TrueBlue (NYSE:TBI) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of TrueBlue (NYSE:TBI) from a sell rating to a hold rating in a research report sent to investors on Friday.

Separately, BMO Capital Markets decreased their price target on TrueBlue from $11.00 to $10.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 5th.

TrueBlue Price Performance

Shares of TrueBlue stock opened at $7.87 on Friday. TrueBlue has a 52-week low of $6.63 and a 52-week high of $15.61. The firm has a market capitalization of $232.63 million, a PE ratio of -2.05 and a beta of 1.47. The company’s fifty day moving average price is $7.77 and its two-hundred day moving average price is $8.55.

TrueBlue (NYSE:TBI) last posted its earnings results on Monday, November 4th. The business services provider reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.04. The business 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%. The firm’s revenue for the quarter was down 19.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.16 earnings per share. Analysts predict that TrueBlue will post -0.56 earnings per share for the current fiscal year.

Hedge Funds Weigh In On TrueBlue

Several institutional investors have recently added to or reduced their stakes in TBI. FMR LLC increased its holdings in shares of TrueBlue by 10.0% during the third quarter. FMR LLC now owns 1,742,474 shares of the business services provider’s stock worth $13,748,000 after buying an additional 158,967 shares in the last quarter. Royce & Associates LP grew its position in TrueBlue by 28.5% during the 3rd quarter. Royce & Associates LP now owns 1,082,085 shares of the business services provider’s stock worth $8,538,000 after acquiring an additional 239,740 shares during the last quarter. State Street Corp increased its holdings in 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 purchasing an additional 1,968 shares in the last quarter. Millennium Management LLC raised its position in TrueBlue by 6.3% in the 2nd quarter. Millennium Management LLC now owns 532,039 shares of the business services provider’s stock valued at $5,480,000 after purchasing an additional 31,683 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in 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 in the last quarter. 97.15% of the stock is 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.