Blue Bird Corp (NASDAQ:BLBD) director Gurminder S. Bedi has sold a total of 18,896 shares of the company's common stock, par value $0.0001 per share, for a combined value of over $900,000. The transactions took place on August 12 and 13, with prices ranging from $48.00 to $49.39 per share.
On the first day of transactions, Bedi sold 13,256 shares at a weighted average price of $48.48, with the sale prices ranging from $48.01 to $49.39. The following day, an additional 5,640 shares were sold at a weighted average price of $48.04, within a price range of $48.00 to $48.15. After these transactions, the director's ownership in the company was reduced to zero shares.
The sales were conducted over multiple transactions on each day, and the prices reported are weighted averages. Bedi has agreed to provide full information regarding the number of shares sold at each separate price within the stated ranges upon request to Blue Bird Corp, any security holder, or the staff of the Securities and Exchange Commission.
These stock sales are part of the normal course of actions that corporate executives and directors undertake, with such transactions being disclosed publicly through SEC filings to maintain transparency. Investors often monitor these trades for insights into the confidence level of a company's insiders, although such sales do not necessarily signal a change in company fundamentals or outlook.
In other recent news, Blue Bird Corporation has reported record fiscal 2024 third-quarter earnings and an increase in profitability. The company has raised its full-year guidance following robust growth in net orders for buses, including a surge in electric bus sales. Blue Bird's backlog stands at over 5,200 units, representing approximately $775 million in potential revenue.
The company is also expanding its production capacity, backed by an $80 million grant from the Department of Energy. This expansion will enable Blue Bird to produce up to 14,000 buses annually and will create about 400 new jobs.
In terms of future expectations, Blue Bird projects revenue growth and higher adjusted EBITDA in the coming years. The company expects fiscal '24 revenue to reach $1.315 billion with adjusted EBITDA of $175 million. Projections for fiscal '25 indicate revenue between $1.4 billion and $1.5 billion, with adjusted EBITDA of $180 million to $200 million.
In other developments, CEO Phil Horlock is set to retire with Britton Smith taking over as CEO. Blue Bird is also developing a chassis business with a commercial product expected on the road in 2025. These are the recent developments in the company.
InvestingPro Insights
Amidst the recent insider transactions at Blue Bird Corp (NASDAQ:BLBD), the company's financial metrics and outlook provide additional context for investors. According to InvestingPro data, Blue Bird Corp boasts a market capitalization of $1.55 billion, reflecting its standing in the industry. The company's revenue has shown a solid growth of 19.53% over the last twelve months as of Q3 2024, which is indicative of its expanding operations and market reach.
The stock's Price to Earnings (P/E) ratio stands at 15.52, which is adjusted to 15.33 for the same period, suggesting a valuation that is in line with its earnings performance. The Price to Book (P/B) ratio, at 11.25, is considered high, suggesting that the market may be valuing the company's assets optimistically. This is corroborated by the robust year-to-date price total return of 76.26%, highlighting a significant appreciation in the value of Blue Bird Corp's stock.
InvestingPro Tips further enrich our understanding of the company's prospects. Analysts are expecting net income to grow this year, which is a strong indicator of Blue Bird Corp's potential for continued profitability. Additionally, three analysts have revised their earnings estimates upwards for the upcoming period, reinforcing the positive outlook on the company's financial performance. With 12 more InvestingPro Tips available for Blue Bird Corp, investors have access to a wealth of insights that could inform their investment decisions.
These financial metrics and expert analyses provide a broader picture of Blue Bird Corp's market position and future prospects, which can help investors gauge the significance of insider trading patterns and make more informed investment choices.
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