TrueBlue, Inc. (TBI) Lowered to Sell at Zacks Investment Research

Zacks Investment Research cut shares of TrueBlue, Inc. (NYSE:TBI) from a hold rating to a sell rating in a research note issued to investors on Thursday, November 2nd.

According to Zacks, “TRUEBLUE INC., headquartered in Tacoma, Wash., is the parent company of Labor Ready, Spartan Staffing, CLP Resources, and PlaneTechs. TrueBlue’s brands provide general labor, light industrial and skilled trades services to small to mid-sized businesses in the construction, warehousing, hospitality, landscaping, transportation, light manufacturing, retail, wholesale, facilities, sanitation, and aviation industries. “

TBI has been the topic of several other research reports. ValuEngine lowered shares of TrueBlue from a buy rating to a hold rating in a report on Friday, September 1st. Robert W. Baird reaffirmed a hold rating and issued a $25.00 target price on shares of TrueBlue in a report on Friday, October 6th. TheStreet lowered shares of TrueBlue from a b- rating to a c+ rating in a report on Friday, August 18th. BMO Capital Markets reaffirmed a hold rating and issued a $23.00 target price on shares of TrueBlue in a report on Friday, October 13th. Finally, BidaskClub downgraded shares of TrueBlue from a hold rating to a sell rating in a research report on Thursday, August 3rd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $26.00.

Shares of TrueBlue (TBI) opened at $28.00 on Thursday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.77 and a quick ratio of 1.77. The stock has a market cap of $1,174.67, a P/E ratio of 15.87 and a beta of 2.37. TrueBlue has a one year low of $19.30 and a one year high of $28.70.

TrueBlue (NYSE:TBI) last issued its quarterly earnings data on Monday, October 30th. The business services provider reported $0.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.02. TrueBlue had a net margin of 2.22% and a return on equity of 14.05%. The business had revenue of $660.78 million during the quarter, compared to analysts’ expectations of $651.91 million. During the same period in the previous year, the company earned $0.70 earnings per share. TrueBlue’s revenue for the quarter was down 5.2% on a year-over-year basis. equities research analysts predict that TrueBlue will post 1.7 EPS for the current fiscal year.

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TrueBlue announced that its Board of Directors has authorized a share repurchase plan on Monday, October 30th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the business services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

In other news, Director Joseph P. Sambataro, Jr. sold 16,985 shares of the firm’s stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $27.28, for a total transaction of $463,350.80. Following the completion of the transaction, the director now directly owns 56,596 shares of the company’s stock, valued at approximately $1,543,938.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Taryn R. Owen sold 9,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $26.08, for a total transaction of $234,720.00. Following the transaction, the executive vice president now directly owns 13,084 shares of the company’s stock, valued at $341,230.72. The disclosure for this sale can be found here. Over the last three months, insiders have sold 45,985 shares of company stock valued at $1,131,871. 2.00% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in TBI. BlackRock Inc. grew its stake in shares of TrueBlue by 50,858.0% in the first quarter. BlackRock Inc. now owns 5,165,614 shares of the business services provider’s stock valued at $141,280,000 after buying an additional 5,155,477 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of TrueBlue by 16.1% during the second quarter. Vanguard Group Inc. now owns 4,519,856 shares of the business services provider’s stock worth $119,777,000 after buying an additional 627,033 shares in the last quarter. FMR LLC lifted its holdings in shares of TrueBlue by 32.5% during the first quarter. FMR LLC now owns 1,041,300 shares of the business services provider’s stock worth $28,480,000 after buying an additional 255,207 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of TrueBlue by 28.1% during the second quarter. Ameriprise Financial Inc. now owns 840,797 shares of the business services provider’s stock worth $22,281,000 after buying an additional 184,641 shares in the last quarter. Finally, ClariVest Asset Management LLC lifted its holdings in shares of TrueBlue by 115.7% during the second quarter. ClariVest Asset Management LLC now owns 325,008 shares of the business services provider’s stock worth $8,611,000 after buying an additional 174,303 shares in the last quarter. 91.46% of the stock is owned by institutional investors and hedge funds.

TrueBlue Company Profile

TrueBlue, Inc is a provider of specialized workforce solutions. The Company is engaged in providing staffing, on-site workforce management and recruitment process outsourcing services. The Company operates through three segments: PeopleReady, PeopleManagement and PeopleScout. Its PeopleReady segment provides blue-collar contingent staffing through the PeopleReady service line.

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