TrueBlue (NYSE:TBI) Posts Quarterly Earnings Results, Beats Expectations By $0.16 EPS

TrueBlue (NYSE:TBI) released its quarterly earnings results on Tuesday. The business services provider reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.16, FiscalAI reports. TrueBlue had a negative return on equity of 7.37% and a negative net margin of 3.25%.The business had revenue of $443.00 million during the quarter, compared to the consensus estimate of $417.84 million.

TrueBlue Price Performance

TBI traded up $0.23 during trading on Tuesday, hitting $7.76. 228,285 shares of the company traded hands, compared to its average volume of 317,738. The company has a market cap of $236.09 million, a PE ratio of -4.36 and a beta of 1.60. TrueBlue has a 1 year low of $3.18 and a 1 year high of $8.90. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.29. The stock’s 50-day simple moving average is $7.21 and its two-hundred day simple moving average is $5.50.

Analysts Set New Price Targets

A number of equities analysts have weighed in on TBI shares. Weiss Ratings upgraded shares of TrueBlue from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, July 2nd. Wall Street Zen raised shares of TrueBlue from a “sell” rating to a “hold” rating in a research report on Saturday, June 20th. Finally, Zacks Research raised shares of TrueBlue from a “strong sell” rating to a “hold” rating in a report on Monday, April 20th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, TrueBlue presently has a consensus rating of “Hold” and a consensus price target of $5.75.

Institutional Investors Weigh In On TrueBlue

Large investors have recently added to or reduced their stakes in the stock. Invenomic Capital Management LP lifted its stake in TrueBlue by 60.5% in the fourth quarter. Invenomic Capital Management LP now owns 442,225 shares of the business services provider’s stock worth $2,012,000 after acquiring an additional 166,660 shares during the period. Balyasny Asset Management L.P. bought a new stake in shares of TrueBlue in the 4th quarter valued at about $53,000. Bridgeway Capital Management LLC lifted its position in shares of TrueBlue by 25.7% in the 4th quarter. Bridgeway Capital Management LLC now owns 122,100 shares of the business services provider’s stock worth $556,000 after purchasing an additional 25,000 shares during the period. Jain Global LLC bought a new position in shares of TrueBlue during the fourth quarter valued at approximately $58,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in TrueBlue by 12.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 56,959 shares of the business services provider’s stock valued at $260,000 after buying an additional 6,400 shares during the period. 97.15% of the stock is owned by hedge funds and other institutional investors.

About TrueBlue

TrueBlue, Inc is a Tacoma, Washington–based workforce solutions provider specializing in temporary staffing, permanent placement and managed service solutions. Operating through its subsidiaries and brands, TrueBlue connects clients across manufacturing, logistics, retail, construction and public sector markets with skilled professionals for both short-term and long-term engagements. The company’s offerings encompass on-demand blue-collar labor, specialized industrial staffing, recruitment process outsourcing (RPO) and contingent workforce management.

TrueBlue’s primary service lines include PeopleReady, which supplies general labor for construction, hospitality and event services; PeopleManagement, which focuses on technical and industrial professionals; PeopleScout, a global RPO business offering end-to-end talent acquisition and consulting; and Staff Management | SMX, which delivers seasonal staffing for large-scale events, amusement parks and federal workforce contracts.