TrueBlue, Inc. $TBI Stock: Azarias Capital Management L.P. Cuts Position

Key Points

• Azarias Capital Management cut its TrueBlue position by 49.4% in the third quarter, selling 374,742 shares and retaining 384,599 shares worth approximately $3.54 million.
• Institutional ownership remains high at 97.15%, with several major investors—including BlackRock and Pzena Investment Management—initiating or expanding positions.
• TrueBlue exceeded quarterly expectations with $0.06 in earnings per share versus a $0.10 loss estimate and revenue of $443 million, but analyst sentiment remains mixed, producing an average “Hold” rating and a $7.75 price target.

Azarias Capital Management L.P. cut its holdings in TrueBlue, Inc. (NYSE:TBI - Free Report) by 49.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 384,599 shares of the business services provider's stock after selling 374,742 shares during the period. TrueBlue comprises approximately 3.3% of Azarias Capital Management L.P.'s portfolio, making the stock its 10th biggest holding. Azarias Capital Management L.P. owned about 1.26% of TrueBlue worth $3,538,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. BlackRock Inc. bought a new stake in TrueBlue during the second quarter worth $15,550,000. Renaissance Technologies LLC boosted its position in TrueBlue by 128.7% in the first quarter. Renaissance Technologies LLC now owns 220,934 shares of the business services provider's stock worth $864,000 after purchasing an additional 124,334 shares during the last quarter. Bank of America Corp DE grew its stake in TrueBlue by 43.0% in the 1st quarter. Bank of America Corp DE now owns 459,530 shares of the business services provider's stock valued at $1,797,000 after purchasing an additional 138,229 shares during the period. Pzena Investment Management LLC bought a new position in TrueBlue in the 2nd quarter valued at $21,543,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of TrueBlue during the 2nd quarter valued at $643,000. 97.15% of the stock is owned by hedge funds and other institutional investors.

TrueBlue Stock Performance

Shares of TBI stock traded down $0.02 during trading hours on Wednesday, hitting $8.81. 272,217 shares of the company were exchanged, compared to its average volume of 313,284. The firm has a fifty day simple moving average of $9.72 and a 200 day simple moving average of $7.37. 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 52-week low of $3.18 and a 52-week high of $11.03. The stock has a market capitalization of $268.18 million, a price-to-earnings ratio of -4.69, a P/E/G ratio of 10.49 and a beta of 1.72.

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

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Robert W. Baird set a $9.50 target price on TrueBlue in a research note on Wednesday, August 5th. Weiss Ratings reissued a "sell (d-)" rating on shares of TrueBlue in a report on Tuesday, September 29th. Finally, Wall Street Zen upgraded shares of TrueBlue from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, TrueBlue has an average rating of "Hold" and an average price target of $7.75.

TrueBlue Company Profile

TrueBlue, Inc NYSE: TBI is a workforce solutions provider that connects businesses with workers and helps organizations manage their staffing and talent needs. The company serves a range of industries, including manufacturing, construction, logistics, hospitality, retail and healthcare.

TrueBlue operates through brands that provide temporary and contingent staffing, workforce management and recruitment process outsourcing services. Its PeopleReady business supplies flexible labor for industrial and other hourly roles, while PeopleScout provides talent acquisition services, including recruitment process outsourcing and workforce consulting.

The company was founded in 1989 as Labor Ready and adopted the TrueBlue name in 2007.

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