JPMorgan Chase & Co. Has $27.68 Million Stake in TrueBlue, Inc. (TBI)
JPMorgan Chase & Co. grew its stake in TrueBlue, Inc. (NYSE:TBI) by 12.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,238,560 shares of the business services provider’s stock after buying an additional 141,579 shares during the quarter. JPMorgan Chase & Co. owned 2.99% of TrueBlue worth $27,682,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its holdings in shares of TrueBlue by 1.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,092,140 shares of the business services provider’s stock valued at $55,441,000 after buying an additional 24,233 shares during the period. Hillsdale Investment Management Inc. acquired a new position in TrueBlue in the 2nd quarter worth about $949,000. Numeric Investors LLC raised its holdings in TrueBlue by 0.8% in the 2nd quarter. Numeric Investors LLC now owns 1,116,864 shares of the business services provider’s stock worth $29,597,000 after purchasing an additional 8,707 shares during the period. Federated Investors Inc. PA raised its holdings in TrueBlue by 26,192.3% in the 2nd quarter. Federated Investors Inc. PA now owns 37,598 shares of the business services provider’s stock worth $996,000 after purchasing an additional 37,455 shares during the period. Finally, Great West Life Assurance Co. Can raised its holdings in TrueBlue by 4.2% in the 2nd quarter. Great West Life Assurance Co. Can now owns 61,360 shares of the business services provider’s stock worth $1,623,000 after purchasing an additional 2,500 shares during the period. 90.55% of the stock is owned by institutional investors and hedge funds.
TBI has been the subject of several research reports. Zacks Investment Research upgraded TrueBlue from a “sell” rating to a “hold” rating in a research note on Wednesday, October 4th. ValuEngine upgraded TrueBlue from a “hold” rating to a “buy” rating in a research note on Friday, October 6th. BMO Capital Markets boosted their price objective on TrueBlue from $23.00 to $26.00 and gave the stock a “market perform” rating in a research note on Wednesday, November 1st. Robert W. Baird reiterated a “hold” rating and set a $25.00 price objective on shares of TrueBlue in a research note on Friday, October 6th. Finally, TheStreet upgraded TrueBlue from a “c+” rating to a “b” rating in a research note on Friday, November 17th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $26.00.
TrueBlue (NYSE:TBI) last issued its quarterly earnings data on Monday, October 30th. The business services provider reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.02. The company had revenue of $660.78 million during the quarter, compared to analyst estimates of $651.91 million. TrueBlue had a return on equity of 14.05% and a net margin of 2.22%. The firm’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.70 earnings per share. equities research analysts forecast that TrueBlue, Inc. will post 1.7 earnings per share for the current fiscal year.
TrueBlue announced that its Board of Directors has initiated a stock repurchase plan on Monday, October 30th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the business services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
In other TrueBlue news, Director Joseph P. Sambataro, Jr. sold 16,985 shares of the company’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 transaction, the director now directly owns 56,596 shares in the company, valued at $1,543,938.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steven C. Cooper sold 23,900 shares of the 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. Insiders sold 79,985 shares of company stock valued at $2,169,509 over the last quarter. 2.00% of the stock is currently owned by company insiders.
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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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