BMO Capital Markets Trims TrueBlue (NYSE:TBI) Target Price to $13.00

TrueBlue (NYSE:TBI - Get Free Report) had its price target dropped by equities researchers at BMO Capital Markets from $15.00 to $13.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an "outperform" rating on the business services provider's stock. BMO Capital Markets' price target points to a potential upside of 23.28% from the company's previous close.

Separately, Robert W. Baird cut their price objective on TrueBlue from $14.00 to $13.00 and set an "outperform" rating on the stock in a report on Tuesday.

TrueBlue Stock Down 0.1 %

NYSE:TBI traded down $0.02 on Wednesday, reaching $10.55. The company's stock had a trading volume of 308,581 shares, compared to its average volume of 408,293. TrueBlue has a 12-month low of $10.15 and a 12-month high of $19.06. The firm has a market cap of $331.00 million, a price-to-earnings ratio of -23.43 and a beta of 1.51. The stock has a 50 day moving average price of $11.38 and a 200 day moving average price of $12.86.

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

Institutional Investors Weigh In On TrueBlue

Several institutional investors and hedge funds have recently modified their holdings of TBI. SG Americas Securities LLC purchased a new stake in TrueBlue during the 3rd quarter worth about $259,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in TrueBlue by 46.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,483 shares of the business services provider's stock worth $168,000 after purchasing an additional 3,635 shares during the period. Strs Ohio increased its holdings in TrueBlue by 22.9% during the 3rd quarter. Strs Ohio now owns 41,900 shares of the business services provider's stock worth $614,000 after purchasing an additional 7,800 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in TrueBlue by 629.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 36,332 shares of the business services provider's stock worth $533,000 after purchasing an additional 31,354 shares during the period. Finally, Assenagon Asset Management S.A. purchased a new stake in TrueBlue during the 3rd quarter worth about $1,451,000. Hedge funds and other institutional investors own 97.15% of the company's stock.

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.