Peregrine Capital Management LLC lifted its holdings in shares of Rush Enterprises, Inc. (NASDAQ:RUSHA) by 1.5% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 164,660 shares of the company’s stock after acquiring an additional 2,356 shares during the quarter. Peregrine Capital Management LLC’s holdings in Rush Enterprises were worth $6,827,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also made changes to their positions in the company. Vaughan Nelson Investment Management L.P. bought a new stake in Rush Enterprises during the 1st quarter worth approximately $24,697,000. State Street Corp increased its holdings in shares of Rush Enterprises by 2.8% in the 1st quarter. State Street Corp now owns 643,742 shares of the company’s stock worth $20,548,000 after buying an additional 17,837 shares during the last quarter. New South Capital Management Inc. increased its holdings in shares of Rush Enterprises by 6.6% in the 1st quarter. New South Capital Management Inc. now owns 637,181 shares of the company’s stock worth $20,339,000 after buying an additional 39,299 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Rush Enterprises by 0.3% in the 1st quarter. Geode Capital Management LLC now owns 545,024 shares of the company’s stock worth $17,397,000 after buying an additional 1,839 shares during the last quarter. Finally, TimesSquare Capital Management LLC bought a new position in shares of Rush Enterprises in the 1st quarter worth $13,262,000. Institutional investors own 74.00% of the company’s stock.
A number of brokerages have recently commented on RUSHA. Credit Suisse Group began coverage on shares of Rush Enterprises in a report on Friday, July 24th. They issued a “hold” rating and a $46.00 price target on the stock. BidaskClub raised shares of Rush Enterprises from a “hold” rating to a “buy” rating in a report on Wednesday. BMO Capital Markets increased their price target on shares of Rush Enterprises from $35.00 to $50.00 and gave the stock a “market perform” rating in a report on Friday, July 24th. ValuEngine lowered shares of Rush Enterprises from a “sell” rating to a “strong sell” rating in a report on Monday, June 8th. Finally, TheStreet raised shares of Rush Enterprises from a “c+” rating to a “b-” rating in a report on Tuesday, June 16th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $49.80.
Rush Enterprises (NASDAQ:RUSHA) last released its earnings results on Wednesday, July 22nd. The company reported $0.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.06) by $0.52. Rush Enterprises had a net margin of 1.97% and a return on equity of 8.91%. The company had revenue of $1 billion for the quarter. As a group, analysts forecast that Rush Enterprises, Inc. will post 1.35 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Friday, August 7th will be given a dividend of $0.14 per share. The ex-dividend date is Thursday, August 6th. This represents a $0.56 annualized dividend and a yield of 1.18%. This is a boost from Rush Enterprises’s previous quarterly dividend of $0.13. Rush Enterprises’s dividend payout ratio is presently 13.79%.
In other Rush Enterprises news, EVP Derrek Weaver sold 22,000 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $46.43, for a total transaction of $1,021,460.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William M. Rusty Rush sold 75,000 shares of the stock in a transaction on Monday, July 27th. The shares were sold at an average price of $48.52, for a total transaction of $3,639,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 202,026 shares of company stock valued at $9,677,781 in the last three months. 12.49% of the stock is currently owned by corporate insiders.
About Rush Enterprises
Rush Enterprises, Inc, through its subsidiaries, operates as an integrated retailer of commercial vehicles and related services in the United States. The company operates a network of commercial vehicle dealerships under the Rush Truck Centers name. Its Rush Truck Centers primarily sell commercial vehicles manufactured by Peterbilt, International, Hino, Ford, Isuzu, Mitsubishi Fuso, IC Bus, or Blue Bird; provides new and used commercial vehicles, and aftermarket parts, as well as service and repair, financing, and leasing and rental services; and offers property and casualty insurance, including collision and liability insurance on commercial vehicles, cargo insurance, and credit life insurance to its commercial vehicle customers.
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