Trueblue (TBI) Rating Increased to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Trueblue (NYSE:TBI) from a sell rating to a hold rating in a report issued on Saturday, 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. “

Other equities research analysts have also issued reports about the company. ValuEngine raised Trueblue from a sell rating to a hold rating in a research note on Monday, April 29th. TheStreet raised Trueblue from a c+ rating to a b- rating in a research note on Tuesday, April 16th. Robert W. Baird lowered their price objective on Trueblue from $27.00 to $26.00 and set a neutral rating for the company in a research note on Tuesday, April 30th. Finally, BMO Capital Markets lowered their price objective on Trueblue from $26.00 to $24.00 and set a market perform rating for the company in a research note on Monday, February 11th. Five equities research analysts have rated the stock with a hold rating, The company currently has an average rating of Hold and an average price target of $25.50.

Trueblue stock traded down $0.30 during midday trading on Friday, reaching $23.50. 114,022 shares of the stock traded hands, compared to its average volume of 189,462. Trueblue has a 12 month low of $20.56 and a 12 month high of $29.85. The firm has a market cap of $943.60 million, a PE ratio of 10.31 and a beta of 1.66. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.07.

Trueblue (NYSE:TBI) last announced its quarterly earnings results on Monday, April 29th. The business services provider reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. Trueblue had a return on equity of 15.35% and a net margin of 2.61%. The company had revenue of $552.30 million during the quarter, compared to analyst estimates of $560.27 million. During the same period in the prior year, the company earned $0.31 earnings per share. The firm’s revenue was down .4% on a year-over-year basis. As a group, equities research analysts forecast that Trueblue will post 2.28 earnings per share for the current fiscal year.

In other news, CEO A. Patrick Beharelle sold 15,700 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $24.54, for a total value of $385,278.00. Following the sale, the chief executive officer now directly owns 107,965 shares in the company, valued at $2,649,461.10. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Derrek Lane Gafford sold 40,000 shares of the stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 108,758 shares in the company, valued at $2,627,593.28. The disclosure for this sale can be found here. Insiders sold a total of 90,700 shares of company stock valued at $2,189,078 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of TBI. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Trueblue by 42.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,738 shares of the business services provider’s stock worth $61,000 after buying an additional 822 shares during the period. Quantamental Technologies LLC purchased a new stake in shares of Trueblue in the fourth quarter worth approximately $71,000. Sterling Investment Advisors Ltd. raised its holdings in shares of Trueblue by 100.0% in the first quarter. Sterling Investment Advisors Ltd. now owns 4,000 shares of the business services provider’s stock worth $95,000 after buying an additional 2,000 shares during the period. Bessemer Group Inc. purchased a new stake in shares of Trueblue in the fourth quarter worth approximately $138,000. Finally, Meeder Asset Management Inc. raised its holdings in shares of Trueblue by 1,301.5% in the first quarter. Meeder Asset Management Inc. now owns 6,517 shares of the business services provider’s stock worth $154,000 after buying an additional 6,052 shares during the period. Hedge funds and other institutional investors own 96.23% 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.

Featured Story: Using other technical indicators with support levels

Get a free copy of the Zacks research report on Trueblue (TBI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Trueblue Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Trueblue and related companies with MarketBeat.com's FREE daily email newsletter.