TrueBlue, Inc. $TBI Stock Sold by Pzena Investment Management LLC

Key Points

• Pzena Investment Management cut its TrueBlue stake by 7.9% in the third quarter, selling 243,825 shares. It still held about 2.85 million shares, or 9.35% of the company.
• TrueBlue reported quarterly EPS of $0.33, beating the $0.19 consensus estimate, and revenue of $520.74 million versus analysts’ $468.06 million estimate.
• Analyst sentiment remains cautious: MarketBeat lists a consensus “Reduce” rating and an average price target of $9.50, below the stock’s reported $12.20 opening price.

Pzena Investment Management LLC decreased its holdings in shares of TrueBlue, Inc. (NYSE:TBI - Free Report) by 7.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,846,983 shares of the business services provider's stock after selling 243,825 shares during the quarter. Pzena Investment Management LLC owned about 9.35% of TrueBlue worth $26,192,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in TBI. BlackRock Inc. purchased a new position in shares of TrueBlue in the second quarter valued at $15,550,000. Bank of America Corp DE bought a new stake in shares of TrueBlue during the 2nd quarter valued at $2,225,000. Renaissance Technologies LLC raised its stake in shares of TrueBlue by 128.7% during the 1st quarter. Renaissance Technologies LLC now owns 220,934 shares of the business services provider's stock valued at $864,000 after purchasing an additional 124,334 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of TrueBlue during the 2nd quarter valued at $643,000. Finally, Manatuck Hill Partners LLC purchased a new stake in TrueBlue during the 2nd quarter worth about $1,115,000. Hedge funds and other institutional investors own 97.15% of the company's stock.

TrueBlue Price Performance

TBI stock opened at $12.20 on Friday. The company's 50 day moving average is $9.39 and its 200 day moving average is $6.88. 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, Inc. has a 1-year low of $3.18 and a 1-year high of $13.59.

TrueBlue (NYSE:TBI - Get Free Report) last announced its earnings results on Wednesday, November 4th. The business services provider reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.14. TrueBlue had a negative net margin of 2.55% and a negative return on equity of 2.86%. The business had revenue of $520.74 million during the quarter, compared to analyst estimates of $468.06 million. Analysts expect that TrueBlue, Inc. will post 0.06 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

About TrueBlue

TrueBlue, Inc NYSE: TBI is a workforce solutions company that connects businesses with employees and provides staffing, recruiting and workforce management services. Its offerings support employers seeking temporary, contingent and permanent workers across a range of industries, including manufacturing, logistics, retail, hospitality, construction and other commercial sectors.

The company operates through several specialized brands. PeopleReady provides industrial and general labor staffing, while PeopleManagement offers on-site workforce management and contingent labor solutions.

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