Public Employees Retirement System of Ohio increased its holdings in Trueblue Inc (NYSE:TBI) by 73.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,580 shares of the business services provider’s stock after purchasing an additional 26,133 shares during the period. Public Employees Retirement System of Ohio owned 0.15% of Trueblue worth $1,382,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Meeder Asset Management Inc. lifted its holdings in Trueblue by 192.7% in the 3rd 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. purchased a new position in Trueblue in the 3rd quarter worth approximately $117,000. Jane Street Group LLC purchased a new position in Trueblue in the 3rd quarter worth approximately $203,000. Virginia Retirement Systems ET AL purchased a new position in Trueblue in the 3rd quarter worth approximately $209,000. Finally, FNY Managed Accounts LLC purchased a new stake in shares of Trueblue during the 3rd quarter worth approximately $215,000. 90.49% of the stock is currently owned by institutional investors.
Several analysts have recently issued reports on the company. Zacks Investment Research cut Trueblue from a “hold” rating to a “sell” rating in a report on Tuesday. TheStreet raised Trueblue from a “c+” rating to a “b” rating in a report on Friday, November 17th. BMO Capital Markets upped their price objective on Trueblue from $23.00 to $26.00 and gave the stock a “market perform” rating in a report on Wednesday, November 1st. ValuEngine raised Trueblue from a “hold” rating to a “buy” rating in a report on Friday, October 6th. Finally, Robert W. Baird upped their price objective on Trueblue from $25.00 to $26.00 and gave the stock a “neutral” rating in a report on Tuesday, October 31st. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. Trueblue has a consensus rating of “Hold” and an average price target of $26.00.
Trueblue (NYSE:TBI) last issued its quarterly earnings data on Monday, October 30th. The business services provider reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate 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 return on equity of 14.05% and a net margin of 2.22%. The company’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.70 EPS. equities research analysts predict that Trueblue Inc will post 1.7 earnings per share for the current fiscal year.
Trueblue declared that its board has authorized a stock buyback plan on Monday, October 30th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the business services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
In other news, EVP James E. Defebaugh sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $28.16, for a total transaction of $211,200.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Joseph P. Sambataro, Jr. sold 16,985 shares of the business’s stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $27.28, for a total value of $463,350.80. Following the transaction, the director now directly owns 56,596 shares in the company, valued at approximately $1,543,938.88. The disclosure for this sale can be found here. Insiders have sold a total of 69,985 shares of company stock worth $1,939,509 over the last ninety days. Insiders own 2.00% of the company’s stock.
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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