Fmr LLC Increases Position in TrueBlue, Inc. (NYSE:TBI)
FMR LLC raised its stake in shares of TrueBlue, Inc. (NYSE:TBI) by 32.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,041,300 shares of the business services provider’s stock after buying an additional 255,207 shares during the period. FMR LLC owned 2.54% of TrueBlue worth $28,480,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the stock. Dimensional Fund Advisors LP increased its position in shares of TrueBlue by 6.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,088,053 shares of the business services provider’s stock valued at $51,471,000 after buying an additional 135,335 shares during the period. Alliancebernstein L.P. increased its position 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. JPMorgan Chase & Co. increased its position 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. Ameriprise Financial Inc. increased its position in shares of TrueBlue by 53.1% in the first quarter. Ameriprise Financial Inc. now owns 656,156 shares of the business services provider’s stock valued at $17,946,000 after buying an additional 227,502 shares during the period. Finally, Norges Bank bought a new position in shares of TrueBlue during the fourth quarter valued at approximately $12,894,000. 92.66% of the stock is currently owned by hedge funds and other institutional investors.
Shares of TrueBlue, Inc. (NYSE TBI) traded down 1.41% during midday trading on Tuesday, hitting $21.00. 251,762 shares of the stock traded hands. The company has a market capitalization of $873.14 million, a PE ratio of 14.83 and a beta of 2.34. The firm’s 50 day moving average price is $26.37 and its 200 day moving average price is $26.26. TrueBlue, Inc. has a 12-month low of $16.50 and a 12-month high of $28.70.
TrueBlue (NYSE:TBI) last posted its earnings results on Monday, July 31st. The business services provider reported $0.42 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.42. TrueBlue had a return on equity of 15.18% and a net margin of 2.27%. The company had revenue of $610.10 million for the quarter, compared to analyst estimates of $610.04 million. During the same quarter last year, the company earned $0.54 earnings per share. The company’s revenue for the quarter was down 9.3% on a year-over-year basis. Analysts expect that TrueBlue, Inc. will post $1.69 EPS for the current year.
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Several equities analysts have commented on TBI shares. BidaskClub downgraded TrueBlue from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Zacks Investment Research upgraded TrueBlue from a “hold” rating to a “buy” rating and set a $29.00 price target on the stock in a report on Wednesday, April 12th. BMO Capital Markets upgraded shares of TrueBlue from an “underperform” rating to a “market perform” rating and raised their price objective for the stock from $25.00 to $28.00 in a research note on Friday, May 26th. Finally, TheStreet upgraded shares of TrueBlue from a “c” rating to a “b” rating in a research note on Monday, July 31st. Two analysts have rated the stock with a sell rating and three have given a hold rating to the company. TrueBlue currently has a consensus rating of “Hold” and a consensus price target of $22.50.
In related news, CFO Derrek Lane Gafford sold 20,000 shares of TrueBlue stock in a transaction on Monday, June 5th. The stock was sold at an average price of $27.75, for a total transaction of $555,000.00. Following the sale, the chief financial officer now directly owns 91,859 shares in the company, valued at $2,549,087.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph P. Sambataro, Jr. sold 25,000 shares of TrueBlue stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $28.32, for a total value of $708,000.00. Following the sale, the director now owns 73,581 shares in the company, valued at $2,083,813.92. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.
TrueBlue Company Profile
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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