Blue Bird Corporation (BLBD) Sees Significant Decline in Short Interest
Blue Bird Corporation (NASDAQ:BLBD) was the recipient of a significant decrease in short interest in July. As of July 31st, there was short interest totalling 736,355 shares, a decrease of 35.8% from the July 14th total of 1,146,407 shares. Based on an average daily trading volume, of 44,349 shares, the short-interest ratio is currently 16.6 days. Approximately 6.6% of the company’s stock are sold short.
Blue Bird Corporation (BLBD) opened at 17.20 on Friday. The company has a market cap of $416.81 million, a P/E ratio of 19.66 and a beta of 1.76. Blue Bird Corporation has a 12 month low of $12.87 and a 12 month high of $19.60. The company’s 50-day moving average is $17.44 and its 200-day moving average is $17.52.
Blue Bird Corporation (NASDAQ:BLBD) last announced its quarterly earnings data on Thursday, August 3rd. The company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.58 by $0.10. Blue Bird Corporation had a net margin of 2.60% and a negative return on equity of 19.49%. The business had revenue of $332.60 million during the quarter, compared to analysts’ expectations of $324.13 million. On average, equities research analysts expect that Blue Bird Corporation will post $1.15 EPS for the current fiscal year.
Blue Bird Corporation announced that its Board of Directors has approved a stock repurchase plan on Thursday, August 3rd that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to purchase up to 11.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
A number of brokerages recently weighed in on BLBD. Stifel Nicolaus restated a “buy” rating and set a $20.00 price objective on shares of Blue Bird Corporation in a research report on Tuesday, April 18th. Roth Capital set a $22.00 price objective on shares of Blue Bird Corporation and gave the company a “buy” rating in a research report on Monday, August 7th.
In related news, Director Coliseum Capital Management, L sold 219,680 shares of the stock in a transaction that occurred on Friday, June 16th. The shares were sold at an average price of $18.00, for a total transaction of $3,954,240.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In the last quarter, insiders sold 380,049 shares of company stock worth $6,945,147. Insiders own 16.70% of the company’s stock.
A number of hedge funds have recently made changes to their positions in BLBD. Federated Investors Inc. PA boosted its stake in shares of Blue Bird Corporation by 82.1% in the second quarter. Federated Investors Inc. PA now owns 6,143 shares of the company’s stock valued at $104,000 after buying an additional 2,770 shares during the last quarter. New York State Common Retirement Fund boosted its stake in shares of Blue Bird Corporation by 128.2% in the second quarter. New York State Common Retirement Fund now owns 10,500 shares of the company’s stock valued at $179,000 after buying an additional 5,899 shares during the last quarter. Teachers Advisors LLC boosted its stake in shares of Blue Bird Corporation by 76.5% in the second quarter. Teachers Advisors LLC now owns 12,958 shares of the company’s stock valued at $220,000 after buying an additional 5,616 shares during the last quarter. TIAA CREF Investment Management LLC boosted its stake in shares of Blue Bird Corporation by 24.2% in the second quarter. TIAA CREF Investment Management LLC now owns 18,208 shares of the company’s stock valued at $310,000 after buying an additional 3,549 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. acquired a new stake in shares of Blue Bird Corporation during the second quarter valued at approximately $367,000.
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