TrueBlue (NYSE:TBI) Lifted to “Buy” at Sidoti

TrueBlue (NYSE:TBI) was upgraded by stock analysts at Sidoti from a “neutral” rating to a “buy” rating in a report issued on Wednesday, The Fly reports.

Several other equities research analysts have also weighed in on TBI. Robert W. Baird upgraded shares of TrueBlue from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $21.00 to $29.00 in a report on Tuesday, April 27th. Credit Suisse Group increased their target price on shares of TrueBlue from $19.00 to $23.00 and gave the stock a “neutral” rating in a report on Tuesday, April 27th. Finally, Zacks Investment Research upgraded shares of TrueBlue from a “hold” rating to a “strong-buy” rating and set a $33.00 target price on the stock in a report on Friday, April 30th. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $25.00.

Shares of NYSE TBI opened at $29.37 on Wednesday. The firm has a 50 day simple moving average of $26.00. TrueBlue has a fifty-two week low of $12.30 and a fifty-two week high of $29.90. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of 65.27 and a beta of 1.73.

TrueBlue (NYSE:TBI) last posted its earnings results on Sunday, April 25th. The business services provider reported $0.25 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.07) by $0.32. The company had revenue of $458.71 million for the quarter, compared to analyst estimates of $449.23 million. TrueBlue had a net margin of 0.86% and a return on equity of 5.68%. The business’s revenue for the quarter was down 7.2% compared to the same quarter last year. During the same period last year, the business posted ($0.01) earnings per share. On average, equities research analysts expect that TrueBlue will post 1.27 EPS for the current year.

In related news, CFO Derrek Lane Gafford sold 15,000 shares of the firm’s stock in a transaction on Tuesday, May 4th. The shares were sold at an average price of $28.81, for a total value of $432,150.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Richard Christensen sold 2,556 shares of the firm’s stock in a transaction on Thursday, April 29th. The shares were sold at an average price of $28.55, for a total transaction of $72,973.80. Following the completion of the transaction, the chief accounting officer now directly owns 13,535 shares of the company’s stock, valued at approximately $386,424.25. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 68,056 shares of company stock worth $1,930,054. 2.00% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in TBI. Eaton Vance Management bought a new position in TrueBlue in the first quarter valued at $26,000. Veriti Management LLC bought a new position in TrueBlue in the fourth quarter valued at $60,000. Captrust Financial Advisors grew its position in TrueBlue by 4,145.7% in the first quarter. Captrust Financial Advisors now owns 2,972 shares of the business services provider’s stock valued at $65,000 after purchasing an additional 2,902 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in TrueBlue by 36.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,021 shares of the business services provider’s stock valued at $150,000 after purchasing an additional 2,151 shares in the last quarter. Finally, Cim Investment Mangement Inc. bought a new position in TrueBlue in the first quarter valued at $201,000. 92.63% of the stock is owned by institutional investors and hedge funds.

About TrueBlue

TrueBlue, Inc, together with its subsidiaries, provides specialized workforce solutions in the United States, Canada, and Puerto Rico. It operates through three segments: PeopleReady, PeopleManagement, and PeopleScout. The PeopleReady segment offers a range of contingent staffing solutions for blue-collar, on-demand, and skilled labor in construction, manufacturing and logistics, warehousing and distribution, waste and recycling, energy, retail, hospitality, general labor, and other industries.

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