Trueblue (NYSE:TBI) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research lowered shares of Trueblue (NYSE:TBI) from a hold rating to a sell rating in a research note released on Thursday, Zacks.com reports.

According to Zacks, “TrueBlue, Inc. is a leading provider of specialized workforce solutions, helping clients improve growth and performance by providing staffing, workforce management, and recruitment process outsourcing solutions. The company’s specialized workforce solutions meet clients’ needs for a reliable, efficient workforce in a wide variety of industries. “

A number of other equities analysts have also commented on the company. ValuEngine lowered Trueblue from a sell rating to a strong sell rating in a research note on Wednesday. Robert W. Baird lowered their price objective on Trueblue from $27.00 to $26.00 and set a neutral rating on the stock in a research note on Tuesday, April 30th. Finally, TheStreet lowered Trueblue from a b- rating to a c+ rating in a research note on Tuesday, May 14th. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. The stock has a consensus rating of Hold and an average target price of $25.50.

NYSE:TBI traded up $0.23 during mid-day trading on Thursday, hitting $19.82. 243,100 shares of the stock were exchanged, compared to its average volume of 198,273. The stock has a market cap of $784.58 million, a PE ratio of 8.69 and a beta of 1.61. The stock’s 50-day moving average price is $21.69. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.84 and a quick ratio of 1.79. Trueblue has a fifty-two week low of $18.62 and a fifty-two week high of $29.85.

Trueblue (NYSE:TBI) last released its quarterly earnings results on Monday, July 29th. The business services provider reported $0.64 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.06. The business had revenue of $588.59 million during the quarter, compared to analysts’ expectations of $615.94 million. Trueblue had a return on equity of 15.36% and a net margin of 2.71%. The firm’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same period last year, the firm posted $0.57 EPS. As a group, equities analysts anticipate that Trueblue will post 2.01 EPS for the current fiscal year.

In other Trueblue news, EVP James E. Defebaugh sold 10,000 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $24.69, for a total transaction of $246,900.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Derrek Lane Gafford sold 40,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $24.16, for a total value of $966,400.00. Following the transaction, the chief financial officer now owns 108,758 shares in the company, valued at approximately $2,627,593.28. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

A number of institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its holdings in Trueblue by 6.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,938,757 shares of the business services provider’s stock worth $65,387,000 after purchasing an additional 170,950 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Trueblue by 7.1% during the fourth quarter. Geode Capital Management LLC now owns 489,696 shares of the business services provider’s stock valued at $10,894,000 after purchasing an additional 32,326 shares during the period. Metropolitan Life Insurance Co. NY increased its position in shares of Trueblue by 374.7% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 13,677 shares of the business services provider’s stock valued at $304,000 after purchasing an additional 10,796 shares during the period. Municipal Employees Retirement System of Michigan bought a new stake in shares of Trueblue during the fourth quarter valued at approximately $499,000. Finally, Thrivent Financial for Lutherans increased its position in shares of Trueblue by 2.2% during the fourth quarter. Thrivent Financial for Lutherans now owns 29,121 shares of the business services provider’s stock valued at $648,000 after purchasing an additional 640 shares during the period. Hedge funds and other institutional investors own 92.94% 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, energy, retail, hospitality, general labor, and other industries under the Labor Ready, CLP Resources, and Spartan Staffing brands.

Further Reading: Preferred Stock

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