Credit Suisse AG Reduces Position in TrueBlue, Inc. (NYSE:TBI)
Credit Suisse AG cut its position in shares of TrueBlue, Inc. (NYSE:TBI) by 19.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,024 shares of the business services provider’s stock after selling 14,438 shares during the period. Credit Suisse AG’s holdings in TrueBlue were worth $1,642,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. raised its position in shares of TrueBlue by 50,858.0% in the first quarter. BlackRock Inc. now owns 5,165,614 shares of the business services provider’s stock worth $141,280,000 after buying an additional 5,155,477 shares during the last quarter. Vanguard Group Inc. raised its position in shares of TrueBlue by 8.5% in the first quarter. Vanguard Group Inc. now owns 3,892,823 shares of the business services provider’s stock worth $106,469,000 after buying an additional 305,994 shares during the last quarter. Alliancebernstein L.P. raised its position in shares of TrueBlue by 41.1% in the first quarter. Alliancebernstein L.P. now owns 1,345,671 shares of the business services provider’s stock worth $36,804,000 after buying an additional 391,674 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of TrueBlue by 114.6% in the first quarter. JPMorgan Chase & Co. now owns 1,085,196 shares of the business services provider’s stock worth $29,681,000 after buying an additional 579,545 shares during the last quarter. Finally, FMR LLC raised its position in shares of TrueBlue by 32.5% in the first quarter. FMR LLC now owns 1,041,300 shares of the business services provider’s stock worth $28,480,000 after buying an additional 255,207 shares during the last quarter. Institutional investors own 92.66% of the company’s stock.
Shares of TrueBlue, Inc. (TBI) traded down 1.00% on Friday, reaching $19.85. The company’s stock had a trading volume of 405,181 shares. The company has a 50 day moving average of $25.10 and a 200 day moving average of $26.03. The stock has a market capitalization of $825.32 million, a P/E ratio of 14.02 and a beta of 2.34. TrueBlue, Inc. has a 1-year low of $16.50 and a 1-year high of $28.70.
TrueBlue (NYSE:TBI) last posted its earnings results on Monday, July 31st. The business services provider reported $0.42 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.42. TrueBlue had a return on equity of 15.18% and a net margin of 2.27%. The business had revenue of $610.10 million during the quarter, compared to analyst estimates of $610.04 million. During the same quarter last year, the firm earned $0.54 earnings per share. The company’s revenue for the quarter was down 9.3% compared to the same quarter last year. Equities research analysts expect that TrueBlue, Inc. will post $1.69 earnings per share for the current fiscal year.
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A number of research analysts have weighed in on TBI shares. BMO Capital Markets restated a “hold” rating and issued a $23.00 price objective on shares of TrueBlue in a report on Friday. BidaskClub lowered TrueBlue from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Zacks Investment Research lowered TrueBlue from a “hold” rating to a “sell” rating in a report on Thursday, August 3rd. Finally, TheStreet upgraded TrueBlue from a “c” rating to a “b” rating in a report on Monday, July 31st. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $21.25.
In other news, Director Joseph P. Sambataro, Jr. sold 25,000 shares of the stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $28.32, for a total value of $708,000.00. Following the completion of the sale, the director now owns 73,581 shares in the company, valued at $2,083,813.92. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Derrek Lane Gafford sold 20,000 shares of the stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $27.75, for a total value of $555,000.00. Following the completion of the sale, the chief financial officer now owns 91,859 shares of the company’s stock, valued at approximately $2,549,087.25. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.
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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