State Board of Administration of Florida Retirement System Has $301,000 Stake in TrueBlue, Inc. (NYSE:TBI)

State Board of Administration of Florida Retirement System trimmed its position in shares of TrueBlue, Inc. (NYSE:TBI – Get Rating) by 38.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,358 shares of the business services provider’s stock after selling 9,450 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in TrueBlue were worth $301,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Pacer Advisors Inc. bought a new position in TrueBlue in the 4th quarter valued at $6,005,000. SG Americas Securities LLC bought a new position in TrueBlue in the 4th quarter valued at $129,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in TrueBlue by 22.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,357 shares of the business services provider’s stock valued at $164,000 after purchasing an additional 1,506 shares during the period. AE Wealth Management LLC grew its stake in TrueBlue by 8.0% in the 4th quarter. AE Wealth Management LLC now owns 49,854 shares of the business services provider’s stock valued at $976,000 after purchasing an additional 3,706 shares during the period. Finally, New York State Common Retirement Fund grew its stake in TrueBlue by 4.1% in the 4th quarter. New York State Common Retirement Fund now owns 53,494 shares of the business services provider’s stock valued at $1,047,000 after purchasing an additional 2,121 shares during the period. 96.65% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TBI has been the subject of several research reports. StockNews.com initiated coverage on TrueBlue in a research note on Thursday. They set a “hold” rating for the company. Robert W. Baird cut their price target on TrueBlue from $21.00 to $20.00 in a research note on Tuesday, April 25th. Finally, BMO Capital Markets cut their target price on TrueBlue from $20.00 to $18.00 in a research note on Wednesday, April 26th.

Insider Activity

In other TrueBlue news, EVP Garrett Ferencz purchased 4,944 shares of the company’s stock in a transaction dated Monday, May 1st. The stock was purchased at an average price of $15.17 per share, for a total transaction of $75,000.48. Following the transaction, the executive vice president now owns 67,566 shares in the company, valued at approximately $1,024,976.22. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 4.00% of the company’s stock.

TrueBlue Stock Down 0.3 %

Shares of NYSE TBI opened at $16.04 on Monday. TrueBlue, Inc. has a 52 week low of $14.20 and a 52 week high of $23.03. The business has a 50-day simple moving average of $16.72 and a two-hundred day simple moving average of $18.61. The company has a market cap of $497.56 million, a P/E ratio of 11.22 and a beta of 1.44.

TrueBlue (NYSE:TBI – Get Rating) last issued its quarterly earnings results on Monday, April 24th. The business services provider reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.05. The firm had revenue of $465.29 million during the quarter, compared to the consensus estimate of $465.30 million. TrueBlue had a return on equity of 13.39% and a net margin of 2.19%. The company’s revenue for the quarter was down 15.6% on a year-over-year basis. During the same quarter last year, the company posted $0.44 EPS.

About TrueBlue

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TrueBlue, Inc engages in the provision of staffing, recruitment process outsourcing and managed service provider solutions. It operates through the following segments: PeopleReady, PeopleManagement and PeopleScout. The PeopleReady segment offers staffing solutions for blue-collar, contingent on-demand and skilled labor to a broad range of industries that include retail, manufacturing, warehousing, logistics, energy, construction, hospitality and others.