TrueBlue Inc. (TBI) Issues Quarterly Earnings Results, Misses Expectations By $0.05 EPS
TrueBlue Inc. (NYSE:TBI) posted its earnings results on Wednesday. The company reported $0.70 EPS for the quarter, missing the consensus estimate of $0.75 by $0.05. TrueBlue had a negative net margin of 0.30% and a positive return on equity of 15.08%. The business earned $697.10 million during the quarter, compared to analyst estimates of $715.69 million. During the same quarter in the prior year, the business earned $0.54 earnings per share. The firm’s revenue was up 1.9% compared to the same quarter last year. TrueBlue updated its Q4 guidance to $0.54-0.59 EPS.
TrueBlue (NYSE:TBI) traded down 5.44% during midday trading on Wednesday, hitting $20.00. The stock had a trading volume of 711,245 shares. TrueBlue has a one year low of $17.35 and a one year high of $30.25. The company’s market cap is $823.30 million. The stock’s 50-day moving average is $22.16 and its 200-day moving average is $21.39.
In other news, EVP James E. Defebaugh sold 5,000 shares of TrueBlue stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $23.07, for a total value of $115,350.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.00% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of TBI. Pacad Investment Ltd. purchased a new position in TrueBlue during the second quarter worth about $192,000. BlackRock Inc. boosted its position in TrueBlue by 232.8% in the second quarter. BlackRock Inc. now owns 11,280 shares of the company’s stock worth $214,000 after buying an additional 7,891 shares during the period. AHL Partners LLP purchased a new position in TrueBlue during the second quarter worth about $322,000. Barclays PLC boosted its position in TrueBlue by 23,964.9% in the second quarter. Barclays PLC now owns 18,530 shares of the company’s stock worth $351,000 after buying an additional 18,453 shares during the period. Finally, A.R.T. Advisors LLC purchased a new position in TrueBlue during the second quarter worth about $358,000. Institutional investors own 93.00% of the company’s stock.
TBI has been the topic of several analyst reports. Zacks Investment Research upgraded TrueBlue from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 22nd. Deutsche Bank AG initiated coverage on TrueBlue in a research note on Wednesday, August 17th. They set a “sell” rating and a $20.00 price target for the company. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. TrueBlue presently has an average rating of “Hold” and a consensus price target of $23.43.
TrueBlue Company Profile
TrueBlue, Inc (TrueBlue) is a provider of specialized workforce solutions. The Company is engaged in providing staffing, recruitment process outsourcing, and managed service provider solutions. The Company operates through two segments: Staffing Services and Managed Services. The Company offers on-premise temporary blue-collar staffing, and outsourced service offerings in recruitment process outsourcing (RPO) and management of contingent labor services providers (MSP) solutions.
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