Blue Bird (NASDAQ:BLBD) Shares Gap Down Following Analyst Downgrade

Blue Bird Co. (NASDAQ:BLBD) gapped down prior to trading on Tuesday after Bank of America lowered their price target on the stock from $66.00 to $63.50. The stock had previously closed at $42.83, but opened at $38.87. Bank of America currently has a buy rating on the stock. Blue Bird shares last traded at $41.22, with a volume of 1,461,827 shares trading hands.

BLBD has been the subject of several other reports. BTIG Research began coverage on Blue Bird in a research report on Wednesday, October 9th. They set a “buy” rating and a $55.00 price objective for the company. Craig Hallum raised their price objective on shares of Blue Bird from $68.00 to $71.00 and gave the stock a “buy” rating in a report on Tuesday. Roth Capital cut shares of Blue Bird from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 3rd. Barclays lifted their price target on shares of Blue Bird from $43.00 to $54.00 and gave the stock an “overweight” rating in a research note on Friday, August 9th. Finally, Needham & Company LLC restated a “buy” rating and issued a $66.00 price objective on shares of Blue Bird in a research note on Tuesday. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $60.64.

Insider Buying and Selling at Blue Bird

In related news, President Britton Smith sold 2,508 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $49.81, for a total transaction of $124,923.48. Following the completion of the sale, the president now directly owns 80,617 shares of the company’s stock, valued at $4,015,532.77. This trade represents a 3.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.10% of the stock is currently owned by company insiders.

Institutional Trading of Blue Bird

Several hedge funds have recently made changes to their positions in BLBD. Axxcess Wealth Management LLC acquired a new stake in shares of Blue Bird in the 3rd quarter valued at approximately $987,000. Vanguard Group Inc. lifted its holdings in Blue Bird by 36.0% in the first quarter. Vanguard Group Inc. now owns 1,911,645 shares of the company’s stock valued at $73,292,000 after acquiring an additional 505,727 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in shares of Blue Bird during the 1st quarter worth $4,000,000. Victory Capital Management Inc. grew its stake in shares of Blue Bird by 95.9% during the 3rd quarter. Victory Capital Management Inc. now owns 52,216 shares of the company’s stock worth $2,504,000 after purchasing an additional 25,563 shares during the period. Finally, Algert Global LLC increased its holdings in shares of Blue Bird by 360.0% in the 2nd quarter. Algert Global LLC now owns 105,651 shares of the company’s stock valued at $5,689,000 after purchasing an additional 82,681 shares in the last quarter. Institutional investors and hedge funds own 93.59% of the company’s stock.

Blue Bird Price Performance

The stock has a market cap of $1.33 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 0.20 and a beta of 1.62. The company’s 50 day moving average is $44.16 and its 200 day moving average is $48.75. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.40 and a quick ratio of 0.66.

Blue Bird Company Profile

Blue Bird Corporation, together with its subsidiaries, designs, engineers, manufactures, and sells school buses in the United States, Canada, and internationally. The company operates through two segments, Bus and Parts. It offers Type C, Type D, and specialty buses; and alternative power options through its propane powered, gasoline powered, compressed natural gas powered, and electric powered school buses, as well as diesel engines.