Blue Bird Announces Share Repurchase Program
Blue Bird Corporation (BLBD) announced on June 13 that the company’s Board of Directors authorized a new share repurchase program. The company’s previous $50 million share repurchase program closed in March 2018. Under the new program, the company can repurchase up to $25 million in outstanding common stock or series A convertible preferred stock over the next 12 months.
Sonal alerted subscribers to the event at 5:45 pm. The next trade took place at 9:32 the next morning for $19.46. Blue Bird stock traded higher on the news and closed at $20.46.
Blue Bird continued to increase over the next five trading sessions. The stock closed at $21.73 on June 21. That makes a gain of 11.7% in the days after the repurchase announcement.
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