Trueblue (TBI) Downgraded by ValuEngine to “Sell”

ValuEngine downgraded shares of Trueblue (NYSE:TBI) from a hold rating to a sell rating in a research report sent to investors on Tuesday morning.

TBI has been the topic of several other reports. Robert W. Baird restated a hold rating and issued a $28.00 target price on shares of Trueblue in a research note on Tuesday, July 31st. Credit Suisse Group set a $25.00 target price on Trueblue and gave the company a hold rating in a research note on Tuesday. TheStreet upgraded Trueblue from a c rating to a b- rating in a research note on Wednesday, August 1st. Finally, Zacks Investment Research upgraded Trueblue from a hold rating to a buy rating and set a $31.00 target price on the stock in a research note on Friday, August 3rd. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. The company has a consensus rating of Hold and an average price target of $28.25.

Shares of TBI opened at $23.86 on Tuesday. The firm has a market capitalization of $985.21 million, a price-to-earnings ratio of 12.19 and a beta of 1.88. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.98 and a current ratio of 1.98. Trueblue has a 1 year low of $22.34 and a 1 year high of $29.85.

Trueblue (NYSE:TBI) last issued its earnings results on Monday, November 5th. The business services provider reported $0.79 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.01. The firm had revenue of $680.40 million for the quarter, compared to analyst estimates of $672.74 million. Trueblue had a return on equity of 14.66% and a net margin of 2.57%. The business’s revenue was up 3.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.60 earnings per share. Research analysts anticipate that Trueblue will post 2.23 earnings per share for the current fiscal year.

In other news, EVP Sean A. Ebner sold 1,211 shares of Trueblue stock in a transaction on Tuesday, August 14th. The stock was sold at an average price of $28.50, for a total value of $34,513.50. Following the completion of the transaction, the executive vice president now directly owns 13,989 shares in the company, valued at $398,686.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.00% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. grew its position in shares of Trueblue by 2.4% in the second quarter. BlackRock Inc. now owns 5,450,585 shares of the business services provider’s stock valued at $146,894,000 after purchasing an additional 127,868 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Trueblue by 9.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,546,896 shares of the business services provider’s stock valued at $68,639,000 after purchasing an additional 209,271 shares in the last quarter. FMR LLC grew its position in shares of Trueblue by 6.7% in the second quarter. FMR LLC now owns 1,249,211 shares of the business services provider’s stock valued at $33,666,000 after purchasing an additional 78,126 shares in the last quarter. Hood River Capital Management LLC grew its position in shares of Trueblue by 28.1% in the second quarter. Hood River Capital Management LLC now owns 798,449 shares of the business services provider’s stock valued at $21,518,000 after purchasing an additional 175,325 shares in the last quarter. Finally, Acadian Asset Management LLC grew its position in shares of Trueblue by 22.7% in the third quarter. Acadian Asset Management LLC now owns 734,988 shares of the business services provider’s stock valued at $19,145,000 after purchasing an additional 136,172 shares in the last quarter. Institutional investors own 92.55% of the company’s stock.

Trueblue Company Profile

TrueBlue, Inc provides contingent staffing, recruitment process outsourcing, and contingent staffing management services in the United States, Canada, and Puerto Rico. It operates through three segments: PeopleReady, PeopleManagement, and PeopleScout. The PeopleReady segment offers a range of staffing solutions for blue-collar, contingent on-demand, and skilled labor in construction, manufacturing and logistics, warehousing and distribution, waste and recycling, hospitality, general labor, and other industries under the Labor Ready, CLP Resources, and Spartan Staffing brands.

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