Bank of America Corp DE Invests $63.56 Million in Blue Bird Corporation $BLBD

Key Points

• Bank of America purchased 805,031 Blue Bird shares valued at approximately $63.6 million, giving it a 2.54% stake. Institutional investors collectively own 93.59% of the company.
• Blue Bird exceeded quarterly expectations, reporting $1.28 in earnings per share versus the $1.25 consensus and revenue of $517.16 million versus $485.73 million expected.
• Analyst sentiment remains positive, with the stock carrying a consensus “Buy” rating and an average price target of $85.33, despite shares recently trading at $60.43.

Bank of America Corp DE purchased a new stake in Blue Bird Corporation (NASDAQ:BLBD - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 805,031 shares of the company's stock, valued at approximately $63,565,000. Bank of America Corp DE owned about 2.54% of Blue Bird as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Blue Bird in the second quarter valued at about $207,493,000. Jupiter Topco LLC purchased a new stake in Blue Bird in the second quarter valued at $94,222,000. Janus Henderson Group PLC grew its holdings in shares of Blue Bird by 41.8% during the 1st quarter. Janus Henderson Group PLC now owns 1,102,335 shares of the company's stock worth $62,669,000 after purchasing an additional 324,710 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Blue Bird by 7.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 688,931 shares of the company's stock worth $39,118,000 after purchasing an additional 48,174 shares during the last quarter. Finally, Neumeier Poma Investment Counsel LLC acquired a new stake in shares of Blue Bird during the 2nd quarter worth about $51,129,758. Hedge funds and other institutional investors own 93.59% of the company's stock.

Blue Bird Stock Down 0.6%

Blue Bird stock opened at $60.43 on Friday. Blue Bird Corporation has a fifty-two week low of $46.14 and a fifty-two week high of $83.39. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.67 and a current ratio of 1.64. The company has a market capitalization of $1.91 billion, a P/E ratio of 7.35, a PEG ratio of 0.79 and a beta of 1.36. The stock has a 50-day simple moving average of $67.62 and a 200-day simple moving average of $66.42.

Blue Bird (NASDAQ:BLBD - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.25 by $0.03. The company had revenue of $517.16 million for the quarter, compared to analyst estimates of $485.73 million. Blue Bird had a return on equity of 39.97% and a net margin of 17.48%. Equities research analysts expect that Blue Bird Corporation will post 4.68 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on BLBD. Freedom Capital raised shares of Blue Bird from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 7th. DA Davidson increased their target price on Blue Bird from $86.00 to $91.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Needham & Company LLC reiterated a "buy" rating and issued a $86.00 price objective on shares of Blue Bird in a research note on Thursday, August 6th. BTIG Research lifted their price objective on Blue Bird from $80.00 to $95.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Finally, Wall Street Zen raised Blue Bird from a "hold" rating to a "buy" rating in a research report on Saturday. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Blue Bird currently has a consensus rating of "Buy" and an average target price of $85.33.

Insider Buying and Selling

In related news, COO Jeffrey Sanfrey sold 4,000 shares of the stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $62.40, for a total transaction of $249,600.00. Following the completion of the sale, the chief operating officer owned 35,011 shares in the company, valued at $2,184,686.40. This represents a 10.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.10% of the stock is currently owned by company insiders.

Blue Bird Company Profile

Blue Bird Corporation designs and manufactures school buses for public and private school districts, pupil transportation operators and other organizations. Its product portfolio includes conventional Type C buses, transit-style Type D buses and smaller buses, with powertrain options that include electric, propane and gasoline.

The company also provides replacement parts and support services for its buses through a network of dealers and service locations. Blue Bird emphasizes alternative-fuel and zero-emission transportation solutions, including battery-electric school buses, alongside conventional products.

Founded in 1927, Blue Bird is headquartered in Macon, Georgia.

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