Royce & Associates LP Has $7.45 Million Stock Position in TrueBlue, Inc. $TBI

Royce & Associates LP lowered its stake in TrueBlue, Inc. (NYSE:TBI) by 29.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,637,359 shares of the business services provider’s stock after selling 677,840 shares during the period. Royce & Associates LP owned 5.47% of TrueBlue worth $7,450,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in TBI. Inscription Capital LLC acquired a new position in TrueBlue in the 4th quarter worth about $67,000. Occudo Quantitative Strategies LP increased its holdings in TrueBlue by 20.9% in the 2nd quarter. Occudo Quantitative Strategies LP now owns 26,710 shares of the business services provider’s stock worth $173,000 after purchasing an additional 4,618 shares in the last quarter. Federated Hermes Inc. acquired a new position in TrueBlue in the 2nd quarter worth about $69,000. Jump Financial LLC acquired a new position in TrueBlue in the 2nd quarter worth about $130,000. Finally, XTX Topco Ltd increased its holdings in TrueBlue by 11.4% in the 2nd quarter. XTX Topco Ltd now owns 18,106 shares of the business services provider’s stock worth $117,000 after purchasing an additional 1,858 shares in the last quarter. Institutional investors and hedge funds own 97.15% of the company’s stock.

Wall Street Analyst Weigh In

TBI has been the subject of a number of recent research reports. Robert W. Baird set a $5.50 target price on TrueBlue in a report on Thursday, February 19th. Weiss Ratings cut TrueBlue from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 13th. Wall Street Zen cut TrueBlue from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Finally, Zacks Research raised TrueBlue from a “strong sell” rating to a “hold” rating in a report on Monday, April 20th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, TrueBlue presently has an average rating of “Hold” and an average price target of $5.75.

TrueBlue Trading Up 4.0%

Shares of TBI stock opened at $6.10 on Friday. The stock has a market cap of $185.56 million, a price-to-earnings ratio of -3.43 and a beta of 1.61. The stock has a 50-day moving average of $4.63 and a 200-day moving average of $4.68. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.29. TrueBlue, Inc. has a 1-year low of $3.18 and a 1-year high of $7.78.

TrueBlue (NYSE:TBI) last issued its quarterly earnings results on Tuesday, May 5th. The business services provider reported ($0.41) earnings per share for the quarter, beating the consensus estimate of ($0.45) by $0.04. The company had revenue of $398.57 million during the quarter, compared to analysts’ expectations of $390.51 million. TrueBlue had a negative return on equity of 7.37% and a negative net margin of 3.25%. On average, equities research analysts forecast that TrueBlue, Inc. will post -0.09 earnings per share for the current year.

About TrueBlue

TrueBlue, Inc is a Tacoma, Washington–based workforce solutions provider specializing in temporary staffing, permanent placement and managed service solutions. Operating through its subsidiaries and brands, TrueBlue connects clients across manufacturing, logistics, retail, construction and public sector markets with skilled professionals for both short-term and long-term engagements. The company’s offerings encompass on-demand blue-collar labor, specialized industrial staffing, recruitment process outsourcing (RPO) and contingent workforce management.

TrueBlue’s primary service lines include PeopleReady, which supplies general labor for construction, hospitality and event services; PeopleManagement, which focuses on technical and industrial professionals; PeopleScout, a global RPO business offering end-to-end talent acquisition and consulting; and Staff Management | SMX, which delivers seasonal staffing for large-scale events, amusement parks and federal workforce contracts.