TrueBlue (NYSE:TBI) Price Target Cut to $13.00

TrueBlue (NYSE:TBI) had its price target reduced by research analysts at BMO Capital Markets from $15.00 to $13.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the business services provider’s stock. BMO Capital Markets’ price target points to a potential upside of 23.05% from the stock’s current price.

Separately, Robert W. Baird cut their price target on TrueBlue from $14.00 to $13.00 and set an “outperform” rating on the stock in a research note on Tuesday.

TrueBlue Stock Down 0.2 %

Shares of TBI stock opened at $10.57 on Wednesday. The stock has a market cap of $331.62 million, a price-to-earnings ratio of -23.48 and a beta of 1.51. The business’s fifty day moving average is $11.40 and its 200 day moving average is $12.88. TrueBlue has a twelve month low of $10.15 and a twelve month high of $19.06.

TrueBlue (NYSE:TBI) last issued its quarterly earnings results on Monday, May 6th. The business services provider reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.43) by $0.46. TrueBlue had a negative net margin of 0.74% and a positive return on equity of 2.39%. The company had revenue of $403.00 million during the quarter, compared to analyst estimates of $400.24 million. During the same period last year, the business earned ($0.06) EPS. TrueBlue’s quarterly revenue was down 13.4% compared to the same quarter last year. Equities research analysts expect that TrueBlue will post -0.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Assenagon Asset Management S.A. purchased a new position in TrueBlue in the 3rd quarter worth approximately $1,451,000. FMR LLC boosted its position in shares of TrueBlue by 7,980.1% during the third quarter. FMR LLC now owns 337,831 shares of the business services provider’s stock valued at $4,956,000 after buying an additional 333,650 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in TrueBlue by 1.6% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 300,211 shares of the business services provider’s stock worth $4,404,000 after buying an additional 4,841 shares in the last quarter. First Hawaiian Bank raised its position in TrueBlue by 36.0% in the 4th quarter. First Hawaiian Bank now owns 35,174 shares of the business services provider’s stock worth $540,000 after buying an additional 9,314 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in TrueBlue by 7.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 820,728 shares of the business services provider’s stock valued at $12,040,000 after acquiring an additional 58,254 shares during the period. 97.15% of the stock is owned by hedge funds and other institutional investors.

About TrueBlue

TrueBlue, Inc, together with its subsidiaries, provides specialized workforce solutions in the United States, Canada, the United Kingdom, Australia, and Puerto Rico. It operates through three segments: PeopleReady, PeopleManagement, and PeopleScout. The company PeopleReady segment provides general, industrial, and skilled trade contingent staffing services for construction, transportation, manufacturing, retail, hospitality, and renewable energy industries.