TrueBlue (NYSE:TBI) Raised to “Hold” at StockNews.com

TrueBlue (NYSE:TBI) was upgraded by stock analysts at StockNews.com from a “sell” rating to a “hold” rating in a report released on Friday.

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

TrueBlue Price Performance

Shares of TrueBlue stock opened at $7.87 on Friday. The company’s 50 day moving average price is $7.77 and its two-hundred day moving average price is $8.54. The firm has a market capitalization of $232.63 million, a P/E ratio of -2.05 and a beta of 1.47. TrueBlue has a fifty-two week low of $6.63 and a fifty-two week high of $15.61.

TrueBlue (NYSE:TBI) last issued its quarterly earnings data on Monday, November 4th. The business services provider reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.04. The business had revenue of $382.36 million for the quarter, compared to analyst estimates of $386.07 million. TrueBlue had a negative return on equity of 2.69% and a negative net margin of 6.97%. TrueBlue’s quarterly revenue was down 19.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.16 EPS. On average, analysts expect that TrueBlue will post -0.56 earnings per share for the current year.

Institutional Investors Weigh In On TrueBlue

A number of institutional investors have recently made changes to their positions in the stock. Royce & Associates LP boosted its stake in shares of TrueBlue by 28.5% in the 3rd quarter. Royce & Associates LP now owns 1,082,085 shares of the business services provider’s stock valued at $8,538,000 after purchasing an additional 239,740 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in TrueBlue by 230.1% in the third quarter. BNP Paribas Financial Markets now owns 46,687 shares of the business services provider’s stock valued at $368,000 after buying an additional 32,542 shares during the period. Assenagon Asset Management S.A. boosted its position in TrueBlue by 33.1% during the third quarter. Assenagon Asset Management S.A. now owns 386,432 shares of the business services provider’s stock valued at $3,049,000 after acquiring an additional 96,072 shares during the last quarter. Walleye Capital LLC acquired a new stake in TrueBlue during the 3rd quarter worth about $227,000. Finally, Quantinno Capital Management LP bought a new position in shares of TrueBlue in the 3rd quarter worth about $149,000. 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.