Redmond Asset Management LLC Sells 24,148 Shares of Blue Bird Corporation $BLBD

Key Points

• Redmond Asset Management cut its Blue Bird stake by 69.3%, selling 24,148 shares and retaining 10,699 shares valued at approximately $594,000. Institutional investors collectively own 93.59% of BLBD.
• Blue Bird reported quarterly EPS of $1.28, exceeding estimates of $1.25, while revenue of $517.16 million also topped expectations. Analysts project $4.68 in EPS for the current fiscal year.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $85.33, despite one recent “Strong Sell” downgrade. BLBD opened at $57.17, well below its 12-month high of $83.39.

Redmond Asset Management LLC trimmed its stake in shares of Blue Bird Corporation (NASDAQ:BLBD - Free Report) by 69.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,699 shares of the company's stock after selling 24,148 shares during the quarter. Redmond Asset Management LLC's holdings in Blue Bird were worth $594,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BLBD. BlackRock Inc. bought a new position in shares of Blue Bird in the second quarter valued at approximately $207,493,000. Jupiter Topco LLC bought a new stake in Blue Bird during the second quarter worth approximately $94,222,000. Janus Henderson Group PLC raised its holdings in Blue Bird by 41.8% during the first 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 in the last quarter. Bank of America Corp DE bought a new stake in Blue Bird during the second quarter worth approximately $63,565,000. Finally, Deroy & Devereaux Private Investment Counsel Inc. lifted its position in Blue Bird by 22.3% in the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 739,478 shares of the company's stock worth $41,041,000 after purchasing an additional 134,881 shares during the period. 93.59% of the stock is currently owned by institutional investors.

Blue Bird Stock Performance

Shares of BLBD opened at $57.17 on Thursday. 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 firm's 50 day moving average is $58.85 and its 200-day moving average is $62.97. Blue Bird Corporation has a 12-month low of $46.14 and a 12-month high of $83.39. The stock has a market capitalization of $1.79 billion, a P/E ratio of 6.95, a P/E/G ratio of 0.84 and a beta of 1.37.

Blue Bird (NASDAQ:BLBD - Get Free Report) last announced 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 net margin of 17.48% and a return on equity of 39.97%. Equities research analysts anticipate that Blue Bird Corporation will post 4.68 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Barclays increased their price target on Blue Bird from $75.00 to $85.00 and gave the company an "overweight" rating in a research note on Monday, July 20th. Zacks Research downgraded Blue Bird from a "hold" rating to a "strong sell" rating in a research note on Friday, October 2nd. Freedom Capital raised Blue Bird from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 7th. BTIG Research upped their price objective on Blue Bird from $80.00 to $95.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $86.00 target price on shares of Blue Bird in a research note 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 assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $85.33.

Insider Activity

In related news, COO Jeffrey Sanfrey sold 4,000 shares of the company's 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 directly owned 35,011 shares of the company's stock, valued at approximately $2,184,686.40. This represents a 10.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.10% of the company's stock.

About Blue Bird

Blue Bird Corporation NASDAQ: BLBD designs, manufactures, and sells school buses in North America. Its product portfolio includes Type A, Type C, and Type D school buses powered by gasoline, diesel, propane, and electric powertrains. The company also provides replacement parts and aftermarket support for its vehicles.

Founded in 1927, Blue Bird is one of the longstanding manufacturers in the school bus industry. Its buses are used by public and private schools, school districts, contractors, and other student transportation providers.

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.