American Century Companies Inc. raised its position in shares of Trueblue Inc (NYSE:TBI) by 239.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 76,627 shares of the business services provider’s stock after purchasing an additional 54,021 shares during the quarter. American Century Companies Inc.’s holdings in Trueblue were worth $2,107,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Meeder Asset Management Inc. raised its position in shares of Trueblue by 192.7% during the 3rd quarter. Meeder Asset Management Inc. now owns 4,706 shares of the business services provider’s stock worth $106,000 after purchasing an additional 3,098 shares during the period. Macquarie Group Ltd. acquired a new stake in shares of Trueblue during the 3rd quarter worth approximately $117,000. Jane Street Group LLC acquired a new stake in shares of Trueblue during the 3rd quarter worth approximately $203,000. Virginia Retirement Systems ET AL acquired a new stake in shares of Trueblue during the 3rd quarter worth approximately $209,000. Finally, FNY Managed Accounts LLC acquired a new stake in shares of Trueblue during the 3rd quarter worth approximately $215,000. Hedge funds and other institutional investors own 92.20% of the company’s stock.
Shares of Trueblue Inc (NYSE:TBI) opened at $28.15 on Tuesday. Trueblue Inc has a 1 year low of $19.30 and a 1 year high of $29.50. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.02 and a quick ratio of 1.77. The company has a market capitalization of $1,172.60, a P/E ratio of 21.32 and a beta of 2.28.
Trueblue declared that its Board of Directors has initiated a share repurchase plan on Monday, October 30th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the business services provider to purchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.
A number of analysts have recently weighed in on the company. TheStreet upgraded Trueblue from a “c+” rating to a “b” rating in a research report on Friday, November 17th. BMO Capital Markets dropped their price target on Trueblue from $30.00 to $29.00 and set a “market perform” rating on the stock in a research report on Thursday, February 8th. Zacks Investment Research upgraded Trueblue from a “hold” rating to a “strong-buy” rating and set a $31.00 price target on the stock in a research report on Tuesday, February 13th. Finally, Robert W. Baird increased their price target on Trueblue from $25.00 to $26.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 31st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Trueblue currently has an average rating of “Hold” and an average price target of $28.67.
In related news, Director Bonnie W. Soodik sold 20,871 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $27.85, for a total value of $581,257.35. Following the sale, the director now directly owns 2,119 shares in the company, valued at approximately $59,014.15. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Steven C. Cooper sold 23,900 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $28.06, for a total value of $670,634.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 57,371 shares of company stock worth $1,611,495. 2.00% of the stock is owned by insiders.
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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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