Pzena Investment Management LLC Decreases Holdings in TrueBlue, Inc. (NYSE:TBI)

Pzena Investment Management LLC cut its holdings in shares of TrueBlue, Inc. (NYSE:TBI) by 3.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,780,117 shares of the business services provider’s stock after selling 90,557 shares during the quarter. Pzena Investment Management LLC owned approximately 0.09% of TrueBlue worth $21,935,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in TBI. State Board of Administration of Florida Retirement System bought a new position in TrueBlue in the 1st quarter worth about $192,000. Quadrature Capital Ltd boosted its stake in TrueBlue by 124.6% in the 1st quarter. Quadrature Capital Ltd now owns 49,855 shares of the business services provider’s stock worth $625,000 after purchasing an additional 27,656 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in TrueBlue by 25.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 36,983 shares of the business services provider’s stock worth $464,000 after purchasing an additional 7,417 shares during the period. Paloma Partners Management Co bought a new position in TrueBlue in the 1st quarter worth about $376,000. Finally, Invenomic Capital Management LP bought a new position in TrueBlue in the 1st quarter worth about $1,557,000. 97.15% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the company. StockNews.com downgraded TrueBlue from a “hold” rating to a “sell” rating in a research note on Tuesday, August 6th. BMO Capital Markets dropped their price target on TrueBlue from $11.00 to $10.00 and set an “outperform” rating for the company in a research report on Tuesday, November 5th.

TrueBlue Trading Up 1.6 %

Shares of TBI opened at $6.86 on Thursday. The stock has a 50-day moving average price of $7.55 and a 200-day moving average price of $9.09. TrueBlue, Inc. has a 12-month low of $6.63 and a 12-month high of $16.14.

TrueBlue (NYSE:TBI) last issued its quarterly 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. The firm had revenue of $382.36 million during the quarter, compared to the consensus estimate of $386.07 million. TrueBlue had a negative return on equity of 2.69% and a negative net margin of 6.97%. The company’s revenue for the quarter was down 19.2% on a year-over-year basis. During the same quarter last year, the company posted $0.16 EPS. As a group, research analysts expect that TrueBlue, Inc. will post -0.56 earnings per share for the current year.

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.