Blue Bird (NASDAQ:BLBD) Stock Price Down 2.1% – Here’s Why

Blue Bird Co. (NASDAQ:BLBD) was down 2.1% during mid-day trading on Friday . The stock traded as low as $39.59 and last traded at $39.89. Approximately 235,273 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 627,626 shares. The stock had previously closed at $40.73.

Analysts Set New Price Targets

BLBD has been the topic of a number of research analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $66.00 target price on shares of Blue Bird in a research report on Friday, December 13th. StockNews.com lowered Blue Bird from a “buy” rating to a “hold” rating in a research report on Monday, December 16th. Craig Hallum increased their price objective on Blue Bird from $68.00 to $71.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. BTIG Research started coverage on shares of Blue Bird in a report on Wednesday, October 9th. They issued a “buy” rating and a $55.00 target price on the stock. Finally, Roth Mkm downgraded shares of Blue Bird from a “buy” rating to a “neutral” rating and set a $48.00 price target for the company. in a research report on Thursday, October 3rd. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Blue Bird currently has a consensus rating of “Moderate Buy” and an average price target of $60.64.

Blue Bird Price Performance

The company has a 50 day moving average price of $41.75 and a 200 day moving average price of $47.15. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.37 and a quick ratio of 0.83. The firm has a market cap of $1.27 billion, a PE ratio of 12.38, a PEG ratio of 1.05 and a beta of 1.59.

Insiders Place Their Bets

In other news, CFO Razvan Radulescu sold 19,171 shares of the business’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $42.89, for a total transaction of $822,244.19. Following the transaction, the chief financial officer now directly owns 89,347 shares in the company, valued at $3,832,092.83. The trade was a 17.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Blue Bird

Hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its position in Blue Bird by 60.7% during the third quarter. Principal Financial Group Inc. now owns 58,019 shares of the company’s stock worth $2,783,000 after buying an additional 21,919 shares during the period. Lord Abbett & CO. LLC boosted its stake in shares of Blue Bird by 2.4% during the 3rd quarter. Lord Abbett & CO. LLC now owns 327,857 shares of the company’s stock worth $15,724,000 after acquiring an additional 7,770 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of Blue Bird by 13.0% in the 3rd quarter. Franklin Resources Inc. now owns 60,329 shares of the company’s stock worth $2,712,000 after acquiring an additional 6,940 shares during the period. Virtu Financial LLC increased its stake in Blue Bird by 38.3% in the 3rd quarter. Virtu Financial LLC now owns 15,519 shares of the company’s stock valued at $744,000 after purchasing an additional 4,295 shares in the last quarter. Finally, Hohimer Wealth Management LLC acquired a new position in Blue Bird during the third quarter worth $244,000. Institutional investors and hedge funds own 93.59% of the company’s stock.

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.