StockNews.com Upgrades TrueBlue (NYSE:TBI) to Hold

TrueBlue (NYSE:TBI) was upgraded by stock analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Thursday.

Separately, BMO Capital Markets reduced their price objective on shares of TrueBlue from $11.00 to $10.00 and set an “outperform” rating on the stock in a report on Tuesday, November 5th.

TrueBlue Stock Down 1.7 %

Shares of TBI opened at $8.50 on Thursday. The firm’s fifty day moving average is $7.69 and its two-hundred day moving average is $8.68. The stock has a market cap of $251.25 million, a PE ratio of -2.21 and a beta of 1.47. TrueBlue has a 52-week low of $6.63 and a 52-week high of $16.14.

TrueBlue (NYSE:TBI) last posted its quarterly earnings results on Monday, November 4th. The business services provider reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.04. The firm had revenue of $382.36 million during the quarter, compared to analysts’ expectations of $386.07 million. TrueBlue had a negative return on equity of 2.69% and a negative net margin of 6.97%. The business’s revenue for the quarter was down 19.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.16 earnings per share. As a group, research analysts anticipate that TrueBlue will post -0.56 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of TBI. Bank of New York Mellon Corp lifted its position in shares of TrueBlue by 2.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 130,200 shares of the business services provider’s stock worth $1,341,000 after purchasing an additional 2,905 shares during the last quarter. Azarias Capital Management L.P. lifted its position in shares of TrueBlue by 40.8% during the 2nd quarter. Azarias Capital Management L.P. now owns 1,247,222 shares of the business services provider’s stock worth $12,846,000 after buying an additional 361,101 shares during the last quarter. nVerses Capital LLC acquired a new position in shares of TrueBlue in the 2nd quarter valued at $35,000. XTX Topco Ltd raised its stake in TrueBlue by 19.4% during the 2nd quarter. XTX Topco Ltd now owns 22,725 shares of the business services provider’s stock worth $234,000 after acquiring an additional 3,689 shares in the last quarter. Finally, Sei Investments Co. lifted its position in TrueBlue by 22.5% in the second quarter. Sei Investments Co. now owns 40,329 shares of the business services provider’s stock valued at $415,000 after acquiring an additional 7,400 shares during the last quarter. 97.15% of the stock is owned by institutional investors and hedge funds.

TrueBlue Company Profile

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.