TrueBlue (NYSE:TBI) PT Lowered to $12.00

TrueBlue (NYSE:TBI) had its price objective dropped by equities research analysts at BMO Capital Markets from $13.00 to $12.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the business services provider’s stock. BMO Capital Markets’ price target indicates a potential upside of 51.32% from the company’s current price.

A number of other analysts have also weighed in on the stock. Robert W. Baird decreased their target price on shares of TrueBlue from $14.00 to $13.00 and set an “outperform” rating on the stock in a report on Tuesday, May 7th. StockNews.com downgraded TrueBlue from a “hold” rating to a “sell” rating in a research report on Tuesday.

TrueBlue Price Performance

Shares of NYSE:TBI traded down $0.17 during trading on Wednesday, hitting $7.93. 150,366 shares of the company were exchanged, compared to its average volume of 361,997. TrueBlue has a 52-week low of $7.67 and a 52-week high of $16.14. The stock has a 50 day moving average of $10.64 and a 200 day moving average of $11.43. The company has a market cap of $242.42 million, a PE ratio of -21.30, a P/E/G ratio of 13.71 and a beta of 1.51.

TrueBlue (NYSE:TBI) last issued its quarterly earnings data on Monday, August 5th. The business services provider reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.30). The company had revenue of $396.00 million for the quarter, compared to analysts’ expectations of $414.49 million. TrueBlue had a positive return on equity of 3.02% and a negative net margin of 0.63%. The business’s revenue for the quarter was down 16.7% on a year-over-year basis. During the same period last year, the company posted $0.17 EPS. Sell-side analysts forecast that TrueBlue will post 0.06 EPS for the current fiscal year.

Hedge Funds Weigh In On TrueBlue

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Azarias Capital Management L.P. raised its holdings in TrueBlue by 196.7% during the 1st quarter. Azarias Capital Management L.P. now owns 886,121 shares of the business services provider’s stock valued at $11,094,000 after buying an additional 587,427 shares during the last quarter. Invenomic Capital Management LP purchased a new position in shares of TrueBlue in the first quarter valued at about $1,557,000. Maryland State Retirement & Pension System bought a new position in TrueBlue during the 4th quarter valued at approximately $175,000. State Board of Administration of Florida Retirement System bought a new position in shares of TrueBlue during the first quarter valued at approximately $192,000. Finally, BNP Paribas Financial Markets lifted its position in shares of TrueBlue by 41.8% in the 1st quarter. BNP Paribas Financial Markets now owns 82,337 shares of the business services provider’s stock worth $1,031,000 after purchasing an additional 24,286 shares during the period. 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.