TrueBlue (NYSE:TBI) Rating Increased to Hold at StockNews.com

TrueBlue (NYSE:TBI) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a note issued to investors on Friday.

Separately, BMO Capital Markets cut their price target on TrueBlue from $11.00 to $10.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th.

TrueBlue Stock Performance

TBI stock opened at $7.87 on Friday. TrueBlue has a fifty-two week low of $6.63 and a fifty-two week high of $15.61. The stock has a fifty day moving average of $7.77 and a 200-day moving average of $8.54. The company has a market capitalization of $232.63 million, a price-to-earnings ratio of -2.05 and a beta of 1.47.

TrueBlue (NYSE:TBI) last announced its quarterly earnings results on Monday, November 4th. The business services provider reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.04. The company had revenue of $382.36 million for the quarter, compared to analysts’ expectations of $386.07 million. TrueBlue had a negative net margin of 6.97% and a negative return on equity of 2.69%. During the same period in the prior year, the company posted $0.16 EPS. TrueBlue’s revenue was down 19.2% compared to the same quarter last year. Equities analysts predict that TrueBlue will post -0.56 EPS for the current year.

Hedge Funds Weigh In On TrueBlue

A number of large investors have recently modified their holdings of the company. FMR LLC boosted its stake in TrueBlue by 10.0% during the third quarter. FMR LLC now owns 1,742,474 shares of the business services provider’s stock valued at $13,748,000 after buying an additional 158,967 shares during the period. Royce & Associates LP raised its holdings in shares of TrueBlue by 28.5% in the 3rd quarter. Royce & Associates LP now owns 1,082,085 shares of the business services provider’s stock valued at $8,538,000 after acquiring an additional 239,740 shares in the last quarter. State Street Corp boosted its position in shares of TrueBlue by 0.3% during the 3rd quarter. State Street Corp now owns 665,901 shares of the business services provider’s stock valued at $5,254,000 after acquiring an additional 1,968 shares during the last quarter. Millennium Management LLC grew its holdings in shares of TrueBlue by 6.3% during the second quarter. Millennium Management LLC now owns 532,039 shares of the business services provider’s stock worth $5,480,000 after purchasing an additional 31,683 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its position in shares of TrueBlue by 33.1% in the third quarter. Assenagon Asset Management S.A. now owns 386,432 shares of the business services provider’s stock worth $3,049,000 after purchasing an additional 96,072 shares during the last quarter. 97.15% of the stock is currently owned by 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.