IndexIQ Advisors LLC Increases Stake in TrueBlue, Inc. (TBI)
IndexIQ Advisors LLC increased its holdings in TrueBlue, Inc. (NYSE:TBI) by 83.1% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 31,690 shares of the business services provider’s stock after purchasing an additional 14,382 shares during the period. IndexIQ Advisors LLC owned approximately 0.08% of TrueBlue worth $711,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in TBI. UBS Asset Management Americas Inc. purchased a new stake in shares of TrueBlue in the 1st quarter valued at $578,000. Wellington Management Group LLP purchased a new stake in shares of TrueBlue in the 1st quarter valued at $715,000. Teachers Advisors LLC boosted its stake in shares of TrueBlue by 4.5% in the 1st quarter. Teachers Advisors LLC now owns 87,659 shares of the business services provider’s stock valued at $2,397,000 after purchasing an additional 3,810 shares in the last quarter. California Public Employees Retirement System boosted its stake in shares of TrueBlue by 2.0% in the 1st quarter. California Public Employees Retirement System now owns 108,900 shares of the business services provider’s stock valued at $2,978,000 after purchasing an additional 2,100 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of TrueBlue by 0.3% in the 1st quarter. Legal & General Group Plc now owns 76,965 shares of the business services provider’s stock valued at $2,104,000 after purchasing an additional 264 shares in the last quarter. 91.46% of the stock is owned by institutional investors.
In related news, EVP Wayne W. Larkin sold 10,000 shares of the stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $20.38, for a total value of $203,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph P. Sambataro, Jr. sold 16,985 shares of the stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $27.28, for a total transaction of $463,350.80. Following the completion of the transaction, the director now owns 56,596 shares of the company’s stock, valued at $1,543,938.88. The disclosure for this sale can be found here. Insiders sold a total of 45,985 shares of company stock valued at $1,131,871 over the last 90 days. Company insiders own 2.00% of the company’s stock.
TrueBlue, Inc. (NYSE:TBI) opened at $28.40 on Tuesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.77 and a quick ratio of 1.77. TrueBlue, Inc. has a 1-year low of $19.30 and a 1-year high of $28.70. The company has a market cap of $1,170.53, a price-to-earnings ratio of 15.81 and a beta of 2.37.
TrueBlue (NYSE:TBI) last issued its quarterly earnings data on Monday, October 30th. The business services provider reported $0.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.02. TrueBlue had a net margin of 2.22% and a return on equity of 14.05%. The business had revenue of $660.78 million during the quarter, compared to analyst estimates of $651.91 million. During the same period in the prior year, the business earned $0.70 EPS. The company’s revenue for the quarter was down 5.2% on a year-over-year basis. sell-side analysts predict that TrueBlue, Inc. will post 1.7 earnings per share for the current fiscal year.
TrueBlue declared that its Board of Directors has initiated a stock buyback program on Monday, October 30th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the business services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its shares are undervalued.
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TBI has been the subject of several analyst reports. Zacks Investment Research raised shares of TrueBlue from a “sell” rating to a “hold” rating in a research report on Wednesday, October 4th. ValuEngine raised shares of TrueBlue from a “hold” rating to a “buy” rating in a research report on Friday, October 6th. BidaskClub cut shares of TrueBlue from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Robert W. Baird reissued a “hold” rating and set a $25.00 price target on shares of TrueBlue in a research report on Friday, October 6th. Finally, BMO Capital Markets increased their price target on shares of TrueBlue from $23.00 to $26.00 and gave the company a “market perform” rating in a research report on Wednesday, November 1st. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. TrueBlue has an average rating of “Hold” and a consensus target price 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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