Blue Bird (NASDAQ:BLBD) Given New $63.50 Price Target at Bank of America

Blue Bird (NASDAQ:BLBD) had its price target lowered by analysts at Bank of America from $66.00 to $63.50 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s target price points to a potential upside of 48.26% from the stock’s current price.

Several other equities research analysts also recently issued reports on the company. DA Davidson increased their price target on Blue Bird from $66.00 to $67.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Needham & Company LLC reaffirmed a “buy” rating and set a $66.00 price objective on shares of Blue Bird in a research report on Tuesday. Barclays upped their price objective on shares of Blue Bird from $43.00 to $54.00 and gave the stock an “overweight” rating in a research report on Friday, August 9th. BTIG Research started coverage on shares of Blue Bird in a report on Wednesday, October 9th. They set a “buy” rating and a $55.00 price target on the stock. Finally, Roth Capital downgraded Blue Bird from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 3rd. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $60.64.

Blue Bird Price Performance

BLBD stock traded up $1.65 during midday trading on Tuesday, reaching $42.83. 1,747,514 shares of the company’s stock traded hands, compared to its average volume of 614,312. The company has a 50-day simple moving average of $44.16 and a two-hundred day simple moving average of $48.75. Blue Bird has a 1-year low of $17.79 and a 1-year high of $59.40. The company has a market cap of $1.39 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 0.20 and a beta of 1.62. The company has a quick ratio of 0.66, a current ratio of 1.40 and a debt-to-equity ratio of 0.66.

Insiders Place Their Bets

In other Blue Bird news, President Britton Smith sold 2,508 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $49.81, for a total value of $124,923.48. Following the completion of the sale, the president now owns 80,617 shares of the company’s stock, valued at $4,015,532.77. This represents a 3.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.10% of the stock is owned by corporate insiders.

Institutional Trading of Blue Bird

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Blue Bird by 36.0% during the 1st quarter. Vanguard Group Inc. now owns 1,911,645 shares of the company’s stock valued at $73,292,000 after buying an additional 505,727 shares during the period. FMR LLC boosted its holdings in shares of Blue Bird by 268.0% during the third quarter. FMR LLC now owns 1,841,745 shares of the company’s stock worth $88,330,000 after purchasing an additional 1,341,259 shares during the period. Geode Capital Management LLC grew its stake in shares of Blue Bird by 26.2% in the third quarter. Geode Capital Management LLC now owns 752,228 shares of the company’s stock worth $36,084,000 after purchasing an additional 156,298 shares during the last quarter. State Street Corp increased its holdings in Blue Bird by 8.4% during the 3rd quarter. State Street Corp now owns 725,573 shares of the company’s stock valued at $34,798,000 after purchasing an additional 56,449 shares during the period. Finally, Deroy & Devereaux Private Investment Counsel Inc. lifted its holdings in Blue Bird by 0.4% in the 3rd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 635,920 shares of the company’s stock worth $30,499,000 after buying an additional 2,598 shares during the period. Hedge funds and other institutional investors own 93.59% of the company’s stock.

About Blue Bird

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.