BMO Capital Markets Issues Positive Forecast for TrueBlue (NYSE:TBI) Stock Price

Key Points

• BMO Capital Markets has upgraded TrueBlue's price target from $7.00 to $8.00, indicating a potential upside of 34.23% based on the stock's previous close.
• TrueBlue reported an earnings per share (EPS) of ($0.07) for the last quarter, surpassing expectations by $0.24, although revenue slightly missed estimates.
• Recent institutional trading shows significant activity, with hedge funds now owning 97.15% of TrueBlue's stock, indicating strong interest from large investors.

TrueBlue (NYSE:TBI - Free Report) had its price objective raised by BMO Capital Markets from $7.00 to $8.00 in a report published on Wednesday,Benzinga reports. They currently have an outperform rating on the business services provider's stock.

TrueBlue Stock Down 0.3%

TBI traded down $0.02 during midday trading on Wednesday, hitting $6.04. 5,641 shares of the company's stock traded hands, compared to its average volume of 250,724. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.94 and a quick ratio of 1.80. The company has a market cap of $180.60 million, a PE ratio of -5.27 and a beta of 1.55. The stock's fifty day simple moving average is $6.63 and its 200-day simple moving average is $6.09. TrueBlue has a one year low of $3.45 and a one year high of $9.05.

TrueBlue (NYSE:TBI - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The business services provider reported ($0.07) earnings per share for the quarter, beating analysts' consensus estimates of ($0.31) by $0.24. TrueBlue had a negative net margin of 2.21% and a negative return on equity of 5.74%. The business had revenue of $396.30 million for the quarter, compared to the consensus estimate of $400.52 million. As a group, equities analysts anticipate that TrueBlue will post 0.15 earnings per share for the current fiscal year.

Institutional Trading of TrueBlue

A number of institutional investors and hedge funds have recently modified their holdings of TBI. BNP Paribas Financial Markets raised its holdings in TrueBlue by 3.5% in the 4th quarter. BNP Paribas Financial Markets now owns 48,329 shares of the business services provider's stock worth $406,000 after acquiring an additional 1,642 shares during the period. MetLife Investment Management LLC grew 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 valued at $133,000 after purchasing an additional 3,028 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of TrueBlue by 3.6% in the first quarter. Bank of New York Mellon Corp now owns 89,696 shares of the business services provider's stock worth $476,000 after purchasing an additional 3,130 shares during the period. State of Wyoming lifted its position in shares of TrueBlue by 17.4% during the 4th quarter. State of Wyoming now owns 21,192 shares of the business services provider's stock worth $178,000 after purchasing an additional 3,134 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of TrueBlue by 0.5% during the 2nd quarter. Geode Capital Management LLC now owns 692,713 shares of the business services provider's stock worth $4,490,000 after purchasing an additional 3,269 shares during the last quarter. 97.15% of the stock is currently owned by institutional investors and hedge funds.

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.