TrueBlue’s (TBI) Hold Rating Reaffirmed at BMO Capital Markets

BMO Capital Markets reiterated their hold rating on shares of TrueBlue, Inc. (NYSE:TBI) in a research report report published on Friday. They currently have a $23.00 price target on the business services provider’s stock.

Several other research firms also recently weighed in on TBI. BidaskClub downgraded shares of TrueBlue from a buy rating to a hold rating in a research note on Tuesday, July 25th. Zacks Investment Research downgraded shares of TrueBlue from a hold rating to a sell rating in a research note on Thursday, August 3rd. Finally, TheStreet raised shares of TrueBlue from a c rating to a b rating in a research note on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $21.25.

TrueBlue (TBI) traded down 1.00% on Friday, hitting $19.85. 405,181 shares of the company were exchanged. TrueBlue has a 52 week low of $16.50 and a 52 week high of $28.70. The firm’s 50 day moving average is $25.10 and its 200 day moving average is $26.03. The company has a market capitalization of $825.32 million, a P/E ratio of 14.02 and a beta of 2.34.

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

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

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in 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. increased its position in shares of TrueBlue by 16.1% in 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 during the period. Dimensional Fund Advisors LP increased its position in shares of TrueBlue by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,092,140 shares of the business services provider’s stock worth $55,441,000 after buying an additional 24,233 shares during the period. Alliancebernstein L.P. increased its position in shares of TrueBlue by 2.6% in the second quarter. Alliancebernstein L.P. now owns 1,380,711 shares of the business services provider’s stock worth $36,589,000 after buying an additional 35,040 shares during the period. Finally, FMR LLC increased its position in shares of TrueBlue by 16.1% in the second quarter. FMR LLC now owns 1,209,465 shares of the business services provider’s stock worth $32,051,000 after buying an additional 168,165 shares during the period. 92.66% of the stock is currently owned by hedge funds and other institutional investors.

About TrueBlue

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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