TrueBlue, Inc. (TBI) Shares Sold by California State Teachers Retirement System
California State Teachers Retirement System reduced its position in shares of TrueBlue, Inc. (NYSE:TBI) by 10.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 74,455 shares of the business services provider’s stock after selling 8,466 shares during the period. California State Teachers Retirement System owned approximately 0.18% of TrueBlue worth $1,973,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership raised its position in TrueBlue by 169.0% during the second quarter. Arrowstreet Capital Limited Partnership now owns 206,594 shares of the business services provider’s stock valued at $5,475,000 after purchasing an additional 129,794 shares in the last quarter. Cubist Systematic Strategies LLC raised its position in TrueBlue by 41.9% during the second quarter. Cubist Systematic Strategies LLC now owns 13,379 shares of the business services provider’s stock valued at $355,000 after purchasing an additional 3,952 shares in the last quarter. State Street Corp raised its position in TrueBlue by 1.9% during the second quarter. State Street Corp now owns 1,042,487 shares of the business services provider’s stock valued at $27,630,000 after purchasing an additional 19,664 shares in the last quarter. Numeric Investors LLC raised its position in TrueBlue by 0.8% during the second quarter. Numeric Investors LLC now owns 1,116,864 shares of the business services provider’s stock valued at $29,597,000 after purchasing an additional 8,707 shares in the last quarter. Finally, Hillsdale Investment Management Inc. acquired a new position in TrueBlue during the second quarter valued at approximately $949,000. Institutional investors and hedge funds own 91.46% of the company’s stock.
In related news, EVP James E. Defebaugh sold 7,500 shares of the business’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $28.16, for a total value of $211,200.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Joseph P. Sambataro, Jr. sold 16,985 shares of the business’s stock in a transaction on Monday, November 6th. The stock was sold at an average price of $27.28, for a total transaction of $463,350.80. Following the completion of the sale, the director now directly owns 56,596 shares in the company, valued at approximately $1,543,938.88. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 53,485 shares of company stock worth $1,343,071. Insiders own 2.00% of the company’s stock.
Several research analysts have commented on TBI shares. TheStreet upgraded shares of TrueBlue from a “c” rating to a “b” rating in a research report on Monday, July 31st. ValuEngine raised shares of TrueBlue from a “hold” rating to a “buy” rating in a research note on Friday, October 6th. Robert W. Baird reaffirmed a “hold” rating and set a $25.00 target price on shares of TrueBlue in a research note on Friday, October 6th. Zacks Investment Research raised shares of TrueBlue from a “sell” rating to a “hold” rating in a research note on Wednesday, October 4th. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $23.00 target price (down previously from $26.00) on shares of TrueBlue in a research note on Friday, August 11th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $26.00.
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Shares of TrueBlue, Inc. (NYSE TBI) opened at $27.50 on Thursday. The firm has a market cap of $1,158.12, a price-to-earnings ratio of 15.64 and a beta of 2.37. TrueBlue, Inc. has a one year low of $19.30 and a one year high of $28.70. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.77 and a current ratio of 1.77.
TrueBlue (NYSE:TBI) last posted its earnings results on Monday, October 30th. The business services provider reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. The firm had revenue of $660.78 million for the quarter, compared to analysts’ expectations of $651.91 million. TrueBlue had a net margin of 2.22% and a return on equity of 14.05%. The company’s revenue was down 5.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.70 earnings per share. sell-side analysts expect that TrueBlue, Inc. will post 1.7 EPS for the current year.
TrueBlue announced that its Board of Directors has authorized a stock repurchase program on Monday, October 30th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the business services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
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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