Geode Capital Management LLC Cuts Stock Position in TrueBlue, Inc. (NYSE:TBI)

Geode Capital Management LLC trimmed its holdings in TrueBlue, Inc. (NYSE:TBI) by 2.2% during the 3rd quarter, Holdings Channel.com reports. The fund owned 673,894 shares of the business services provider’s stock after selling 15,204 shares during the period. Geode Capital Management LLC’s holdings in TrueBlue were worth $5,318,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in TBI. Royce & Associates LP raised its stake 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 valued at $8,538,000 after purchasing an additional 239,740 shares during the period. FMR LLC lifted its holdings in shares of TrueBlue by 10.0% in 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. Marshall Wace LLP lifted its holdings in shares of TrueBlue by 330.7% in the second quarter. Marshall Wace LLP now owns 143,910 shares of the business services provider’s stock worth $1,482,000 after buying an additional 110,495 shares in the last quarter. GSA Capital Partners LLP lifted its holdings in shares of TrueBlue by 85.2% in the third quarter. GSA Capital Partners LLP now owns 220,892 shares of the business services provider’s stock worth $1,743,000 after buying an additional 101,589 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in TrueBlue by 33.1% during the third quarter. Assenagon Asset Management S.A. now owns 386,432 shares of the business services provider’s stock valued at $3,049,000 after acquiring an additional 96,072 shares in the last quarter. Institutional investors own 97.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. BMO Capital Markets decreased their price target on shares of TrueBlue from $11.00 to $10.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 5th. StockNews.com raised TrueBlue from a “sell” rating to a “hold” rating in a research note on Friday, December 27th.

TrueBlue Stock Performance

Shares of TBI opened at $8.12 on Friday. TrueBlue, Inc. has a fifty-two week low of $6.63 and a fifty-two week high of $14.91. The company’s fifty day moving average is $7.84 and its 200 day moving average is $8.48. The stock has a market capitalization of $240.02 million, a PE ratio of -2.11 and a beta of 1.43.

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

TrueBlue 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.