TrueBlue, Inc. (TBI) EVP Sells $359,604.00 in Stock
TrueBlue, Inc. (NYSE:TBI) EVP Wayne W. Larkin sold 12,600 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $28.54, for a total value of $359,604.00. Following the sale, the executive vice president now owns 39,461 shares in the company, valued at $1,126,216.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Shares of TrueBlue, Inc. (NYSE TBI) traded down $0.40 during trading hours on Monday, reaching $27.80. The company’s stock had a trading volume of 171,337 shares, compared to its average volume of 291,847. TrueBlue, Inc. has a 52-week low of $19.30 and a 52-week high of $29.50. The company has a market capitalization of $1,150.00, a PE ratio of 15.75 and a beta of 2.38. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.20.
TrueBlue (NYSE:TBI) last announced its quarterly earnings results on Monday, October 30th. The business services provider reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. TrueBlue had a return on equity of 14.05% and a net margin of 2.22%. The firm had revenue of $660.78 million for the quarter, compared to analysts’ expectations of $651.91 million. During the same period in the prior year, the business posted $0.70 earnings per share. The business’s revenue was down 5.2% compared to the same quarter last year. equities research analysts forecast that TrueBlue, Inc. will post 1.7 earnings per share for the current fiscal year.
TrueBlue announced that its Board of Directors has authorized a share repurchase plan on Monday, October 30th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the business services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
A number of research firms have recently issued reports on TBI. ValuEngine cut TrueBlue from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Robert W. Baird restated a “hold” rating and set a $25.00 price objective on shares of TrueBlue in a research report on Friday, October 6th. TheStreet cut TrueBlue from a “b-” rating to a “c+” rating in a research report on Friday, August 18th. BMO Capital Markets reiterated a “hold” rating and issued a $23.00 price target on shares of TrueBlue in a research report on Friday, October 13th. Finally, Zacks Investment Research cut TrueBlue from a “hold” rating to a “sell” rating in a research report on Thursday, November 2nd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $26.00.
A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in TrueBlue by 16.1% in the second quarter. Vanguard Group Inc. now owns 4,519,856 shares of the business services provider’s stock valued at $119,777,000 after acquiring an additional 627,033 shares during the period. Dimensional Fund Advisors LP boosted its stake in TrueBlue by 6.1% in the third quarter. Dimensional Fund Advisors LP now owns 2,219,800 shares of the business services provider’s stock worth $49,834,000 after purchasing an additional 127,660 shares in the last quarter. Alliancebernstein L.P. boosted its stake in TrueBlue by 2.6% in the second quarter. Alliancebernstein L.P. now owns 1,380,711 shares of the business services provider’s stock worth $36,589,000 after purchasing an additional 35,040 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in TrueBlue by 12.9% in the third quarter. JPMorgan Chase & Co. now owns 1,238,560 shares of the business services provider’s stock worth $27,682,000 after purchasing an additional 141,579 shares in the last quarter. Finally, FMR LLC boosted its stake in TrueBlue by 16.1% in the second quarter. FMR LLC now owns 1,209,465 shares of the business services provider’s stock worth $32,051,000 after purchasing an additional 168,165 shares in the last quarter. Hedge funds and other institutional investors own 90.55% of the company’s stock.
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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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