TrueBlue, Inc. (NYSE:TBI) posted its quarterly earnings results on Monday, October 30th. The business services provider reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.02, Bloomberg Earnings reports. TrueBlue had a return on equity of 14.05% and a net margin of 2.22%. The company had revenue of $660.78 million during the quarter, compared to the consensus estimate of $651.91 million. During the same quarter in the prior year, the company earned $0.70 EPS. The firm’s quarterly revenue was down 5.2% compared to the same quarter last year. TrueBlue updated its Q4 guidance to $0.45-0.50 EPS.
Shares of TrueBlue (TBI) opened at $28.00 on Wednesday. The firm has a market capitalization of $1,174.67, a P/E ratio of 15.87 and a beta of 2.37. TrueBlue has a 1 year low of $19.30 and a 1 year high of $28.70. 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 announced that its Board of Directors has authorized a share buyback program on Monday, October 30th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the business services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
In other TrueBlue news, Director Joseph P. Sambataro, Jr. sold 16,985 shares of the business’s stock in a transaction on Monday, November 6th. The stock was sold at an average price of $27.28, for a total value of $463,350.80. Following the sale, the director now directly owns 56,596 shares of the company’s stock, valued at $1,543,938.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Taryn R. Owen sold 9,000 shares of the business’s stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $26.08, for a total value of $234,720.00. Following the completion of the sale, the executive vice president now directly owns 13,084 shares in the company, valued at $341,230.72. The disclosure for this sale can be found here. Over the last quarter, insiders sold 45,985 shares of company stock worth $1,131,871. Corporate insiders own 2.00% of the company’s stock.
Several brokerages have commented on TBI. ValuEngine downgraded TrueBlue from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. BMO Capital Markets raised their price target on TrueBlue from $23.00 to $26.00 and gave the company a “market perform” rating in a report on Wednesday, November 1st. BidaskClub cut TrueBlue from a “hold” rating to a “sell” rating in a report on Thursday, August 3rd. TheStreet raised TrueBlue from a “c” rating to a “b” rating in a report on Monday, July 31st. Finally, Zacks Investment Research cut TrueBlue from a “hold” rating to a “sell” rating in a report on Thursday, November 2nd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $26.00.
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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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