A Reversal for Trueblue Inc (TBI) Is Near. The Formed Bullish Multiple Top Chart Pattern

September 23, 2017 - By Marguerite Chambers

Investors sentiment increased to 1.83 in Q2 2017. Its up 0.43, from 1.4 in 2017Q1. It improved, as 15 investors sold Trueblue Inc shares while 43 reduced holdings. 36 funds opened positions while 70 raised stakes. 37.49 million shares or 1.65% less from 38.12 million shares in 2017Q1 were reported.
Louisiana State Employees Retirement System reported 17,300 shares or 0.02% of all its holdings. Arrowmark Colorado Hldgs Ltd Liability Corporation stated it has 0.12% of its portfolio in Trueblue Inc (NYSE:TBI). 759,577 were accumulated by Rothschild Asset Mngmt. Fifth Third Bankshares stated it has 0% in Trueblue Inc (NYSE:TBI). 4.52 million were accumulated by Vanguard Group. Prudential Fincl holds 393,429 shares or 0.02% of its portfolio. Arrowstreet Cap Partnership accumulated 206,594 shares or 0.02% of the stock. Prelude Mngmt Llc invested in 0% or 1,900 shares. Pub Employees Retirement Of Ohio stated it has 35,447 shares or 0.01% of all its holdings. Kbc Grp Nv stated it has 18,230 shares. Martingale Asset Mngmt Ltd Partnership reported 80,549 shares or 0.03% of all its holdings. California State Teachers Retirement holds 0% of its portfolio in Trueblue Inc (NYSE:TBI) for 74,455 shares. Lsv Asset invested in 58,300 shares or 0% of the stock. Northern Corporation holds 0% or 548,662 shares. Texas Permanent School Fund, Texas-based fund reported 31,073 shares.

The stock of Trueblue Inc (TBI) shows a multiple tops pattern with $22.58 target or 5.00 % above today’s $21.50 share price. The 8 months chart pattern indicates low risk for the $907.26 million company. It was reported on Sep, 23 by Finviz.com. If the $22.58 price target is reached, the company will be worth $45.36 million more.
Multiple tops are chart patterns with decent performance in a bull market. The failure rate is higher but the average decline is reasonable. Back-tests of such patterns show that the break even failure rate is 10%, the average rise: 19%, the throwback rate: 61% and the percentage of stocks meeting their price targets: 40%.

The stock increased 0.47% or $0.1 on September 22, reaching $21.5. About 167,176 shares traded. Trueblue Inc (NYSE:TBI) has risen 44.92% since September 23, 2016 and is uptrending. It has outperformed by 28.22% the S&P500.

Wall Street await Trueblue Inc (NYSE:TBI) to release earnings on October, 18. Analysts forecast earnings per share of $0.58, down exactly $0.12 or 17.14 % from 2014’s $0.7 EPS. The expected TBI’s profit could reach $24.47M giving the stock 9.27 P/E in the case that $0.58 earnings per share is reported. After posting $0.42 EPS for the previous quarter, Trueblue Inc’s analysts now forecast 38.10 % EPS growth.

Trueblue Inc (NYSE:TBI) Ratings Coverage

Among 5 analysts covering TrueBlue (NYSE:TBI), 0 have Buy rating, 1 Sell and 4 Hold. Therefore 0 are positive. TrueBlue had 16 analyst reports since July 24, 2015 according to SRatingsIntel. The rating was initiated by Deutsche Bank on Thursday, August 18 with “Sell”. Robert W. Baird maintained the shares of TBI in report on Friday, September 1 with “Hold” rating. BMO Capital Markets maintained it with “Hold” rating and $2800 target in Tuesday, July 11 report. The stock of Trueblue Inc (NYSE:TBI) earned “Sell” rating by Deutsche Bank on Thursday, October 20. The firm has “Neutral” rating given on Thursday, April 21 by Robert W. Baird. The firm has “Mkt Underperform” rating by Avondale given on Thursday, October 20. The stock of Trueblue Inc (NYSE:TBI) earned “Hold” rating by Deutsche Bank on Friday, October 16. Avondale maintained Trueblue Inc (NYSE:TBI) on Thursday, April 21 with “Market Outperform” rating. BMO Capital Markets maintained Trueblue Inc (NYSE:TBI) rating on Thursday, August 10. BMO Capital Markets has “Hold” rating and $2300 target. The stock has “Neutral” rating by Bank of America on Wednesday, January 13.

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