Invenomic Capital Management LP Acquires 106,736 Shares of TrueBlue, Inc. (NYSE:TBI)

Invenomic Capital Management LP increased its position in shares of TrueBlue, Inc. (NYSE:TBI - Free Report) by 45.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 341,383 shares of the business services provider's stock after purchasing an additional 106,736 shares during the quarter. Invenomic Capital Management LP owned approximately 1.15% of TrueBlue worth $2,868,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TBI. BNP Paribas Financial Markets raised its holdings in shares of TrueBlue by 3.5% in the 4th quarter. BNP Paribas Financial Markets now owns 48,329 shares of the business services provider's stock valued at $406,000 after acquiring an additional 1,642 shares in the last quarter. MetLife Investment Management LLC increased its position in shares of TrueBlue by 23.5% in the fourth quarter. MetLife Investment Management LLC now owns 15,886 shares of the business services provider's stock worth $133,000 after purchasing an additional 3,028 shares during the last quarter. Wells Fargo & Company MN raised its stake in TrueBlue by 24.7% in the fourth quarter. Wells Fargo & Company MN now owns 17,112 shares of the business services provider's stock valued at $144,000 after purchasing an additional 3,393 shares in the last quarter. Geode Capital Management LLC grew its stake in TrueBlue by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 678,393 shares of the business services provider's stock worth $5,700,000 after buying an additional 4,499 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in shares of TrueBlue by 2.5% in the 4th quarter. Northern Trust Corp now owns 272,371 shares of the business services provider's stock worth $2,288,000 after buying an additional 6,547 shares during the last quarter. 97.15% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of TrueBlue from a "sell" rating to a "hold" rating in a research report on Sunday, March 2nd.

Insiders Place Their Bets

In other TrueBlue news, CFO Carl Schweihs bought 10,000 shares of the business's stock in a transaction that occurred on Monday, February 24th. The shares were bought at an average cost of $6.25 per share, with a total value of $62,500.00. Following the completion of the purchase, the chief financial officer now directly owns 166,551 shares of the company's stock, valued at $1,040,943.75. This trade represents a 6.39% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Taryn R. Owen bought 12,735 shares of the firm's stock in a transaction that occurred on Wednesday, February 26th. The shares were acquired at an average price of $5.94 per share, with a total value of $75,645.90. Following the acquisition, the chief executive officer now owns 414,932 shares of the company's stock, valued at $2,464,696.08. This represents a 3.17% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 25,235 shares of company stock valued at $151,271 over the last three months. Insiders own 5.00% of the company's stock.

TrueBlue Price Performance

Shares of NYSE TBI traded down $0.18 during trading hours on Thursday, reaching $5.13. 503,907 shares of the stock traded hands, compared to its average volume of 249,293. The company's 50-day simple moving average is $4.90 and its two-hundred day simple moving average is $6.65. The company has a market capitalization of $153.20 million, a P/E ratio of -1.23, a price-to-earnings-growth ratio of 3.01 and a beta of 1.39. TrueBlue, Inc. has a 52-week low of $3.45 and a 52-week high of $12.29. The company has a quick ratio of 1.85, a current ratio of 1.73 and a debt-to-equity ratio of 0.02.

TrueBlue (NYSE:TBI - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The business services provider reported ($0.40) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.17). TrueBlue had a negative return on equity of 3.90% and a negative net margin of 8.02%. The business had revenue of $370.25 million for the quarter, compared to analysts' expectations of $362.37 million. Equities research analysts forecast that TrueBlue, Inc. will post 0.15 EPS for the current year.

TrueBlue Company Profile

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.