Private Management Group Inc. purchased a new position in shares of Rush Enterprises, Inc. (NASDAQ:RUSHA – Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 304,912 shares of the company’s stock, valued at approximately $13,968,000.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC boosted its holdings in shares of Rush Enterprises by 105.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 136,266 shares of the company’s stock valued at $6,294,000 after buying an additional 70,007 shares during the last quarter. Hohimer Wealth Management LLC increased its holdings in Rush Enterprises by 53.6% during the third quarter. Hohimer Wealth Management LLC now owns 5,057 shares of the company’s stock worth $232,000 after buying an additional 1,765 shares during the last quarter. Pictet Asset Management Holding SA increased its holdings in Rush Enterprises by 57.3% during the third quarter. Pictet Asset Management Holding SA now owns 14,668 shares of the company’s stock worth $672,000 after buying an additional 5,345 shares during the last quarter. Parallel Advisors LLC increased its holdings in Rush Enterprises by 144.0% during the third quarter. Parallel Advisors LLC now owns 3,358 shares of the company’s stock worth $154,000 after buying an additional 1,982 shares during the last quarter. Finally, Kestra Advisory Services LLC raised its position in Rush Enterprises by 68.1% during the third quarter. Kestra Advisory Services LLC now owns 30,086 shares of the company’s stock worth $1,378,000 after acquiring an additional 12,192 shares in the last quarter. Institutional investors own 84.43% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts have commented on RUSHA shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of Rush Enterprises in a research note on Wednesday, October 21st. Stephens decreased their price objective on shares of Rush Enterprises from $60.00 to $55.00 and set an “overweight” rating for the company in a research report on Thursday, October 29th. Wall Street Zen lowered shares of Rush Enterprises from a “buy” rating to a “hold” rating in a research note on Sunday. UBS Group reiterated a “neutral” rating and set a $56.67 price target (up from $52.00) on shares of Rush Enterprises in a report on Tuesday, August 25th. Finally, Zacks Research raised Rush Enterprises from a “strong sell” rating to a “strong-buy” rating in a research report on Monday, November 2nd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $50.26.
View Our Latest Stock Analysis on Rush Enterprises
Rush Enterprises Trading Up 2.0%
Shares of Rush Enterprises stock opened at $45.08 on Tuesday. The business has a fifty day simple moving average of $46.66 and a two-hundred day simple moving average of $36.78. Rush Enterprises, Inc. has a 1 year low of $30.94 and a 1 year high of $55.74. The company has a market capitalization of $5.26 billion, a price-to-earnings ratio of 19.52, a P/E/G ratio of 1.66 and a beta of 0.89. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.44 and a quick ratio of 0.37.
Rush Enterprises (NASDAQ:RUSHA – Get Free Report) last released its quarterly earnings data on Tuesday, October 27th. The company reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.01. Rush Enterprises had a net margin of 3.70% and a return on equity of 11.91%. The firm had revenue of $2.11 billion during the quarter, compared to analysts’ expectations of $2.05 billion. Research analysts forecast that Rush Enterprises, Inc. will post 2.43 EPS for the current year.
Rush Enterprises Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Wednesday, November 11th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Tuesday, November 10th. Rush Enterprises’s dividend payout ratio (DPR) is currently 24.24%.
About Rush Enterprises
Rush Enterprises, Inc operates Rush Truck Centers, a network of commercial vehicle dealerships serving customers in the United States and Canada. The company sells new and used heavy-, medium- and light-duty trucks, representing manufacturers such as Peterbilt and other commercial vehicle brands.
Its services include truck parts and repairs, collision and body work, leasing and rentals, and related financing and insurance products. Rush also provides aftermarket support designed to help commercial fleets and individual truck operators maintain and manage their vehicles.
Founded in 1965 as a truck dealership in Houston, Texas, Rush Enterprises has grown into a broad commercial vehicle distribution and service business.
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