Trueblue (TBI) Cut to “Sell” at ValuEngine

ValuEngine downgraded shares of Trueblue (NYSE:TBI) from a hold rating to a sell rating in a report issued on Friday morning.

Several other research firms have also recently weighed in on TBI. Zacks Investment Research cut shares of Trueblue from a hold rating to a sell rating in a research report on Tuesday, February 12th. BMO Capital Markets decreased their price objective on shares of Trueblue from $26.00 to $24.00 and set a market perform rating for the company in a research report on Monday, February 11th. TheStreet cut shares of Trueblue from a b- rating to a c rating in a research report on Monday, December 31st. Finally, Credit Suisse Group decreased their price objective on shares of Trueblue from $31.00 to $25.00 and set a hold rating for the company in a research report on Tuesday, November 6th. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company. Trueblue presently has an average rating of Hold and a consensus price target of $26.00.

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Shares of NYSE TBI opened at $23.02 on Friday. The company has a quick ratio of 2.03, a current ratio of 1.91 and a debt-to-equity ratio of 0.14. Trueblue has a 52-week low of $20.56 and a 52-week high of $29.85. The company has a market capitalization of $930.87 million, a price-to-earnings ratio of 10.10 and a beta of 1.78.

Trueblue (NYSE:TBI) last announced its quarterly earnings results on Thursday, February 7th. The business services provider reported $0.61 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.02. Trueblue had a net margin of 2.63% and a return on equity of 15.95%. The firm had revenue of $650.15 million during the quarter, compared to analysts’ expectations of $649.93 million. During the same period in the prior year, the company posted $0.51 EPS. The company’s revenue was down 2.9% on a year-over-year basis. As a group, research analysts expect that Trueblue will post 2.32 earnings per share for the current year.

In other news, CFO Derrek Lane Gafford sold 25,000 shares of the stock in a transaction on Friday, February 22nd. The shares were sold at an average price of $23.62, for a total transaction of $590,500.00. Following the completion of the sale, the chief financial officer now directly owns 128,218 shares in the company, valued at $3,028,509.16. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 2.00% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of TBI. Norges Bank bought a new position in Trueblue during the fourth quarter worth $19,543,000. Nordea Investment Management AB boosted its stake in Trueblue by 0.9% during the fourth quarter. Nordea Investment Management AB now owns 96,800 shares of the business services provider’s stock worth $2,154,000 after acquiring an additional 900 shares in the last quarter. Millennium Management LLC boosted its stake in Trueblue by 720.1% during the fourth quarter. Millennium Management LLC now owns 66,811 shares of the business services provider’s stock worth $1,487,000 after acquiring an additional 58,664 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in Trueblue by 2.2% during the fourth quarter. Thrivent Financial for Lutherans now owns 29,121 shares of the business services provider’s stock worth $648,000 after acquiring an additional 640 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan bought a new position in Trueblue during the fourth quarter worth $499,000. Institutional investors own 92.57% of the company’s stock.

About Trueblue

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, hospitality, general labor, and other industries under the Labor Ready, CLP Resources, and Spartan Staffing brands.

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