Allspring Global Investments Holdings LLC Grows Stock Holdings in Blue Bird Corporation $BLBD

Key Points

• Allspring Global Investments Holdings LLC increased its stake in Blue Bird Corporation (NASDAQ:BLBD) by 88.1%, acquiring a total of 369,992 shares worth approximately $16.35 million.
• Despite this investment surge, Blue Bird's stock recently fell by 1.9%, trading at $54.22, and analysts have mixed ratings, with a consensus price target of $60.58.
• Blue Bird reported impressive earnings, posting an EPS of $1.19 for the last quarter, significantly exceeding analysts' expectations of $0.90, showcasing a 19.4% increase in revenue year-over-year.

Allspring Global Investments Holdings LLC raised its position in shares of Blue Bird Corporation (NASDAQ:BLBD - Free Report) by 88.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 369,992 shares of the company's stock after buying an additional 173,253 shares during the period. Allspring Global Investments Holdings LLC owned about 1.17% of Blue Bird worth $16,354,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of BLBD. US Bancorp DE boosted its holdings in Blue Bird by 440.1% in the first quarter. US Bancorp DE now owns 1,442 shares of the company's stock valued at $47,000 after purchasing an additional 1,175 shares during the period. NewEdge Advisors LLC boosted its holdings in Blue Bird by 30.9% in the first quarter. NewEdge Advisors LLC now owns 2,885 shares of the company's stock valued at $93,000 after purchasing an additional 681 shares during the period. Summit Securities Group LLC purchased a new position in Blue Bird in the first quarter valued at $102,000. AlphaQuest LLC boosted its holdings in Blue Bird by 561.0% in the first quarter. AlphaQuest LLC now owns 3,173 shares of the company's stock valued at $103,000 after purchasing an additional 2,693 shares during the period. Finally, Jones Financial Companies Lllp boosted its holdings in Blue Bird by 2,090.5% in the first quarter. Jones Financial Companies Lllp now owns 3,461 shares of the company's stock valued at $112,000 after purchasing an additional 3,303 shares during the period. 93.59% of the stock is currently owned by hedge funds and other institutional investors.

Blue Bird Stock Down 1.9%

BLBD opened at $54.22 on Friday. The business's 50-day simple moving average is $56.97 and its 200-day simple moving average is $45.96. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.92 and a current ratio of 1.58. Blue Bird Corporation has a one year low of $30.04 and a one year high of $61.95. The stock has a market capitalization of $1.72 billion, a P/E ratio of 15.49, a price-to-earnings-growth ratio of 1.51 and a beta of 1.64.

Blue Bird (NASDAQ:BLBD - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $1.19 EPS for the quarter, topping analysts' consensus estimates of $0.90 by $0.29. Blue Bird had a return on equity of 61.66% and a net margin of 8.16%.The business had revenue of $398.01 million for the quarter, compared to analysts' expectations of $377.64 million. During the same quarter in the previous year, the firm earned $0.91 earnings per share. The business's revenue was up 19.4% compared to the same quarter last year. Analysts anticipate that Blue Bird Corporation will post 3.86 EPS for the current year.

Insider Transactions at Blue Bird

In other news, SVP Ted Scartz sold 8,877 shares of Blue Bird stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $55.22, for a total transaction of $490,187.94. Following the sale, the senior vice president owned 48,769 shares in the company, valued at approximately $2,693,024.18. The trade was a 15.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Phil Horlock sold 13,000 shares of Blue Bird stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $59.02, for a total value of $767,260.00. Following the sale, the director owned 240,766 shares in the company, valued at $14,210,009.32. This trade represents a 5.12% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 127,392 shares of company stock worth $7,342,183. Corporate insiders own 1.10% of the company's stock.

Wall Street Analyst Weigh In

BLBD has been the topic of a number of analyst reports. BTIG Research raised their price target on Blue Bird from $55.00 to $65.00 and gave the company a "buy" rating in a research note on Tuesday, September 16th. Needham & Company LLC lifted their price target on Blue Bird from $49.00 to $53.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Zacks Research downgraded Blue Bird from a "strong-buy" rating to a "hold" rating in a report on Tuesday, October 7th. Finally, Wall Street Zen raised Blue Bird from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 9th. Six analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $60.58.

Blue Bird 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.

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