TrueBlue, Inc. (NYSE:TBI) – Investment analysts at Northcoast Research cut their FY2017 EPS estimates for shares of TrueBlue in a report issued on Tuesday. Northcoast Research analyst J. Healy now anticipates that the business services provider will post earnings of $1.71 per share for the year, down from their previous estimate of $1.73. Northcoast Research also issued estimates for TrueBlue’s Q4 2017 earnings at $0.48 EPS.
A number of other equities analysts have also issued reports on the company. TheStreet lowered TrueBlue from a “b-” rating to a “c+” rating in a research note on Friday, August 18th. Robert W. Baird reaffirmed a “hold” rating and set a $25.00 price target on shares of TrueBlue in a research note on Friday, October 6th. ValuEngine raised TrueBlue from a “hold” rating to a “buy” rating in a research note on Friday, October 6th. Zacks Investment Research lowered TrueBlue from a “hold” rating to a “sell” rating in a research note on Thursday, August 3rd. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $23.00 price target on shares of TrueBlue in a research note on Friday, October 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $23.33.
TRADEMARK VIOLATION WARNING: “Brokers Set Expectations for TrueBlue, Inc.’s FY2017 Earnings (TBI)” was originally reported by Sports Perspectives and is the sole property of of Sports Perspectives. If you are viewing this piece on another domain, it was copied illegally and republished in violation of US and international trademark & copyright laws. The correct version of this piece can be read at https://sportsperspectives.com/2017/11/02/brokers-set-expectations-for-trueblue-inc-s-fy2017-earnings-tbi.html. TrueBlue (NYSE:TBI) last posted its earnings results on Monday, October 30th. The business services provider reported $0.60 EPS for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.02. The company had revenue of $660.78 million for the quarter, compared to the consensus estimate of $651.91 million. TrueBlue had a return on equity of 14.13% and a net margin of 2.22%. TrueBlue’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.70 earnings per share.
Several institutional investors and hedge funds have recently added to or reduced their stakes in TBI. BlackRock Inc. boosted its stake in shares of TrueBlue by 50,858.0% during the 1st quarter. BlackRock Inc. now owns 5,165,614 shares of the business services provider’s stock worth $141,280,000 after acquiring an additional 5,155,477 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of TrueBlue by 16.1% during the 2nd quarter. Vanguard Group Inc. now owns 4,519,856 shares of the business services provider’s stock worth $119,777,000 after acquiring an additional 627,033 shares in the last quarter. FMR LLC boosted its stake in shares of TrueBlue by 32.5% during the 1st quarter. FMR LLC now owns 1,041,300 shares of the business services provider’s stock worth $28,480,000 after acquiring an additional 255,207 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of TrueBlue by 28.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 840,797 shares of the business services provider’s stock worth $22,281,000 after acquiring an additional 184,641 shares in the last quarter. Finally, ClariVest Asset Management LLC boosted its stake in shares of TrueBlue by 115.7% during the 2nd quarter. ClariVest Asset Management LLC now owns 325,008 shares of the business services provider’s stock worth $8,611,000 after acquiring an additional 174,303 shares in the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.
In other news, EVP Wayne W. Larkin sold 10,000 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $23.00, for a total transaction of $230,000.00. Following the completion of the sale, the executive vice president now directly owns 52,061 shares of the company’s stock, valued at approximately $1,197,403. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.00% of the company’s stock.
TrueBlue announced that its board has initiated a share buyback plan on Monday, October 30th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the business services provider to buy shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
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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