Hsbc Holdings PLC Makes New Investment in Blue Bird Corporation $BLBD

Key Points

• Hsbc Holdings PLC initiated a $6.2 million position in Blue Bird, purchasing 79,357 shares, while other institutions also added stakes. Institutional investors now own approximately 93.59% of the company.
• Analysts remain bullish, with several raising price targets; Blue Bird has an average “Buy” rating and a consensus target of $85.33.
• Blue Bird exceeded quarterly expectations, reporting $1.28 in EPS versus $1.25 expected and $517.16 million in revenue versus $485.73 million expected. Shares opened at $59.23, below their 52-week high of $83.39.

Hsbc Holdings PLC purchased a new position in shares of Blue Bird Corporation (NASDAQ:BLBD - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 79,357 shares of the company's stock, valued at approximately $6,212,000. Hsbc Holdings PLC owned about 0.25% of Blue Bird as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. EFG International AG acquired a new stake in shares of Blue Bird in the second quarter worth $6,173,000. PDT Partners LLC acquired a new position in Blue Bird during the 2nd quarter valued at $1,337,000. Canada Pension Plan Investment Board bought a new stake in Blue Bird in the 2nd quarter valued at $450,000. Legal & General Group Plc bought a new stake in Blue Bird in the 2nd quarter valued at $2,077,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Blue Bird in the 2nd quarter worth $1,193,000. 93.59% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Barclays boosted their price objective on shares of Blue Bird from $75.00 to $85.00 and gave the stock an "overweight" rating in a report on Monday, July 20th. BTIG Research increased their target price on shares of Blue Bird from $80.00 to $95.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Freedom Capital raised Blue Bird from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 7th. Wall Street Zen upgraded Blue Bird from a "hold" rating to a "buy" rating in a research note on Saturday, August 22nd. Finally, DA Davidson upped their price target on Blue Bird from $86.00 to $91.00 and gave the company a "buy" rating in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $85.33.

Blue Bird Trading Down 1.1%

Shares of Blue Bird stock opened at $59.23 on Friday. The firm has a market capitalization of $1.88 billion, a PE ratio of 7.21, a price-to-earnings-growth ratio of 0.78 and a beta of 1.36. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.64 and a quick ratio of 0.67. The company's fifty day moving average price is $72.27 and its two-hundred day moving average price is $66.13. Blue Bird Corporation has a 52-week low of $46.14 and a 52-week high of $83.39.

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

Blue Bird Company Profile

Blue Bird Corporation NASDAQ: BLBD is a leading manufacturer of buses and mass transportation vehicles headquartered in Fort Valley, Georgia. The company's core business encompasses the design, engineering, and production of school buses and activity buses, with a product lineup that includes conventional (Type C) models, transit-style (Type D) models and specialty configurations for special-needs and activity transport. In recent years, Blue Bird has expanded its offerings to include zero-emission electric school buses, reflecting its commitment to advanced propulsion technologies and environmental sustainability.

Established in 1927, Blue Bird has built a legacy of safety and reliability in student transportation.

Want to see what other hedge funds are holding BLBD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Blue Bird Corporation (NASDAQ:BLBD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source