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

TrueBlue (NYSE:TBI - Get Free Report) had its target price dropped by stock analysts at BMO Capital Markets from $11.00 to $10.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has an "outperform" rating on the business services provider's stock. BMO Capital Markets' target price would suggest a potential upside of 36.33% from the stock's current price.

Separately, StockNews.com cut TrueBlue from a "hold" rating to a "sell" rating in a report on Tuesday, August 6th.

TrueBlue Stock Down 4.2 %

TBI stock traded down $0.33 during trading on Tuesday, reaching $7.34. 256,430 shares of the company's stock were exchanged, compared to its average volume of 319,470. TrueBlue has a 1-year low of $6.97 and a 1-year high of $16.14. The firm has a market cap of $224.23 million, a PE ratio of -1.97 and a beta of 1.49. The company's fifty day moving average price is $7.64 and its 200-day moving average price is $9.34.

TrueBlue (NYSE:TBI - Get Free Report) last announced its earnings results on Monday, November 4th. The business services provider reported ($0.11) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.15) by $0.04. TrueBlue had a negative net margin of 6.18% and a negative return on equity of 0.55%. The firm had revenue of $382.36 million during the quarter, compared to analyst estimates of $386.07 million. During the same quarter in the prior year, the firm posted $0.16 EPS. TrueBlue's revenue was down 19.2% compared to the same quarter last year. As a group, sell-side analysts expect that TrueBlue will post -0.65 earnings per share for the current fiscal year.

Institutional Investors Weigh In On TrueBlue

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Azarias Capital Management L.P. raised its holdings in shares of TrueBlue by 40.8% in the 2nd quarter. Azarias Capital Management L.P. now owns 1,247,222 shares of the business services provider's stock worth $12,846,000 after purchasing an additional 361,101 shares in the last quarter. Invenomic Capital Management LP bought a new position in shares of TrueBlue in the first quarter valued at $1,557,000. Marshall Wace LLP increased its holdings in shares of TrueBlue by 330.7% in the second quarter. Marshall Wace LLP now owns 143,910 shares of the business services provider's stock valued at $1,482,000 after buying an additional 110,495 shares in the last quarter. GSA Capital Partners LLP grew its holdings in shares of TrueBlue by 85.2% in the 3rd quarter. GSA Capital Partners LLP now owns 220,892 shares of the business services provider's stock worth $1,743,000 after acquiring an additional 101,589 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its position in shares of TrueBlue by 33.1% during the third quarter. Assenagon Asset Management S.A. now owns 386,432 shares of the business services provider's stock worth $3,049,000 after purchasing an additional 96,072 shares during the period. 97.15% of the stock is owned by institutional investors and hedge funds.

About TrueBlue

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.