Trueblue (NYSE:TBI) had its price target cut by investment analysts at BMO Capital Markets from $30.00 to $29.00 in a research note issued on Thursday. The firm presently has a “market perform” rating on the business services provider’s stock. BMO Capital Markets’ target price indicates a potential upside of 7.21% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. Robert W. Baird lifted their price target on Trueblue from $25.00 to $26.00 and gave the stock a “neutral” rating in a report on Tuesday, October 31st. TheStreet upgraded Trueblue from a “c+” rating to a “b” rating in a report on Friday, November 17th. Finally, Zacks Investment Research cut Trueblue from a “hold” rating to a “sell” rating in a report on Thursday, November 2nd. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $27.50.

Shares of Trueblue (TBI) traded up $1.15 during midday trading on Thursday, hitting $27.05. The stock had a trading volume of 74,592 shares, compared to its average volume of 196,549. The company has a market cap of $1,062.99, a PE ratio of 19.89 and a beta of 2.28. 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 has a 12 month low of $19.30 and a 12 month high of $29.50.

Trueblue (NYSE:TBI) last announced its quarterly earnings data on Wednesday, February 7th. The business services provider reported $0.51 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.03. Trueblue had a return on equity of 14.05% and a net margin of 2.22%. The company had revenue of $669.63 million during the quarter, compared to analysts’ expectations of $667.66 million. During the same quarter last year, the company earned $0.58 EPS. Trueblue’s revenue for the quarter was down 8.9% compared to the same quarter last year. sell-side analysts anticipate that Trueblue will post 1.7 earnings per share for the current fiscal year.

Trueblue declared that its board has approved a share repurchase program on Monday, October 30th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the business services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

In related news, EVP Wayne W. Larkin sold 12,600 shares of Trueblue stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $28.54, for a total transaction of $359,604.00. Following the completion of the transaction, the executive vice president now owns 39,461 shares in the company, valued at $1,126,216.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steven C. Cooper sold 23,900 shares of Trueblue stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $28.06, for a total value of $670,634.00. The disclosure for this sale can be found here. Insiders have sold 44,000 shares of company stock valued at $1,241,438 in the last quarter. 2.00% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of the business. Public Employees Retirement System of Ohio lifted its position in Trueblue by 5.3% during the second quarter. Public Employees Retirement System of Ohio now owns 35,447 shares of the business services provider’s stock worth $939,000 after acquiring an additional 1,788 shares during the last quarter. SG Americas Securities LLC lifted its position in Trueblue by 8.2% during the third quarter. SG Americas Securities LLC now owns 38,164 shares of the business services provider’s stock worth $857,000 after acquiring an additional 2,885 shares during the last quarter. KBC Group NV lifted its position in Trueblue by 16.7% during the fourth quarter. KBC Group NV now owns 21,274 shares of the business services provider’s stock worth $585,000 after acquiring an additional 3,044 shares during the last quarter. Sterling Capital Management LLC lifted its position in Trueblue by 8.3% during the second quarter. Sterling Capital Management LLC now owns 39,795 shares of the business services provider’s stock worth $1,055,000 after acquiring an additional 3,051 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its position 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 acquiring an additional 3,098 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

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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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