Trueblue Inc (NYSE:TBI) was the recipient of a significant decline in short interest in October. As of October 31st, there was short interest totalling 540,400 shares, a decline of 9.2% from the September 30th total of 595,000 shares. Approximately 1.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 196,700 shares, the days-to-cover ratio is presently 2.7 days.
TBI has been the topic of a number of analyst reports. TheStreet upgraded Trueblue from a “c” rating to a “b-” rating in a research note on Friday, November 1st. Sidoti initiated coverage on Trueblue in a research note on Monday, October 7th. They issued a “neutral” rating and a $22.00 price target on the stock. Zacks Investment Research upgraded Trueblue from a “hold” rating to a “strong-buy” rating and set a $27.00 price target on the stock in a research note on Saturday, November 2nd. Finally, ValuEngine upgraded Trueblue from a “sell” rating to a “hold” rating in a research report on Wednesday, October 9th. Four research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $24.75.
A number of institutional investors and hedge funds have recently bought and sold shares of TBI. Morgan Stanley boosted its position in Trueblue by 1,319.2% during the second quarter. Morgan Stanley now owns 196,455 shares of the business services provider’s stock worth $4,334,000 after purchasing an additional 182,612 shares in the last quarter. Nuveen Asset Management LLC acquired a new position in shares of Trueblue in the second quarter worth $3,685,000. Janus Henderson Group PLC raised its holdings in shares of Trueblue by 17.3% in the second quarter. Janus Henderson Group PLC now owns 1,086,268 shares of the business services provider’s stock worth $23,963,000 after acquiring an additional 160,353 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Trueblue by 24.2% in the second quarter. AQR Capital Management LLC now owns 539,780 shares of the business services provider’s stock worth $11,908,000 after acquiring an additional 105,204 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of Trueblue by 65.9% in the third quarter. Russell Investments Group Ltd. now owns 232,273 shares of the business services provider’s stock worth $4,901,000 after acquiring an additional 92,255 shares during the last quarter. Institutional investors own 95.12% of the company’s stock.
TBI traded up $0.16 during trading on Friday, reaching $23.15. 206,418 shares of the stock were exchanged, compared to its average volume of 172,017. The business’s 50 day moving average price is $22.12 and its two-hundred day moving average price is $21.66. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.88 and a quick ratio of 1.88. The company has a market capitalization of $895.58 million, a price-to-earnings ratio of 10.08 and a beta of 1.64. Trueblue has a 1 year low of $18.62 and a 1 year high of $25.75.
Trueblue (NYSE:TBI) last posted its earnings results on Monday, October 28th. The business services provider reported $0.76 EPS for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.10. The company had revenue of $637.00 million for the quarter, compared to the consensus estimate of $624.63 million. Trueblue had a return on equity of 14.81% and a net margin of 2.85%. Trueblue’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.79 earnings per share. On average, analysts anticipate that Trueblue will post 2.04 EPS for the current year.
TrueBlue, Inc provides contingent staffing, recruitment process outsourcing, and contingent staffing management services in the United States, Canada, and Puerto Rico. It operates through three segments: PeopleReady, PeopleManagement, and PeopleScout. The PeopleReady segment offers a range of staffing solutions for blue-collar, contingent on-demand, and skilled labor in construction, manufacturing and logistics, warehousing and distribution, waste and recycling, energy, retail, hospitality, general labor, and other industries under the Labor Ready, CLP Resources, and Spartan Staffing brands.
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