Invenomic Capital Management LP Takes $1.56 Million Position in TrueBlue, Inc. (NYSE:TBI)

Invenomic Capital Management LP bought a new stake in TrueBlue, Inc. (NYSE:TBI) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 124,337 shares of the business services provider’s stock, valued at approximately $1,557,000. Invenomic Capital Management LP owned approximately 0.41% of TrueBlue as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of TBI. SG Americas Securities LLC boosted its holdings in TrueBlue by 12.8% in the fourth quarter. SG Americas Securities LLC now owns 19,931 shares of the business services provider’s stock valued at $306,000 after purchasing an additional 2,268 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in TrueBlue by 209.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 305,693 shares of the business services provider’s stock valued at $4,689,000 after purchasing an additional 206,757 shares during the last quarter. Louisiana State Employees Retirement System purchased a new position in TrueBlue in the fourth quarter valued at about $239,000. Russell Investments Group Ltd. boosted its holdings in TrueBlue by 41.2% in the fourth quarter. Russell Investments Group Ltd. now owns 57,492 shares of the business services provider’s stock valued at $882,000 after purchasing an additional 16,776 shares during the last quarter. Finally, Maryland State Retirement & Pension System purchased a new position in TrueBlue in the fourth quarter valued at about $175,000. Institutional investors and hedge funds own 97.15% of the company’s stock.

TrueBlue Price Performance

Shares of NYSE TBI traded down $0.08 during mid-day trading on Wednesday, hitting $12.04. The company had a trading volume of 40,970 shares, compared to its average volume of 360,880. The stock has a market cap of $368.06 million, a price-to-earnings ratio of -32.76, a PEG ratio of 14.06 and a beta of 1.51. TrueBlue, Inc. has a 12 month low of $9.12 and a 12 month high of $16.14. The firm’s 50 day simple moving average is $10.66 and its two-hundred day simple moving average is $11.54.

TrueBlue (NYSE:TBI) last posted its earnings results on Monday, May 6th. The business services provider reported $0.03 EPS for the quarter, beating the consensus estimate of ($0.43) by $0.46. TrueBlue had a positive return on equity of 3.02% and a negative net margin of 0.63%. The firm had revenue of $403.00 million for the quarter, compared to analysts’ expectations of $400.24 million. During the same period last year, the firm earned ($0.06) EPS. The firm’s revenue was down 13.4% compared to the same quarter last year. Equities analysts forecast that TrueBlue, Inc. will post 0.06 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on TBI. BMO Capital Markets reaffirmed an “outperform” rating and set a $13.00 target price on shares of TrueBlue in a report on Monday, June 17th. Robert W. Baird reduced their target price on TrueBlue from $14.00 to $13.00 and set an “outperform” rating on the stock in a report on Tuesday, May 7th.

About TrueBlue

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.