Convergence Investment Partners LLC acquired a new stake in TrueBlue, Inc. (NYSE:TBI) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 65,272 shares of the business services provider’s stock, valued at approximately $1,465,000. Convergence Investment Partners LLC owned 0.16% of TrueBlue as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also recently modified their holdings of the company. Meeder Asset Management Inc. raised its holdings in TrueBlue by 192.7% during the third quarter. Meeder Asset Management Inc. now owns 4,706 shares of the business services provider’s stock worth $106,000 after purchasing an additional 3,098 shares in the last quarter. Macquarie Group Ltd. acquired a new stake in TrueBlue during the third quarter worth approximately $117,000. Virginia Retirement Systems ET AL acquired a new stake in TrueBlue during the third quarter worth approximately $209,000. FNY Managed Accounts LLC acquired a new stake in TrueBlue during the third quarter worth approximately $215,000. Finally, Victory Capital Management Inc. raised its holdings in TrueBlue by 381.4% during the third quarter. Victory Capital Management Inc. now owns 10,481 shares of the business services provider’s stock worth $235,000 after purchasing an additional 8,304 shares in the last quarter. 90.55% of the stock is currently owned by hedge funds and other institutional investors.
In related news, CEO Steven C. Cooper sold 23,900 shares of TrueBlue stock in a transaction on Monday, December 4th. The shares were sold at an average price of $28.06, for a total value of $670,634.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Wayne W. Larkin sold 10,000 shares of TrueBlue stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $23.00, for a total transaction of $230,000.00. Following the completion of the transaction, the executive vice president now owns 52,061 shares in the company, valued at $1,197,403. The disclosure for this sale can be found here. Insiders sold a total of 79,985 shares of company stock worth $2,169,509 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.
TrueBlue (NYSE:TBI) last announced its earnings results on Monday, October 30th. The business services provider reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. The business had revenue of $660.78 million for the quarter, compared to analysts’ expectations of $651.91 million. TrueBlue had a net margin of 2.22% and a return on equity of 14.05%. The company’s quarterly revenue was down 5.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.70 EPS. equities analysts expect that TrueBlue, Inc. will post 1.7 EPS for the current year.
TrueBlue declared that its board has authorized a share repurchase plan on Monday, October 30th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the business services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
A number of analysts have weighed in on TBI shares. BMO Capital Markets reissued a “hold” rating and set a $23.00 price objective (down previously from $26.00) on shares of TrueBlue in a report on Friday, August 11th. TheStreet cut shares of TrueBlue from a “b-” rating to a “c+” rating in a report on Friday, August 18th. ValuEngine cut shares of TrueBlue from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Zacks Investment Research raised shares of TrueBlue from a “sell” rating to a “hold” rating in a report on Wednesday, October 4th. Finally, Robert W. Baird reaffirmed a “hold” rating and issued a $25.00 target price on shares of TrueBlue in a report on Friday, October 6th. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. TrueBlue currently has a consensus rating of “Hold” and an average price target of $26.00.
TrueBlue Company Profile
TrueBlue, Inc is a provider of specialized workforce solutions. The Company is engaged in providing staffing, on-site workforce management and recruitment process outsourcing services. The Company operates through three segments: PeopleReady, PeopleManagement and PeopleScout. Its PeopleReady segment provides blue-collar contingent staffing through the PeopleReady service line.
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