BlackRock Inc. Invests $15.55 Million in TrueBlue, Inc. $TBI

Key Points

• BlackRock acquired 2,230,995 TrueBlue shares worth approximately $15.55 million, giving it a 7.34% ownership stake. Institutional investors collectively own 97.15% of the company.
• Analyst sentiment remains mixed, with one Buy, one Hold and one Sell rating. The stock has an average rating of “Hold” and an average price target of $7.75.
• TrueBlue beat quarterly expectations, reporting $0.06 earnings per share versus the projected $0.10 loss and revenue of $443 million compared with the $417.84 million consensus estimate.

BlackRock Inc. purchased a new stake in shares of TrueBlue, Inc. (NYSE:TBI - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 2,230,995 shares of the business services provider's stock, valued at approximately $15,550,000. BlackRock Inc. owned 7.34% of TrueBlue as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of TBI. Fifth Third Bancorp bought a new position in TrueBlue in the 1st quarter worth approximately $41,000. Dynamic Technology Lab Private Ltd bought a new stake in TrueBlue in the fourth quarter worth about $48,000. Simplex Trading LLC boosted its holdings in TrueBlue by 56.9% during the 4th quarter. Simplex Trading LLC now owns 11,018 shares of the business services provider's stock valued at $50,000 after acquiring an additional 3,995 shares during the period. Glenmede Trust Co. NA purchased a new stake in shares of TrueBlue during the first quarter valued at $53,000. Finally, Balyasny Asset Management L.P. purchased a new stake in TrueBlue in the 4th quarter valued at about $53,000. Hedge funds and other institutional investors own 97.15% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Robert W. Baird set a $9.50 price target on TrueBlue in a research report on Wednesday, August 5th. Wall Street Zen raised shares of TrueBlue from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Finally, Weiss Ratings upgraded shares of TrueBlue from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, July 2nd. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $7.75.

TrueBlue Trading Down 3.3%

Shares of TrueBlue stock opened at $9.86 on Friday. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.32. The firm's 50-day moving average price is $8.89 and its 200 day moving average price is $6.32. The firm has a market capitalization of $300.14 million, a PE ratio of -5.24, a P/E/G ratio of 12.14 and a beta of 1.67. TrueBlue, Inc. has a twelve month low of $3.18 and a twelve month high of $11.03.

TrueBlue (NYSE:TBI - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The business services provider reported $0.06 EPS for the quarter, topping the consensus estimate of ($0.10) by $0.16. The firm had revenue of $443.00 million during the quarter, compared to analysts' expectations of $417.84 million. TrueBlue had a negative return on equity of 6.26% and a negative net margin of 3.35%. On average, sell-side analysts predict that TrueBlue, Inc. will post 0.06 EPS for the current fiscal 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.