TrueBlue (NYSE:TBI) Lowered to “Hold” at Zacks Investment Research


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Zacks Investment Research lowered shares of TrueBlue (NYSE:TBI) from a strong-buy rating to a hold rating in a research report released on Wednesday, Zacks.com reports.

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. “

TBI has been the topic of several other reports. Credit Suisse Group increased their price target on shares of TrueBlue from $16.00 to $19.00 and gave the company a neutral rating in a research note on Thursday, February 4th. Northcoast Research cut shares of TrueBlue from a buy rating to a neutral rating in a research note on Monday, December 14th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $19.60.

TBI stock opened at $22.39 on Wednesday. TrueBlue has a 52-week low of $12.30 and a 52-week high of $23.29. The company has a 50-day moving average of $21.50 and a two-hundred day moving average of $19.12. The stock has a market capitalization of $794.53 million, a price-to-earnings ratio of -5.91 and a beta of 1.70.

TrueBlue (NYSE:TBI) last released its quarterly earnings results on Wednesday, February 3rd. The business services provider reported $0.33 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.15. The company had revenue of $518.63 million during the quarter, compared to analysts’ expectations of $498.02 million. TrueBlue had a negative net margin of 7.36% and a positive return on equity of 3.97%. The business’s quarterly revenue was down 12.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.39 earnings per share. On average, equities analysts forecast that TrueBlue will post 0.34 earnings per share for the current fiscal year.

In other TrueBlue news, EVP Carl Schweihs sold 5,502 shares of the stock in a transaction on Wednesday, February 24th. The shares were sold at an average price of $21.40, for a total value of $117,742.80. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Taryn R. Owen sold 15,000 shares of the stock in a transaction on Friday, March 5th. The stock was sold at an average price of $21.05, for a total transaction of $315,750.00. Following the completion of the sale, the executive vice president now owns 61,057 shares in the company, valued at $1,285,249.85. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. raised its holdings in TrueBlue by 2.2% in the fourth quarter. BlackRock Inc. now owns 5,499,522 shares of the business services provider’s stock worth $102,786,000 after purchasing an additional 120,509 shares during the period. Pzena Investment Management LLC raised its holdings in TrueBlue by 61.1% in the fourth quarter. Pzena Investment Management LLC now owns 1,626,317 shares of the business services provider’s stock worth $30,396,000 after purchasing an additional 617,005 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in TrueBlue by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 632,955 shares of the business services provider’s stock worth $11,830,000 after purchasing an additional 18,210 shares during the period. Victory Capital Management Inc. raised its holdings in TrueBlue by 364.3% in the fourth quarter. Victory Capital Management Inc. now owns 618,041 shares of the business services provider’s stock worth $11,551,000 after purchasing an additional 484,927 shares during the period. Finally, SummerHaven Investment Management LLC acquired a new stake in TrueBlue in the fourth quarter worth $594,000. Institutional investors own 90.69% of the company’s stock.

TrueBlue Company Profile

TrueBlue, Inc, together with its subsidiaries, provides specialized workforce solutions in the United States, Canada, and Puerto Rico. It operates through three segments: PeopleReady, PeopleManagement, and PeopleScout. The PeopleReady segment offers a range of contingent staffing solutions for blue-collar, on-demand, and skilled labor in construction, manufacturing and logistics, warehousing and distribution, waste and recycling, energy, retail, hospitality, general labor, and other industries.

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