Tocqueville Asset Management L.P. Sells 99,750 Shares of TrueBlue, Inc. (TBI)
Tocqueville Asset Management L.P. lowered its stake in TrueBlue, Inc. (NYSE:TBI) by 10.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 877,474 shares of the business services provider’s stock after selling 99,750 shares during the period. Tocqueville Asset Management L.P. owned about 2.11% of TrueBlue worth $23,253,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue raised its position in TrueBlue by 1.3% in the first quarter. State of Alaska Department of Revenue now owns 4,660 shares of the business services provider’s stock valued at $127,000 after buying an additional 60 shares during the period. Nordea Investment Management AB bought a new position in TrueBlue during the first quarter valued at approximately $170,000. 1st Global Advisors Inc. raised its position in TrueBlue by 1.4% in the first quarter. 1st Global Advisors Inc. now owns 8,754 shares of the business services provider’s stock valued at $239,000 after buying an additional 120 shares during the period. Schroder Investment Management Group bought a new position in TrueBlue during the first quarter valued at approximately $251,000. Finally, Karp Capital Management Corp bought a new position in TrueBlue during the first quarter valued at approximately $261,000. 88.29% of the stock is currently owned by hedge funds and other institutional investors.
Shares of TrueBlue, Inc. (NYSE TBI) traded down 1.26% during trading on Monday, hitting $19.55. The company’s stock had a trading volume of 22,887 shares. TrueBlue, Inc. has a 1-year low of $16.50 and a 1-year high of $28.70. The company has a market capitalization of $812.85 million, a P/E ratio of 13.81 and a beta of 2.34. The firm’s 50 day moving average is $24.17 and its 200-day moving average is $25.85.
TrueBlue (NYSE:TBI) last released its earnings results on Monday, July 31st. The business services provider reported $0.42 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.42. The firm had revenue of $610.10 million for the quarter, compared to analyst estimates of $610.04 million. TrueBlue had a return on equity of 15.18% and a net margin of 2.27%. The company’s revenue was down 9.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.54 EPS. Analysts forecast that TrueBlue, Inc. will post $1.69 EPS for the current fiscal year.
Several equities analysts recently commented on TBI shares. TheStreet raised TrueBlue from a “c” rating to a “b” rating in a research report on Monday, July 31st. BMO Capital Markets reissued a “hold” rating and set a $23.00 price target (down from $26.00) on shares of TrueBlue in a research report on Friday, August 11th. BidaskClub lowered TrueBlue from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Finally, Zacks Investment Research lowered TrueBlue from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. Two analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $21.25.
In other TrueBlue news, Director Joseph P. Sambataro, Jr. sold 25,000 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $2,083,813.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Derrek Lane Gafford sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $27.75, for a total value of $555,000.00. Following the completion of the sale, the chief financial officer now directly owns 91,859 shares in the company, valued at approximately $2,549,087.25. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.
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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