Brightline Capital Management LLC Grows Holdings in Blue Bird Co. (NASDAQ:BLBD)

Brightline Capital Management LLC increased its stake in shares of Blue Bird Co. (NASDAQ:BLBD) by 0.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 151,000 shares of the company’s stock after buying an additional 1,000 shares during the quarter. Blue Bird comprises about 3.1% of Brightline Capital Management LLC’s holdings, making the stock its 16th largest position. Brightline Capital Management LLC’s holdings in Blue Bird were worth $7,242,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Macroview Investment Management LLC purchased a new stake in shares of Blue Bird in the second quarter valued at about $29,000. Truvestments Capital LLC acquired a new position in Blue Bird during the 3rd quarter worth approximately $35,000. Private Trust Co. NA purchased a new position in shares of Blue Bird during the 3rd quarter worth approximately $38,000. nVerses Capital LLC purchased a new stake in shares of Blue Bird in the third quarter valued at approximately $53,000. Finally, Quarry LP grew its holdings in Blue Bird by 43.9% during the second quarter. Quarry LP now owns 1,174 shares of the company’s stock worth $63,000 after acquiring an additional 358 shares during the period. 93.59% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Blue Bird

In other news, President Britton Smith sold 2,508 shares of Blue Bird stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $49.81, for a total transaction of $124,923.48. Following the completion of the sale, the president now directly owns 80,617 shares in the company, valued at $4,015,532.77. The trade was a 3.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 2.10% of the company’s stock.

Wall Street Analyst Weigh In

BLBD has been the topic of several research analyst reports. Craig Hallum boosted their target price on shares of Blue Bird from $68.00 to $71.00 and gave the stock a “buy” rating in a research report on Tuesday. DA Davidson boosted their price objective on shares of Blue Bird from $66.00 to $67.00 and gave the stock a “buy” rating in a report on Friday, August 9th. StockNews.com upgraded shares of Blue Bird from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Needham & Company LLC restated a “buy” rating and issued a $66.00 price target on shares of Blue Bird in a report on Tuesday. Finally, Barclays lifted their price objective on Blue Bird from $43.00 to $54.00 and gave the stock an “overweight” rating in a report on Friday, August 9th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Blue Bird has a consensus rating of “Moderate Buy” and a consensus price target of $60.64.

Blue Bird Price Performance

BLBD stock traded up $0.26 on Wednesday, reaching $40.95. The company had a trading volume of 42,800 shares, compared to its average volume of 619,734. The company’s fifty day moving average is $43.97 and its 200 day moving average is $48.70. The company has a market cap of $1.33 billion, a P/E ratio of 12.80, a PEG ratio of 0.21 and a beta of 1.62. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.66 and a current ratio of 1.40. Blue Bird Co. has a 1 year low of $17.79 and a 1 year high of $59.40.

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.