StockNews.com Lowers TrueBlue (NYSE:TBI) to Buy

TrueBlue (NYSE:TBIGet Rating) was downgraded by StockNews.com from a “strong-buy” rating to a “buy” rating in a report issued on Wednesday.

Separately, Sidoti started coverage on shares of TrueBlue in a report on Monday, April 11th. They issued a “buy” rating on the stock. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $30.33.

Shares of NYSE TBI traded up $0.26 during midday trading on Wednesday, reaching $29.40. The company’s stock had a trading volume of 184,399 shares, compared to its average volume of 203,296. The company has a market cap of $1.03 billion, a P/E ratio of 16.80 and a beta of 1.49. TrueBlue has a fifty-two week low of $22.14 and a fifty-two week high of $32.91. The business’s 50 day moving average price is $27.75 and its two-hundred day moving average price is $27.93.

TrueBlue (NYSE:TBIGet Rating) last announced its quarterly earnings data on Wednesday, February 2nd. The business services provider reported $0.69 earnings per share for the quarter. TrueBlue had a return on equity of 14.97% and a net margin of 2.84%. The firm had revenue of $621.93 million during the quarter, compared to analysts’ expectations of $582.21 million. During the same period in the previous year, the firm earned $0.33 EPS. The company’s quarterly revenue was up 19.9% compared to the same quarter last year.

In other news, CFO Derrek Lane Gafford acquired 15,000 shares of TrueBlue stock in a transaction that occurred on Tuesday, March 8th. The shares were acquired at an average price of $25.21 per share, for a total transaction of $378,150.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Richard Christensen sold 2,404 shares of the stock in a transaction dated Wednesday, February 9th. The shares were sold at an average price of $27.62, for a total value of $66,398.48. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of TBI. BlackRock Inc. raised its stake in shares of TrueBlue by 2.9% during the fourth quarter. BlackRock Inc. now owns 5,772,270 shares of the business services provider’s stock valued at $159,720,000 after acquiring an additional 161,577 shares during the last quarter. Pzena Investment Management LLC raised its position in shares of TrueBlue by 0.3% during the fourth quarter. Pzena Investment Management LLC now owns 1,769,139 shares of the business services provider’s stock worth $48,952,000 after acquiring an additional 4,588 shares during the last quarter. Hotchkis & Wiley Capital Management LLC lifted its position in shares of TrueBlue by 277.1% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 1,297,560 shares of the business services provider’s stock worth $35,138,000 after purchasing an additional 953,460 shares during the period. State Street Corp lifted its holdings in TrueBlue by 3.6% in the fourth quarter. State Street Corp now owns 1,234,759 shares of the business services provider’s stock valued at $34,166,000 after buying an additional 43,095 shares during the period. Finally, Invesco Ltd. boosted its position in shares of TrueBlue by 8.9% during the 4th quarter. Invesco Ltd. now owns 764,133 shares of the business services provider’s stock valued at $21,143,000 after purchasing an additional 62,753 shares in the last quarter. 95.43% of the stock is currently owned by hedge funds and other institutional investors.

About TrueBlue (Get Rating)

TrueBlue, Inc, together with its subsidiaries, provides specialized workforce solutions in the United States, Canada, and Puerto Rico. It operates through three segments: PeopleReady, PeopleManagement, and PeopleScout. The PeopleReady segment offers contingent staffing solutions for blue-collar, on-demand, and skilled labor in construction, manufacturing and logistics, warehousing and distribution, waste and recycling, energy, retail, hospitality, and general labor industries.

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