Robert W. Baird Cuts TrueBlue (NYSE:TBI) Price Target to $13.00

TrueBlue (NYSE:TBI - Get Free Report) had its price target lowered by research analysts at Robert W. Baird from $14.00 to $13.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has an "outperform" rating on the business services provider's stock. Robert W. Baird's price objective would suggest a potential upside of 23.05% from the company's current price.

TrueBlue Stock Performance

Shares of TrueBlue stock traded down $0.03 during trading hours on Tuesday, hitting $10.57. The company's stock had a trading volume of 527,490 shares, compared to its average volume of 409,424. TrueBlue has a 12-month low of $10.15 and a 12-month high of $19.06. The business has a 50 day moving average price of $11.40 and a two-hundred day moving average price of $12.88. The company has a market cap of $331.64 million, a PE ratio of -23.48 and a beta of 1.51.

TrueBlue (NYSE:TBI - Get Free Report) last announced its quarterly earnings data on Monday, May 6th. The business services provider reported $0.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.43) by $0.46. TrueBlue had a negative net margin of 0.74% and a positive return on equity of 2.39%. The business had revenue of $403.00 million during the quarter, compared to analyst estimates of $400.24 million. During the same period last year, the firm posted ($0.06) EPS. The company's revenue was down 13.4% on a year-over-year basis. As a group, research analysts anticipate that TrueBlue will post -0.51 earnings per share for the current year.

Institutional Trading of TrueBlue

Several hedge funds have recently modified their holdings of the company. Pzena Investment Management LLC grew its position in TrueBlue by 27.2% in the fourth quarter. Pzena Investment Management LLC now owns 3,092,337 shares of the business services provider's stock worth $47,436,000 after acquiring an additional 661,496 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of TrueBlue by 9.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 897,352 shares of the business services provider's stock worth $13,765,000 after acquiring an additional 76,624 shares during the last quarter. Azarias Capital Management L.P. grew its holdings in TrueBlue by 196.7% during the 1st quarter. Azarias Capital Management L.P. now owns 886,121 shares of the business services provider's stock valued at $11,094,000 after purchasing an additional 587,427 shares during the last quarter. AQR Capital Management LLC grew its holdings in TrueBlue by 6.3% during the 3rd quarter. AQR Capital Management LLC now owns 477,612 shares of the business services provider's stock valued at $7,007,000 after purchasing an additional 28,399 shares during the last quarter. Finally, American Century Companies Inc. raised its position in TrueBlue by 12.8% in the 3rd quarter. American Century Companies Inc. now owns 473,011 shares of the business services provider's stock worth $6,939,000 after purchasing an additional 53,517 shares during the period. 97.15% of the stock is owned by hedge funds and other institutional investors.

About TrueBlue

TrueBlue, Inc, together with its subsidiaries, provides specialized workforce solutions in the United States, Canada, the United Kingdom, Australia, and Puerto Rico. It operates through three segments: PeopleReady, PeopleManagement, and PeopleScout. The company PeopleReady segment provides general, industrial, and skilled trade contingent staffing services for construction, transportation, manufacturing, retail, hospitality, and renewable energy industries.