Trueblue (TBI) Upgraded to “Strong-Buy” at Zacks Investment Research
Trueblue (NYSE:TBI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday. The firm presently has a $31.00 target price on the business services provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 7.83% from the company’s previous close.
According to Zacks, “TrueBlue, Inc. is a leading provider of specialized workforce solutions, helping clients improve growth and performance by providing staffing, workforce management, and recruitment process outsourcing solutions. The company’s specialized workforce solutions meet clients’ needs for a reliable, efficient workforce in a wide variety of industries. “
Several other equities analysts also recently commented on TBI. BMO Capital Markets dropped their price target on shares of Trueblue from $30.00 to $29.00 and set a “market perform” rating for the company in a research note on Thursday, February 8th. TheStreet upgraded shares of Trueblue from a “c+” rating to a “b” rating in a research note on Friday, November 17th. Finally, Robert W. Baird boosted their price target on shares of Trueblue from $25.00 to $26.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 31st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Trueblue presently has an average rating of “Hold” and an average target price of $28.67.
Trueblue (NYSE:TBI) last posted its earnings results on Wednesday, February 7th. The business services provider reported $0.51 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.03. Trueblue had a net margin of 2.21% and a return on equity of 13.30%. The firm had revenue of $669.63 million during the quarter, compared to the consensus estimate of $667.66 million. During the same quarter last year, the firm earned $0.58 EPS. The firm’s revenue for the quarter was down 8.9% on a year-over-year basis. equities analysts expect that Trueblue will post 2.21 earnings per share for the current fiscal year.
Trueblue declared that its board has approved a stock buyback program on Monday, October 30th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the business services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
In other Trueblue news, Director Bonnie W. Soodik sold 20,871 shares of the business’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $27.85, for a total value of $581,257.35. Following the completion of the transaction, the director now owns 2,119 shares in the company, valued at $59,014.15. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Wayne W. Larkin sold 12,600 shares of the business’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $28.54, for a total transaction of $359,604.00. Following the completion of the transaction, the executive vice president now owns 39,461 shares of the company’s stock, valued at approximately $1,126,216.94. The disclosure for this sale can be found here. In the last 90 days, insiders sold 57,371 shares of company stock valued at $1,611,495. Insiders own 2.00% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in TBI. Wells Fargo & Company MN lifted its position in shares of Trueblue by 23.4% during the 2nd quarter. Wells Fargo & Company MN now owns 34,547 shares of the business services provider’s stock worth $916,000 after purchasing an additional 6,555 shares during the last quarter. Teachers Advisors LLC lifted its position in shares of Trueblue by 4.3% during the 2nd quarter. Teachers Advisors LLC now owns 91,406 shares of the business services provider’s stock worth $2,422,000 after purchasing an additional 3,747 shares during the last quarter. New York State Common Retirement Fund lifted its position in shares of Trueblue by 5.0% during the 2nd quarter. New York State Common Retirement Fund now owns 78,099 shares of the business services provider’s stock worth $2,070,000 after purchasing an additional 3,736 shares during the last quarter. Northern Trust Corp lifted its position in shares of Trueblue by 3.1% during the 2nd quarter. Northern Trust Corp now owns 548,662 shares of the business services provider’s stock worth $14,540,000 after purchasing an additional 16,689 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Trueblue by 16.1% during the 2nd quarter. Vanguard Group Inc. now owns 4,519,856 shares of the business services provider’s stock worth $119,777,000 after purchasing an additional 627,033 shares during the last quarter. 90.52% of the stock is owned by institutional investors and hedge funds.
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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