Pzena Investment Management LLC Buys Shares of 3,090,808 TrueBlue, Inc. $TBI

Key Points

• Pzena Investment Management acquired 3.09 million TrueBlue shares worth approximately $21.5 million, giving it a 10.17% stake. Institutional investors collectively own 97.15% of the company.
• TrueBlue recently exceeded quarterly expectations, reporting earnings of $0.06 per share versus analysts’ forecast of a $0.10 loss, while revenue reached $443 million compared with the $417.84 million estimate.
• Analyst sentiment remains mixed, with one Buy, one Hold and one Sell rating; the stock carries a consensus Hold rating and a $7.75 price target, below its reported opening price of $9.91.

Pzena Investment Management LLC acquired a new stake in shares of TrueBlue, Inc. (NYSE:TBI - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 3,090,808 shares of the business services provider's stock, valued at approximately $21,543,000. Pzena Investment Management LLC owned approximately 10.17% of TrueBlue at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TBI. Renaissance Technologies LLC grew its stake in TrueBlue by 128.7% during the 1st quarter. Renaissance Technologies LLC now owns 220,934 shares of the business services provider's stock worth $864,000 after buying an additional 124,334 shares during the last quarter. Militia Capital Management LLC purchased a new stake in TrueBlue in the first quarter valued at about $412,000. Marquette Asset Management LLC acquired a new stake in TrueBlue in the second quarter worth about $572,000. Azarias Capital Management L.P. boosted its holdings in TrueBlue by 1.3% in the first quarter. Azarias Capital Management L.P. now owns 1,001,950 shares of the business services provider's stock worth $3,918,000 after acquiring an additional 13,070 shares in the last quarter. Finally, Occudo Quantitative Strategies LP grew its stake in shares of TrueBlue by 20.9% during the second quarter. Occudo Quantitative Strategies LP now owns 26,710 shares of the business services provider's stock worth $173,000 after acquiring an additional 4,618 shares during the last quarter. Hedge funds and other institutional investors own 97.15% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently commented on TBI shares. Wall Street Zen upgraded shares of TrueBlue from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Weiss Ratings upgraded shares of TrueBlue from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Thursday, July 2nd. Zacks Research upgraded TrueBlue from a "strong sell" rating to a "hold" rating in a research note on Monday, April 20th. Finally, Robert W. Baird set a $9.50 price target on TrueBlue in a research report on Wednesday, August 5th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $7.75.

TrueBlue Stock Performance

Shares of NYSE TBI opened at $9.91 on Tuesday. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.32. TrueBlue, Inc. has a 12 month low of $3.18 and a 12 month high of $10.73. The company has a 50 day simple moving average of $7.90 and a two-hundred day simple moving average of $5.83. The stock has a market cap of $301.66 million, a price-to-earnings ratio of -5.27, a PEG ratio of 12.18 and a beta of 1.60.

TrueBlue (NYSE:TBI - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The business services provider reported $0.06 earnings per share for the quarter, topping analysts' consensus estimates of ($0.10) by $0.16. TrueBlue had a negative net margin of 3.35% and a negative return on equity of 6.26%. The firm had revenue of $443.00 million for the quarter, compared to analyst estimates of $417.84 million. As a group, analysts predict that TrueBlue, Inc. will post 0.06 earnings per share for the current year.

TrueBlue Profile

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.

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