Zacks Investment Research Downgrades TrueBlue, Inc. (NYSE:TBI) to Sell

TrueBlue, Inc. (NYSE:TBI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Thursday, August 3rd.

According to Zacks, “TRUEBLUE INC., headquartered in Tacoma, Wash., is the parent company of Labor Ready, Spartan Staffing, CLP Resources, and PlaneTechs. TrueBlue’s brands provide general labor, light industrial and skilled trades services to small to mid-sized businesses in the construction, warehousing, hospitality, landscaping, transportation, light manufacturing, retail, wholesale, facilities, sanitation, and aviation industries. “

Several other analysts have also recently weighed in on the company. BMO Capital Markets restated a “sell” rating and set a $25.00 price target on shares of TrueBlue in a report on Wednesday, May 3rd. BidaskClub cut TrueBlue from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Finally, TheStreet raised TrueBlue from a “c” rating to a “b” rating in a research note on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $21.25.

Shares of TrueBlue (NYSE:TBI) opened at 19.85 on Thursday. TrueBlue has a 12-month low of $16.50 and a 12-month high of $28.70. The company’s 50-day moving average is $25.10 and its 200-day moving average is $26.03. The firm has a market capitalization of $825.32 million, a price-to-earnings ratio of 14.02 and a beta of 2.34.

TrueBlue (NYSE:TBI) last released its quarterly earnings results on Monday, July 31st. The business services provider reported $0.42 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.42. The company had revenue of $610.10 million for the quarter, compared to analysts’ expectations of $610.04 million. TrueBlue had a return on equity of 15.18% and a net margin of 2.27%. The business’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.54 earnings per share. On average, equities analysts forecast that TrueBlue will post $1.69 earnings per share for the current fiscal year.

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In other news, Director Joseph P. Sambataro, Jr. sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $28.32, for a total transaction of $708,000.00. Following the transaction, the director now directly owns 73,581 shares of the company’s stock, valued at $2,083,813.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Derrek Lane Gafford sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $27.75, for a total value of $555,000.00. Following the transaction, the chief financial officer now directly owns 91,859 shares in the company, valued at $2,549,087.25. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.

Large investors have recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of TrueBlue by 50,858.0% in the first quarter. BlackRock Inc. now owns 5,165,614 shares of the business services provider’s stock valued at $141,280,000 after buying an additional 5,155,477 shares during the period. Vanguard Group Inc. increased its stake in shares of TrueBlue by 16.1% in the second quarter. Vanguard Group Inc. now owns 4,519,856 shares of the business services provider’s stock valued at $119,777,000 after buying an additional 627,033 shares during the period. JPMorgan Chase & Co. increased its stake in shares of TrueBlue by 114.6% in the first quarter. JPMorgan Chase & Co. now owns 1,085,196 shares of the business services provider’s stock valued at $29,681,000 after buying an additional 579,545 shares during the period. Norges Bank bought a new stake in shares of TrueBlue during the fourth quarter valued at about $12,894,000. Finally, Alliancebernstein L.P. increased its stake in shares of TrueBlue by 41.1% in the first quarter. Alliancebernstein L.P. now owns 1,345,671 shares of the business services provider’s stock valued at $36,804,000 after buying an additional 391,674 shares during the period. Institutional investors and hedge funds own 92.66% of the company’s stock.

About TrueBlue

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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