Texas Permanent School Fund reduced its stake in shares of Trueblue Inc (NYSE:TBI) by 8.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,960 shares of the business services provider’s stock after selling 2,703 shares during the period. Texas Permanent School Fund owned 0.07% of Trueblue worth $769,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Meeder Asset Management Inc. lifted its holdings in shares of Trueblue by 192.7% during the 3rd quarter. Meeder Asset Management Inc. now owns 4,706 shares of the business services provider’s stock worth $106,000 after acquiring an additional 3,098 shares during the period. Macquarie Group Ltd. purchased a new position in shares of Trueblue during the 3rd quarter worth about $117,000. Jane Street Group LLC purchased a new position in shares of Trueblue during the 3rd quarter worth about $203,000. Piedmont Investment Advisors LLC purchased a new position in shares of Trueblue during the 2nd quarter worth about $244,000. Finally, Virginia Retirement Systems ET AL purchased a new position in shares of Trueblue during the 3rd quarter worth about $209,000. Institutional investors and hedge funds own 90.52% of the company’s stock.
In related news, Director Bonnie W. Soodik sold 20,871 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $27.85, for a total value of $581,257.35. Following the transaction, the director now owns 2,119 shares in the company, valued at $59,014.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Steven C. Cooper sold 23,900 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $28.06, for a total transaction of $670,634.00. The disclosure for this sale can be found here. Insiders sold 57,371 shares of company stock worth $1,611,495 in the last 90 days. 2.00% of the stock is currently owned by insiders.
Trueblue Inc (NYSE:TBI) opened at $28.45 on Friday. Trueblue Inc has a 1-year low of $19.30 and a 1-year high of $29.50. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.02 and a quick ratio of 1.77. The company has a market cap of $1,170.00, a P/E ratio of 21.23 and a beta of 2.27.
Trueblue (NYSE:TBI) last posted its quarterly earnings results on Wednesday, February 7th. The business services provider reported $0.51 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.03. Trueblue had a net margin of 2.21% and a return on equity of 13.30%. The firm had revenue of $669.63 million for the quarter, compared to analyst estimates of $667.66 million. During the same quarter last year, the firm posted $0.58 earnings per share. Trueblue’s revenue for the quarter was down 8.9% compared to the same quarter last year. equities analysts expect that Trueblue Inc will post 2.21 EPS for the current fiscal year.
Trueblue declared that its board has approved a stock buyback plan on Monday, October 30th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the business services provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
Several brokerages have recently weighed in on TBI. TheStreet upgraded shares of Trueblue from a “c+” rating to a “b” rating in a report on Friday, November 17th. Zacks Investment Research upgraded shares of Trueblue from a “hold” rating to a “strong-buy” rating and set a $31.00 price objective on the stock in a report on Tuesday. BMO Capital Markets reiterated a “hold” rating and set a $30.00 price objective on shares of Trueblue in a report on Wednesday, January 24th. Finally, Robert W. Baird increased their price objective on shares of Trueblue from $25.00 to $26.00 and gave the stock a “neutral” rating in a report on Tuesday, October 31st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $28.67.
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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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