Blue Bird (NASDAQ:BLBD) Trading Down 5.9% - Here's What Happened

Blue Bird Co. (NASDAQ:BLBD - Get Free Report) traded down 5.9% on Thursday . The company traded as low as $42.39 and last traded at $43.28. 245,827 shares were traded during mid-day trading, a decline of 56% from the average session volume of 564,718 shares. The stock had previously closed at $45.99.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Bank of America lifted their price objective on Blue Bird from $60.00 to $66.00 and gave the company a "buy" rating in a research note on Thursday, August 8th. Barclays lifted their target price on Blue Bird from $43.00 to $54.00 and gave the company an "overweight" rating in a report on Friday, August 9th. DA Davidson lifted their target price on Blue Bird from $66.00 to $67.00 and gave the company a "buy" rating in a report on Friday, August 9th. StockNews.com upgraded Blue Bird from a "hold" rating to a "buy" rating in a report on Wednesday. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $72.00 target price on shares of Blue Bird in a report on Tuesday, September 10th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $62.00.

Blue Bird Price Performance

The company has a market capitalization of $1.38 billion, a PE ratio of 17.30, a P/E/G ratio of 0.28 and a beta of 1.61. The company has a current ratio of 1.40, a quick ratio of 0.66 and a debt-to-equity ratio of 0.66. The stock has a fifty day simple moving average of $49.10 and a 200-day simple moving average of $47.02.

Blue Bird (NASDAQ:BLBD - Get Free Report) last posted its earnings results on Wednesday, August 7th. The company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.42. Blue Bird had a return on equity of 116.23% and a net margin of 7.65%. The business had revenue of $333.37 million during the quarter, compared to the consensus estimate of $330.00 million. During the same period in the previous year, the business earned $0.42 EPS. Equities analysts anticipate that Blue Bird Co. will post 3.22 earnings per share for the current year.

Insider Activity

In other news, President Britton Smith sold 2,508 shares of the business's stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $49.81, for a total value 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 approximately $4,015,532.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, President Britton Smith sold 2,508 shares of the business's stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $49.81, for a total value of $124,923.48. Following the transaction, the president now owns 80,617 shares in the company, valued at approximately $4,015,532.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Ted Scartz sold 2,985 shares of the business's stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $48.60, for a total value of $145,071.00. Following the completion of the transaction, the senior vice president now owns 51,863 shares in the company, valued at approximately $2,520,541.80. The disclosure for this sale can be found here. In the last three months, insiders sold 61,240 shares of company stock valued at $2,960,546. Insiders own 2.10% of the company's stock.

Hedge Funds Weigh In On Blue Bird

Several institutional investors have recently added to or reduced their stakes in the stock. Covestor Ltd acquired a new position in Blue Bird during the 1st quarter worth approximately $29,000. Macroview Investment Management LLC acquired a new position in Blue Bird during the 2nd quarter worth approximately $29,000. Quarry LP increased its position in Blue Bird by 43.9% during the 2nd quarter. Quarry LP now owns 1,174 shares of the company's stock worth $63,000 after purchasing an additional 358 shares during the period. Meeder Asset Management Inc. acquired a new position in Blue Bird during the 2nd quarter worth approximately $81,000. Finally, Canada Pension Plan Investment Board acquired a new position in Blue Bird during the 2nd quarter worth approximately $113,000. Institutional investors and hedge funds own 93.59% of the company's stock.

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.