TrueBlue (NYSE:TBI) Upgraded by StockNews.com to “Hold” Rating

StockNews.com upgraded shares of TrueBlue (NYSE:TBI) from a sell rating to a hold rating in a research note released on Friday morning.

Separately, BMO Capital Markets reduced their price target on TrueBlue from $11.00 to $10.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th.

TrueBlue Price Performance

NYSE:TBI opened at $7.87 on Friday. TrueBlue has a 1-year low of $6.63 and a 1-year high of $15.61. The company has a 50-day moving average of $7.77 and a 200 day moving average of $8.53. The firm has a market cap of $232.63 million, a PE ratio of -2.05 and a beta of 1.47.

TrueBlue (NYSE:TBI) last announced its quarterly earnings results on Monday, November 4th. The business services provider reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.04. The firm had revenue of $382.36 million during the quarter, compared to analysts’ expectations of $386.07 million. TrueBlue had a negative net margin of 6.97% and a negative return on equity of 2.69%. The company’s revenue was down 19.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.16 EPS. Sell-side analysts anticipate that TrueBlue will post -0.56 EPS for the current fiscal year.

Institutional Investors Weigh In On TrueBlue

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp grew its stake in shares of TrueBlue by 0.3% during the third quarter. State Street Corp now owns 665,901 shares of the business services provider’s stock worth $5,254,000 after acquiring an additional 1,968 shares during the last quarter. Bank of New York Mellon Corp grew its position in TrueBlue by 2.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 130,200 shares of the business services provider’s stock worth $1,341,000 after purchasing an additional 2,905 shares during the last quarter. nVerses Capital LLC acquired a new position in TrueBlue during the 2nd quarter valued at approximately $35,000. XTX Topco Ltd raised its holdings in shares of TrueBlue by 19.4% in the second quarter. XTX Topco Ltd now owns 22,725 shares of the business services provider’s stock worth $234,000 after buying an additional 3,689 shares during the last quarter. Finally, Sei Investments Co. lifted its stake in shares of TrueBlue by 22.5% during the second quarter. Sei Investments Co. now owns 40,329 shares of the business services provider’s stock worth $415,000 after buying an additional 7,400 shares during the period. Hedge funds and other institutional investors own 97.15% of the company’s stock.

TrueBlue Company Profile

TrueBlue, Inc, together with its subsidiaries, provides specialized workforce solutions in the United States, Canada, the United Kingdom, Australia, and Puerto Rico. It operates through three segments: PeopleReady, PeopleManagement, and PeopleScout. The company PeopleReady segment provides general, industrial, and skilled trade contingent staffing services for construction, transportation, manufacturing, retail, hospitality, and renewable energy industries.