BMO Capital Markets Reaffirms “Hold” Rating for TrueBlue, Inc. (TBI)

BMO Capital Markets reissued their hold rating on shares of TrueBlue, Inc. (NYSE:TBI) in a research report released on Friday morning. The brokerage currently has a $23.00 price target on the business services provider’s stock, down from their prior price target of $26.00.

TBI has been the subject of a number of other reports. BidaskClub cut shares of TrueBlue from a buy rating to a hold rating in a research report on Tuesday, July 25th. Zacks Investment Research downgraded TrueBlue from a buy rating to a hold rating in a research note on Thursday, July 13th. Finally, TheStreet raised TrueBlue from a c rating to a b rating in a research report on Monday, July 31st. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. The company has a consensus rating of Hold and a consensus price target of $21.25.

Shares of TrueBlue (NYSE:TBI) traded up 2.77% during midday trading on Friday, hitting $20.40. 92,405 shares of the company’s stock were exchanged. The stock has a market cap of $848.19 million, a PE ratio of 14.41 and a beta of 2.34. TrueBlue has a 1-year low of $16.50 and a 1-year high of $28.70. The stock’s 50 day moving average is $25.10 and its 200-day moving average is $26.03.

TrueBlue (NYSE:TBI) last released its quarterly earnings results on Monday, July 31st. The business services provider reported $0.42 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.42. TrueBlue had a net margin of 2.27% and a return on equity of 15.18%. The business had revenue of $610.10 million during the quarter, compared to analyst estimates of $610.04 million. During the same period last year, the business earned $0.54 EPS. The business’s revenue was down 9.3% on a year-over-year basis. Analysts predict that TrueBlue will post $1.69 earnings per share for the current fiscal year.

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In related news, Director Joseph P. Sambataro, Jr. sold 25,000 shares of the company’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $28.32, for a total value of $708,000.00. Following the sale, the director now directly owns 73,581 shares of the company’s stock, valued at $2,083,813.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Derrek Lane Gafford sold 20,000 shares of the company’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $27.75, for a total transaction of $555,000.00. Following the completion of the sale, the chief financial officer now directly owns 91,859 shares in the company, valued at $2,549,087.25. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. State of Alaska Department of Revenue increased its stake in TrueBlue by 1.3% in the first quarter. State of Alaska Department of Revenue now owns 4,660 shares of the business services provider’s stock valued at $127,000 after buying an additional 60 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in shares of TrueBlue by 0.6% in the first quarter. Louisiana State Employees Retirement System now owns 17,200 shares of the business services provider’s stock worth $470,000 after buying an additional 100 shares during the period. 1st Global Advisors Inc. raised its stake in shares of TrueBlue by 1.4% in the first quarter. 1st Global Advisors Inc. now owns 8,754 shares of the business services provider’s stock worth $239,000 after buying an additional 120 shares during the period. State Board of Administration of Florida Retirement System raised its stake in shares of TrueBlue by 0.4% in the second quarter. State Board of Administration of Florida Retirement System now owns 43,510 shares of the business services provider’s stock worth $1,153,000 after buying an additional 165 shares during the period. Finally, Jennison Associates LLC raised its stake in shares of TrueBlue by 0.5% in the second quarter. Jennison Associates LLC now owns 37,797 shares of the business services provider’s stock worth $1,002,000 after buying an additional 192 shares during the period. 88.29% of the stock is owned by institutional investors.

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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