Ameriprise Financial Inc. raised its stake in shares of TrueBlue, Inc. (NYSE:TBI) by 9.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 917,628 shares of the business services provider’s stock after purchasing an additional 76,831 shares during the quarter. Ameriprise Financial Inc. owned about 2.22% of TrueBlue worth $20,582,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of TBI. Meeder Asset Management Inc. increased its stake in shares of TrueBlue by 192.7% in the third quarter. Meeder Asset Management Inc. now owns 4,706 shares of the business services provider’s stock worth $106,000 after acquiring an additional 3,098 shares during the period. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in shares of TrueBlue in the second quarter worth $236,000. Piedmont Investment Advisors LLC acquired a new stake in shares of TrueBlue in the second quarter worth $244,000. Virtu KCG Holdings LLC acquired a new stake in shares of TrueBlue in the second quarter worth $261,000. Finally, Municipal Employees Retirement System of Michigan increased its stake in shares of TrueBlue by 3.9% in the second quarter. Municipal Employees Retirement System of Michigan now owns 10,060 shares of the business services provider’s stock worth $267,000 after acquiring an additional 380 shares during the period. Institutional investors and hedge funds own 90.55% of the company’s stock.
Shares of TrueBlue, Inc. (NYSE TBI) traded up $0.45 during midday trading on Monday, reaching $27.80. 300,700 shares of the company were exchanged, compared to its average volume of 291,017. TrueBlue, Inc. has a 12-month low of $19.30 and a 12-month high of $29.50. The stock has a market capitalization of $1,149.85, a P/E ratio of 15.53 and a beta of 2.38. 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 declared that its board has initiated a stock buyback plan on Monday, October 30th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the business services provider to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
TBI has been the topic of a number of research reports. TheStreet lowered shares of TrueBlue from a “b-” rating to a “c+” rating in a research note on Friday, August 18th. ValuEngine lowered shares of TrueBlue from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Zacks Investment Research upgraded shares of TrueBlue from a “sell” rating to a “hold” rating in a research note on Wednesday, October 4th. Robert W. Baird reiterated a “hold” rating and issued a $25.00 price objective on shares of TrueBlue in a research note on Friday, October 6th. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $23.00 price objective on shares of TrueBlue in a research note on Friday, October 13th. 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 stock presently has an average rating of “Hold” and an average target price of $26.00.
In related news, EVP James E. Defebaugh sold 7,500 shares of the stock in a transaction on Monday, November 13th. The shares were sold at an average price of $28.16, for a total transaction of $211,200.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Steven C. Cooper sold 23,900 shares of the stock in a transaction on Monday, December 4th. The stock was sold at an average price of $28.06, for a total transaction of $670,634.00. The disclosure for this sale can be found here. Insiders have sold 79,985 shares of company stock worth $2,169,509 over the last three months. 2.00% of the stock is currently owned by insiders.
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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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