California State Teachers Retirement System lowered its stake in shares of Trueblue Inc (NYSE:TBI) by 10.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 66,375 shares of the business services provider’s stock after selling 8,080 shares during the quarter. California State Teachers Retirement System owned 0.16% of Trueblue worth $1,490,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Meeder Asset Management Inc. grew its holdings in Trueblue by 192.7% during the third quarter. Meeder Asset Management Inc. now owns 4,706 shares of the business services provider’s stock worth $106,000 after buying an additional 3,098 shares in the last quarter. Macquarie Group Ltd. bought a new stake in Trueblue during the third quarter worth $117,000. Los Angeles Capital Management & Equity Research Inc. bought a new stake in Trueblue during the second quarter worth $236,000. Piedmont Investment Advisors LLC bought a new stake in Trueblue during the second quarter worth $244,000. Finally, Virginia Retirement Systems ET AL bought a new stake in Trueblue during the third quarter worth $209,000. Institutional investors and hedge funds own 90.49% of the company’s stock.
Several equities research analysts recently issued reports on the company. Robert W. Baird upped their price target on Trueblue from $25.00 to $26.00 and gave the stock a “neutral” rating in a report on Tuesday, October 31st. BMO Capital Markets reiterated a “hold” rating and set a $23.00 price target on shares of Trueblue in a report on Friday, October 13th. TheStreet upgraded Trueblue from a “c+” rating to a “b” rating in a report on Friday, November 17th. Zacks Investment Research downgraded Trueblue from a “hold” rating to a “sell” rating in a report on Thursday, November 2nd. Finally, ValuEngine upgraded Trueblue from a “hold” rating to a “buy” rating in a report on Friday, October 6th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. Trueblue presently has an average rating of “Hold” and a consensus target price of $26.00.
Trueblue Inc (NYSE TBI) opened at $28.20 on Monday. The stock has a market capitalization of $1,166.41, a price-to-earnings ratio of 20.74 and a beta of 2.39. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.77 and a quick ratio of 1.77. Trueblue Inc has a 12 month low of $19.30 and a 12 month high of $29.50.
Trueblue (NYSE:TBI) last announced its quarterly earnings data on Monday, October 30th. The business services provider reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. The firm had revenue of $660.78 million during the quarter, compared to the consensus estimate of $651.91 million. Trueblue had a return on equity of 15.80% and a net margin of 3.21%. The business’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.70 EPS. equities research analysts expect that Trueblue Inc will post 1.7 earnings per share for the current fiscal year.
Trueblue declared that its Board of Directors has initiated a share repurchase plan on Monday, October 30th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the business services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other Trueblue news, CEO Steven C. Cooper sold 23,900 shares of the company’s stock in a transaction on Monday, December 4th. The stock was sold at an average price of $28.06, for a total value of $670,634.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Wayne W. Larkin sold 12,600 shares of the company’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $28.54, for a total value of $359,604.00. Following the completion of the transaction, the executive vice president now owns 39,461 shares of the company’s stock, valued at approximately $1,126,216.94. The disclosure for this sale can be found here. Insiders sold a total of 69,985 shares of company stock valued at $1,939,509 in the last 90 days. Corporate insiders own 2.00% of the company’s stock.
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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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