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

Blue Bird Co. (NASDAQ:BLBD)’s stock price 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 traded.

A number of other research firms have also recently issued reports on BLBD. BTIG Research assumed coverage on Blue Bird in a report on Wednesday, October 9th. They issued a “buy” rating and a $55.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and set a $66.00 price target on shares of Blue Bird in a research report on Tuesday. DA Davidson lifted their price target on shares of Blue Bird from $66.00 to $67.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Roth Mkm cut shares of Blue Bird from a “buy” rating to a “neutral” rating and set a $48.00 price objective for the company. in a research note on Thursday, October 3rd. Finally, Barclays lifted their target price on shares of Blue Bird from $43.00 to $54.00 and gave the stock an “overweight” rating in a research report on Friday, August 9th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $60.64.

Insider Buying and Selling

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 transaction of $124,923.48. Following the transaction, the president now owns 80,617 shares in the company, valued at $4,015,532.77. The trade was a 3.02 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Blue Bird

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in shares of Blue Bird by 36.0% during 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 in the last quarter. FMR LLC increased its position in Blue Bird by 268.0% during the 3rd quarter. FMR LLC now owns 1,841,745 shares of the company’s stock valued at $88,330,000 after purchasing an additional 1,341,259 shares during the period. Geode Capital Management LLC raised its holdings in Blue Bird by 26.2% in the 3rd quarter. Geode Capital Management LLC now owns 752,228 shares of the company’s stock worth $36,084,000 after purchasing an additional 156,298 shares in the last quarter. State Street Corp lifted its position in shares of Blue Bird by 8.4% in the 3rd quarter. State Street Corp now owns 725,573 shares of the company’s stock worth $34,798,000 after purchasing an additional 56,449 shares during the period. Finally, Deroy & Devereaux Private Investment Counsel Inc. lifted its position in shares of Blue Bird by 0.4% in the 3rd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 635,920 shares of the company’s stock worth $30,499,000 after purchasing an additional 2,598 shares during the period. Hedge funds and other institutional investors own 93.59% of the company’s stock.

Blue Bird Price Performance

The company has a market cap of $1.32 billion, a PE ratio of 13.43, a PEG ratio of 0.20 and a beta of 1.62. The firm’s 50-day moving average is $43.97 and its 200-day moving average is $48.70. The company has a quick ratio of 0.66, a current ratio of 1.40 and a debt-to-equity ratio of 0.66.

About Blue Bird

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.