Lord Abbett & CO. LLC Has $4.49 Million Holdings in TrueBlue, Inc. (NYSE:TBI)

Lord Abbett & CO. LLC grew its position in shares of TrueBlue, Inc. (NYSE:TBI) by 0.4% during the first quarter, HoldingsChannel.com reports. The firm owned 358,787 shares of the business services provider’s stock after purchasing an additional 1,303 shares during the period. Lord Abbett & CO. LLC’s holdings in TrueBlue were worth $4,492,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Quest Partners LLC bought a new stake in TrueBlue in the fourth quarter worth approximately $74,000. Maryland State Retirement & Pension System bought a new stake in shares of TrueBlue during the fourth quarter valued at approximately $175,000. Trexquant Investment LP purchased a new position in shares of TrueBlue during the fourth quarter valued at approximately $228,000. State Board of Administration of Florida Retirement System purchased a new position in shares of TrueBlue during the first quarter valued at approximately $192,000. Finally, Louisiana State Employees Retirement System purchased a new position in shares of TrueBlue during the fourth quarter valued at approximately $239,000. 97.15% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TBI has been the topic of several research analyst reports. Robert W. Baird cut their price objective on TrueBlue from $14.00 to $13.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 7th. BMO Capital Markets reissued an “outperform” rating and set a $13.00 price objective on shares of TrueBlue in a report on Monday, June 17th.

TrueBlue Stock Performance

TBI traded up $0.19 on Friday, hitting $11.33. 235,581 shares of the company were exchanged, compared to its average volume of 371,814. The firm has a fifty day simple moving average of $10.56 and a two-hundred day simple moving average of $11.74. TrueBlue, Inc. has a 12 month low of $9.12 and a 12 month high of $18.81. The stock has a market capitalization of $346.36 million, a PE ratio of -30.12, a price-to-earnings-growth ratio of 13.50 and a beta of 1.51.

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

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.