TrueBlue, Inc. $TBI Stake Lifted by Renaissance Technologies LLC

Key Points

• Renaissance Technologies increased its TrueBlue stake by 128.7% in the first quarter, adding 124,334 shares to own 220,934 shares valued at $864,000. Institutional investors and hedge funds collectively own 97.15% of the company.
• TrueBlue reported quarterly earnings of $0.06 per share, beating the consensus estimate of a $0.10 loss, while revenue of $443 million exceeded expectations of $417.84 million.
• Shares opened at $10.23, near the company’s 52-week high of $10.73. Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $7.75.

Renaissance Technologies LLC increased its position in shares of TrueBlue, Inc. (NYSE:TBI - Free Report) by 128.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 220,934 shares of the business services provider's stock after purchasing an additional 124,334 shares during the period. Renaissance Technologies LLC owned 0.73% of TrueBlue worth $864,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Sei Investments Co. boosted its stake in TrueBlue by 62.2% during the 1st quarter. Sei Investments Co. now owns 116,797 shares of the business services provider's stock valued at $457,000 after purchasing an additional 44,800 shares in the last quarter. Militia Capital Management LLC bought a new stake in shares of TrueBlue in the 1st quarter worth $259,000. Fifth Third Bancorp bought a new stake in shares of TrueBlue in the 1st quarter worth $41,000. Azarias Capital Management L.P. raised its stake in shares of TrueBlue by 1.3% in the 1st quarter. Azarias Capital Management L.P. now owns 1,001,950 shares of the business services provider's stock worth $3,918,000 after buying an additional 13,070 shares in the last quarter. Finally, Invenomic Capital Management LP lifted its holdings in shares of TrueBlue by 60.5% in the fourth quarter. Invenomic Capital Management LP now owns 442,225 shares of the business services provider's stock valued at $2,012,000 after buying an additional 166,660 shares during the period. 97.15% of the stock is currently owned by institutional investors and hedge funds.

TrueBlue Price Performance

NYSE TBI opened at $10.23 on Friday. TrueBlue, Inc. has a 1 year low of $3.18 and a 1 year high of $10.73. The business's fifty day moving average is $7.83 and its two-hundred day moving average is $5.79. The stock has a market capitalization of $311.41 million, a P/E ratio of -5.44, a P/E/G ratio of 12.18 and a beta of 1.60. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.28 and a current ratio of 2.28.

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 the consensus estimate of ($0.10) by $0.16. The business had revenue of $443.00 million during the quarter, compared to analyst estimates of $417.84 million. TrueBlue had a negative return on equity of 6.26% and a negative net margin of 3.35%. On average, research analysts forecast that TrueBlue, Inc. will post 0.06 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Zacks Research raised TrueBlue from a "strong sell" rating to a "hold" rating in a research note on Monday, April 20th. Wall Street Zen upgraded shares of TrueBlue from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Robert W. Baird set a $9.50 price target on shares of TrueBlue in a report on Wednesday, August 5th. Finally, Weiss Ratings upgraded shares of TrueBlue from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, July 2nd. One 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 MarketBeat.com, TrueBlue currently has a consensus rating of "Hold" and a consensus price target of $7.75.

TrueBlue Company 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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