TrueBlue (NYSE:TBI) Price Target Lowered to $10.00 at BMO Capital Markets

TrueBlue (NYSE:TBI) had its price target trimmed by BMO Capital Markets from $11.00 to $10.00 in a report released on Tuesday morning,Benzinga reports. The brokerage currently has an outperform rating on the business services provider’s stock.

Separately, StockNews.com cut TrueBlue from a “hold” rating to a “sell” rating in a research note on Tuesday, August 6th.

TrueBlue Price Performance

TBI stock opened at $7.87 on Tuesday. The firm has a market capitalization of $232.64 million, a P/E ratio of -2.05 and a beta of 1.49. TrueBlue has a 52-week low of $6.97 and a 52-week high of $16.14. The company’s 50 day simple moving average is $7.62 and its 200-day simple moving average is $9.28.

TrueBlue (NYSE:TBI) last announced its earnings results on Monday, November 4th. The business services provider reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.04. The company had revenue of $382.36 million for the quarter, compared to the consensus estimate of $386.07 million. TrueBlue had a negative net margin of 6.97% and a negative return on equity of 2.69%. The company’s revenue was down 19.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.16 EPS. Sell-side analysts predict that TrueBlue will post -0.56 EPS for the current fiscal year.

Institutional Investors Weigh In On TrueBlue

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. nVerses Capital LLC acquired a new position in TrueBlue in the second quarter worth approximately $35,000. State Board of Administration of Florida Retirement System acquired a new position in shares of TrueBlue during the 1st quarter worth $192,000. Algert Global LLC bought a new position in shares of TrueBlue during the 2nd quarter valued at $208,000. XTX Topco Ltd lifted its stake in shares of TrueBlue by 19.4% in the 2nd quarter. XTX Topco Ltd now owns 22,725 shares of the business services provider’s stock valued at $234,000 after purchasing an additional 3,689 shares during the last quarter. Finally, Paloma Partners Management Co bought a new stake in TrueBlue in the first quarter worth $376,000. 97.15% of the stock is owned by hedge funds and other institutional investors.

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.