Hsbc Holdings PLC Sells 13,596 Shares of TrueBlue, Inc. (NYSE:TBI)

Hsbc Holdings PLC trimmed its stake in TrueBlue, Inc. (NYSE:TBI) by 46.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,986 shares of the business services provider’s stock after selling 13,596 shares during the quarter. Hsbc Holdings PLC owned about 0.05% of TrueBlue worth $161,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TBI. Azarias Capital Management L.P. raised its stake in shares of TrueBlue by 40.8% in the second quarter. Azarias Capital Management L.P. now owns 1,247,222 shares of the business services provider’s stock worth $12,846,000 after purchasing an additional 361,101 shares during the last quarter. Lord Abbett & CO. LLC grew its position in TrueBlue by 0.4% during the first quarter. Lord Abbett & CO. LLC now owns 358,787 shares of the business services provider’s stock valued at $4,492,000 after buying an additional 1,303 shares during the period. Assenagon Asset Management S.A. raised its holdings in shares of TrueBlue by 3.1% in the 2nd quarter. Assenagon Asset Management S.A. now owns 290,360 shares of the business services provider’s stock worth $2,991,000 after purchasing an additional 8,669 shares during the period. Bank of New York Mellon Corp grew its stake in shares of TrueBlue by 2.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 130,200 shares of the business services provider’s stock worth $1,341,000 after acquiring an additional 2,905 shares during the period. Finally, Invenomic Capital Management LP bought a new stake in TrueBlue in the 1st quarter valued at about $1,557,000. 97.15% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. BMO Capital Markets reduced their target price on shares of TrueBlue from $13.00 to $12.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. StockNews.com lowered TrueBlue from a “hold” rating to a “sell” rating in a research note on Tuesday, August 6th.

TrueBlue Stock Performance

NYSE TBI opened at $7.49 on Friday. The company has a fifty day moving average of $8.23 and a 200-day moving average of $9.97. TrueBlue, Inc. has a 52-week low of $7.09 and a 52-week high of $16.14. The company has a market capitalization of $228.97 million, a P/E ratio of -20.24 and a beta of 1.49.

TrueBlue (NYSE:TBI) last announced its quarterly earnings data on Monday, August 5th. The business services provider reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.30). TrueBlue had a negative net margin of 6.18% and a negative return on equity of 0.55%. The business had revenue of $396.00 million during the quarter, compared to analysts’ expectations of $414.49 million. During the same period last year, the company posted $0.17 EPS. TrueBlue’s revenue for the quarter was down 16.7% on a year-over-year basis. As a group, analysts forecast that TrueBlue, Inc. will post -0.65 EPS for the current fiscal year.

TrueBlue Company Profile

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.