Institutional Trading of TrueBlue

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Empowered Funds LLC increased its position in TrueBlue by 8.2% during the 1st quarter. Empowered Funds LLC now owns 113,348 shares of the business services provider’s stock valued at $1,419,000 after purchasing an additional 8,565 shares during the period. Quantbot Technologies LP increased its position in TrueBlue by 181.3% during the 1st quarter. Quantbot Technologies LP now owns 41,987 shares of the business services provider’s stock valued at $526,000 after purchasing an additional 27,060 shares during the period. BNP Paribas Financial Markets increased its position in TrueBlue by 41.8% during the 1st quarter. BNP Paribas Financial Markets now owns 82,337 shares of the business services provider’s stock valued at $1,031,000 after purchasing an additional 24,286 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of TrueBlue by 23.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 38,146 shares of the business services provider’s stock worth $478,000 after buying an additional 7,327 shares during the period. Finally, Azarias Capital Management L.P. grew its position in shares of TrueBlue by 196.7% during the 1st quarter. Azarias Capital Management L.P. now owns 886,121 shares of the business services provider’s stock worth $11,094,000 after buying an additional 587,427 shares during the period. Institutional investors and hedge funds own 97.15% of the company’s stock.

TrueBlue Company Profile

TrueBlue, Inc, together with its subsidiaries, provides specialized workforce solutions in the United States, Canada, the United Kingdom, Australia, and Puerto Rico. It operates through three segments: PeopleReady, PeopleManagement, and PeopleScout. The company PeopleReady segment provides general, industrial, and skilled trade contingent staffing services for construction, transportation, manufacturing, retail, hospitality, and renewable energy industries.