Northern Trust Corp Cuts Holdings in Blue Bird Corporation $BLBD

Key Points

• Northern Trust Corp reduced its holdings in Blue Bird Corporation by 3.5%, selling 10,856 shares and now owns approximately 0.92% of the company valued at $9.55 million.
• Several institutional investors, including American Century Companies Inc., increased their stakes significantly, with American Century's position growing by 1,394.9% during the first quarter.
• Blue Bird's latest earnings report showed an EPS of $1.19, exceeding estimates and demonstrating a 19.4% year-over-year revenue increase to $398.01 million.

Northern Trust Corp cut its position in shares of Blue Bird Corporation (NASDAQ:BLBD - Free Report) by 3.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 295,027 shares of the company's stock after selling 10,856 shares during the quarter. Northern Trust Corp owned approximately 0.92% of Blue Bird worth $9,550,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Summit Securities Group LLC purchased a new position in Blue Bird during the first quarter worth about $102,000. American Century Companies Inc. boosted its holdings in Blue Bird by 1,394.9% during the first quarter. American Century Companies Inc. now owns 1,619,494 shares of the company's stock worth $52,423,000 after purchasing an additional 1,511,158 shares during the last quarter. Koss Olinger Consulting LLC purchased a new position in Blue Bird during the first quarter worth about $509,000. Townsquare Capital LLC raised its position in Blue Bird by 7.2% in the first quarter. Townsquare Capital LLC now owns 12,597 shares of the company's stock worth $408,000 after acquiring an additional 843 shares during the period. Finally, Neumeier Poma Investment Counsel LLC raised its position in Blue Bird by 1.1% in the first quarter. Neumeier Poma Investment Counsel LLC now owns 430,665 shares of the company's stock worth $13,941,000 after acquiring an additional 4,650 shares during the period. 93.59% of the stock is currently owned by hedge funds and other institutional investors.

Blue Bird Price Performance

NASDAQ:BLBD traded up $0.86 during mid-day trading on Thursday, hitting $58.26. 466,410 shares of the stock traded hands, compared to its average volume of 589,899. The business's 50-day moving average price is $50.94 and its 200 day moving average price is $41.92. The company has a market cap of $1.85 billion, a PE ratio of 16.65, a price-to-earnings-growth ratio of 1.68 and a beta of 1.62. Blue Bird Corporation has a 12-month low of $30.04 and a 12-month high of $60.45. The company has a quick ratio of 0.92, a current ratio of 1.58 and a debt-to-equity ratio of 0.39.

Blue Bird (NASDAQ:BLBD - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $1.19 EPS for the quarter, beating the consensus estimate of $0.90 by $0.29. The company had revenue of $398.01 million during the quarter, compared to analysts' expectations of $377.64 million. Blue Bird had a net margin of 8.16% and a return on equity of 61.66%. Blue Bird's revenue for the quarter was up 19.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.91 earnings per share. On average, analysts expect that Blue Bird Corporation will post 3.86 EPS for the current fiscal year.

Insider Activity at Blue Bird

In other Blue Bird news, SVP Ted Scartz sold 8,877 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $55.22, for a total value of $490,187.94. Following the completion of the transaction, the senior vice president owned 48,769 shares of the company's stock, valued at $2,693,024.18. The trade was a 15.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Phil Horlock sold 30,000 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $60.00, for a total transaction of $1,800,000.00. Following the completion of the transaction, the director directly owned 240,766 shares of the company's stock, valued at approximately $14,445,960. This represents a 11.08% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 137,392 shares of company stock valued at $7,794,083. Corporate insiders own 1.10% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Zacks Research raised shares of Blue Bird from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 13th. Wall Street Zen raised shares of Blue Bird from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 9th. Finally, Needham & Company LLC boosted their price target on shares of Blue Bird from $49.00 to $53.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Blue Bird presently has a consensus rating of "Moderate Buy" and an average target price of $57.36.

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.