Trueblue Inc (NYSE:TBI) Sees Significant Decrease in Short Interest

Trueblue Inc (NYSE:TBI) was the recipient of a large decline in short interest in the month of January. As of January 31st, there was short interest totalling 875,300 shares, a decline of 11.3% from the January 15th total of 986,700 shares. Approximately 2.3% of the company’s shares are short sold. Based on an average daily trading volume, of 170,800 shares, the days-to-cover ratio is presently 5.1 days.

Several research analysts have commented on TBI shares. TheStreet downgraded Trueblue from a “b-” rating to a “c” rating in a report on Thursday, February 6th. Zacks Investment Research downgraded Trueblue from a “hold” rating to a “strong sell” rating in a report on Tuesday. Finally, Sidoti cut their target price on Trueblue from $22.00 to $20.00 and set a “neutral” rating on the stock in a report on Thursday. One research analyst has rated the stock with a sell rating and three have issued a hold rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $24.33.

Several hedge funds have recently bought and sold shares of the company. State Street Corp increased its position in Trueblue by 5.1% in the 4th quarter. State Street Corp now owns 1,235,290 shares of the business services provider’s stock valued at $29,721,000 after buying an additional 59,460 shares in the last quarter. Acadian Asset Management LLC increased its position in Trueblue by 13.4% in the 4th quarter. Acadian Asset Management LLC now owns 672,951 shares of the business services provider’s stock valued at $16,190,000 after buying an additional 79,434 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Trueblue by 18.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 593,232 shares of the business services provider’s stock valued at $14,273,000 after buying an additional 94,380 shares in the last quarter. Chartwell Investment Partners LLC increased its position in Trueblue by 0.6% in the 4th quarter. Chartwell Investment Partners LLC now owns 574,462 shares of the business services provider’s stock valued at $13,822,000 after buying an additional 3,525 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Trueblue by 3.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 569,613 shares of the business services provider’s stock valued at $13,705,000 after buying an additional 20,260 shares in the last quarter. 92.07% of the stock is owned by hedge funds and other institutional investors.

Shares of TBI stock traded down $0.11 during mid-day trading on Friday, hitting $16.72. The company’s stock had a trading volume of 297,900 shares, compared to its average volume of 232,443. The company’s fifty day simple moving average is $22.07 and its 200-day simple moving average is $21.77. Trueblue has a 52 week low of $16.10 and a 52 week high of $25.75. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.88 and a current ratio of 1.83. The company has a market cap of $635.36 million, a PE ratio of 10.39 and a beta of 1.69.

Trueblue (NYSE:TBI) last posted its quarterly earnings data on Wednesday, February 5th. The business services provider reported $0.39 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by ($0.02). Trueblue had a return on equity of 13.06% and a net margin of 2.66%. The business had revenue of $591.00 million during the quarter, compared to the consensus estimate of $601.26 million. During the same period last year, the business posted $0.61 earnings per share. The business’s revenue was down 9.1% on a year-over-year basis. On average, equities analysts anticipate that Trueblue will post 1.74 earnings per share for the current year.

Trueblue Company Profile

TrueBlue, Inc provides contingent staffing, recruitment process outsourcing, and contingent staffing management services in the United States, Canada, and Puerto Rico. It operates through three segments: PeopleReady, PeopleManagement, and PeopleScout. The PeopleReady segment offers a range of staffing solutions for blue-collar, contingent on-demand, and skilled labor in construction, manufacturing and logistics, warehousing and distribution, waste and recycling, energy, retail, hospitality, general labor, and other industries under the Labor Ready, CLP Resources, and Spartan Staffing brands.

See Also: How is the discount rate different from the Federal Funds rate?

Receive News & Ratings for Trueblue Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Trueblue and related companies with MarketBeat.com's FREE daily email newsletter.