BMO Capital Markets Cuts TrueBlue (NYSE:TBI) Price Target to $10.00

TrueBlue (NYSE:TBI) had its target price lowered by BMO Capital Markets from $11.00 to $10.00 in a report published on Tuesday morning, Benzinga reports. BMO Capital Markets currently has an outperform rating on the business services provider’s stock.

Separately, StockNews.com lowered TrueBlue from a “hold” rating to a “sell” rating in a report on Tuesday, August 6th.

TrueBlue Stock Performance

Shares of TrueBlue stock opened at $7.34 on Tuesday. The company has a market cap of $224.23 million, a P/E ratio of -2.05 and a beta of 1.49. The firm has a fifty day moving average of $7.63 and a two-hundred day moving average of $9.32. TrueBlue has a one year low of $6.97 and a one year high of $16.14.

TrueBlue (NYSE:TBI) last announced its quarterly earnings data 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. TrueBlue had a negative net margin of 6.18% and a negative return on equity of 0.55%. The firm had revenue of $382.36 million during the quarter, compared to the consensus estimate of $386.07 million. During the same quarter last year, the firm earned $0.16 earnings per share. The firm’s revenue was down 19.2% compared to the same quarter last year. As a group, equities analysts predict that TrueBlue will post -0.65 earnings per share for the current year.

Institutional Investors Weigh In On TrueBlue

Several institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its position in TrueBlue by 23.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 38,146 shares of the business services provider’s stock worth $478,000 after purchasing an additional 7,327 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in TrueBlue by 41.8% in the 1st quarter. BNP Paribas Financial Markets now owns 82,337 shares of the business services provider’s stock valued at $1,031,000 after buying an additional 24,286 shares in the last quarter. Quantbot Technologies LP grew its holdings in TrueBlue by 181.3% during the 1st quarter. Quantbot Technologies LP now owns 41,987 shares of the business services provider’s stock valued at $526,000 after buying an additional 27,060 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of TrueBlue by 8.2% in the first quarter. Empowered Funds LLC now owns 113,348 shares of the business services provider’s stock worth $1,419,000 after acquiring an additional 8,565 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System acquired a new stake in shares of TrueBlue during the first quarter valued at $192,000. Hedge funds and other institutional investors own 97.15% of the company’s stock.

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.