PEAK6 Investments L.P. Acquires New Position in TrueBlue, Inc. (TBI)
PEAK6 Investments L.P. acquired a new stake in TrueBlue, Inc. (NYSE:TBI) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 13,663 shares of the business services provider’s stock, valued at approximately $307,000.
A number of other large investors have also added to or reduced their stakes in TBI. Convergence Investment Partners LLC bought a new position in shares of TrueBlue during the third quarter worth approximately $1,465,000. Pinebridge Investments L.P. increased its stake in shares of TrueBlue by 11.1% during the third quarter. Pinebridge Investments L.P. now owns 49,445 shares of the business services provider’s stock worth $1,110,000 after purchasing an additional 4,928 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of TrueBlue by 6.1% during the third quarter. Dimensional Fund Advisors LP now owns 2,219,800 shares of the business services provider’s stock worth $49,834,000 after purchasing an additional 127,660 shares during the period. Wells Fargo & Company MN increased its stake in shares of TrueBlue by 42.7% during the third quarter. Wells Fargo & Company MN now owns 49,314 shares of the business services provider’s stock worth $1,107,000 after purchasing an additional 14,767 shares during the period. Finally, Citadel Advisors LLC bought a new position in shares of TrueBlue during the third quarter worth approximately $3,423,000. Hedge funds and other institutional investors own 90.55% of the company’s stock.
TrueBlue, Inc. (TBI) traded up $0.05 during trading on Friday, reaching $27.35. The company’s stock had a trading volume of 225,800 shares, compared to its average volume of 290,976. The company has a market cap of $1,129.17, a price-to-earnings ratio of 15.25 and a beta of 2.38. TrueBlue, Inc. has a 12-month low of $19.30 and a 12-month high of $29.50. 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 announced that its board has authorized a stock buyback plan on Monday, October 30th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the business services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.
In related news, EVP Wayne W. Larkin sold 10,000 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $23.00, for a total transaction of $230,000.00. Following the sale, the executive vice president now owns 52,061 shares of the company’s stock, valued at approximately $1,197,403. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Steven C. Cooper sold 23,900 shares of the firm’s stock in a transaction on Monday, December 4th. The shares were sold at an average price of $28.06, for a total value of $670,634.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 79,985 shares of company stock worth $2,169,509. Company insiders own 2.00% of the company’s stock.
A number of equities analysts have commented on TBI shares. BMO Capital Markets restated a “hold” rating and set a $23.00 price objective (down previously from $26.00) on shares of TrueBlue in a research note on Friday, August 11th. TheStreet lowered TrueBlue from a “b-” rating to a “c+” rating in a research note on Friday, August 18th. ValuEngine lowered TrueBlue from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Zacks Investment Research upgraded TrueBlue from a “sell” rating to a “hold” rating in a research note on Wednesday, October 4th. Finally, Robert W. Baird restated a “hold” rating and set a $25.00 price objective on shares of TrueBlue in a research note on Friday, October 6th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. TrueBlue presently has an average rating of “Hold” and a consensus target price of $26.00.
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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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