Zacks Investment Research downgraded shares of Trueblue (NYSE:TBI) from a buy rating to a hold rating in a report published on Thursday morning.
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. “
Other equities analysts have also issued research reports about the company. TheStreet lowered Trueblue from a b- rating to a c rating in a research note on Monday, December 31st. Credit Suisse Group lowered their price objective on Trueblue from $31.00 to $25.00 and set a hold rating on the stock in a research note on Tuesday, November 6th. Finally, ValuEngine lowered Trueblue from a buy rating to a hold rating in a research note on Wednesday, September 12th. Five investment analysts have rated the stock with a hold rating, The company has an average rating of Hold and a consensus price target of $27.25.
Trueblue (NYSE:TBI) last released its quarterly earnings data on Monday, November 5th. The business services provider reported $0.79 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.01. The company had revenue of $680.40 million for the quarter, compared to analyst estimates of $672.74 million. Trueblue had a return on equity of 15.62% and a net margin of 2.67%. The firm’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.60 earnings per share. Research analysts anticipate that Trueblue will post 2.26 EPS for the current fiscal year.
Several institutional investors have recently made changes to their positions in TBI. Meeder Asset Management Inc. increased its holdings in Trueblue by 139.9% during the 3rd quarter. Meeder Asset Management Inc. now owns 4,224 shares of the business services provider’s stock worth $110,000 after purchasing an additional 2,463 shares during the period. Tower Research Capital LLC TRC purchased a new stake in Trueblue during the 2nd quarter worth about $134,000. Pacer Advisors Inc. increased its holdings in Trueblue by 141.5% during the 3rd quarter. Pacer Advisors Inc. now owns 5,618 shares of the business services provider’s stock worth $146,000 after purchasing an additional 3,292 shares during the period. Signaturefd LLC increased its holdings in Trueblue by 50.0% during the 2nd quarter. Signaturefd LLC now owns 11,009 shares of the business services provider’s stock worth $297,000 after purchasing an additional 3,670 shares during the period. Finally, Paloma Partners Management Co purchased a new stake in Trueblue during the 2nd quarter worth about $307,000. 92.91% of the stock is currently owned by institutional investors and hedge funds.
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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