Granite Investment Partners LLC Sells 122,720 Shares of Rush Enterprises, Inc. $RUSHA

Granite Investment Partners LLC cut its stake in Rush Enterprises, Inc. (NASDAQ:RUSHA) by 52.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 111,324 shares of the company’s stock after selling 122,720 shares during the quarter. Granite Investment Partners LLC owned 0.14% of Rush Enterprises worth $5,952,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Farther Finance Advisors LLC raised its position in Rush Enterprises by 250.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 511 shares of the company’s stock valued at $27,000 after buying an additional 365 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Rush Enterprises by 427.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 781 shares of the company’s stock worth $40,000 after acquiring an additional 633 shares in the last quarter. Federated Hermes Inc. raised its holdings in shares of Rush Enterprises by 122.1% in the third quarter. Federated Hermes Inc. now owns 793 shares of the company’s stock valued at $42,000 after purchasing an additional 436 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Rush Enterprises by 70.3% in the third quarter. PNC Financial Services Group Inc. now owns 950 shares of the company’s stock valued at $51,000 after purchasing an additional 392 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new position in shares of Rush Enterprises during the second quarter valued at about $73,000. Hedge funds and other institutional investors own 84.43% of the company’s stock.

Rush Enterprises Price Performance

Shares of NASDAQ RUSHA opened at $75.26 on Monday. The company has a current ratio of 1.40, a quick ratio of 0.37 and a debt-to-equity ratio of 0.16. The stock has a fifty day simple moving average of $62.53 and a two-hundred day simple moving average of $56.71. Rush Enterprises, Inc. has a 1-year low of $45.67 and a 1-year high of $75.99. The firm has a market cap of $5.80 billion, a price-to-earnings ratio of 23.02, a price-to-earnings-growth ratio of 0.92 and a beta of 0.92.

Rush Enterprises (NASDAQ:RUSHA) last issued its earnings results on Tuesday, February 17th. The company reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.12. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.72 billion. Rush Enterprises had a return on equity of 11.96% and a net margin of 3.55%. Analysts anticipate that Rush Enterprises, Inc. will post 3.91 earnings per share for the current year.

Rush Enterprises Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Tuesday, March 3rd will be paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Tuesday, March 3rd. Rush Enterprises’s dividend payout ratio is presently 23.24%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on RUSHA shares. Stephens reaffirmed an “overweight” rating and issued a $80.00 price objective (up from $55.00) on shares of Rush Enterprises in a research report on Thursday. Zacks Research raised Rush Enterprises from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 2nd. Wall Street Zen raised Rush Enterprises from a “hold” rating to a “buy” rating in a research report on Saturday, February 14th. Weiss Ratings lowered Rush Enterprises from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, February 10th. Finally, UBS Group restated a “neutral” rating and issued a $73.00 price objective (up previously from $70.00) on shares of Rush Enterprises in a research note on Wednesday. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $76.50.

Rush Enterprises Profile

Rush Enterprises, Inc, headquartered in New Braunfels, Texas, is a leading distributor of commercial vehicles and related products in the United States. Through its Rush Truck Centers subsidiary, the company sells new and used medium- and heavy-duty trucks, buses and specialty vehicles, while also offering factory-authorized parts, collision repair, maintenance and warranty support across its network of dealerships.

Founded in 1965, Rush Enterprises has grown to encompass more than 150 locations in over 20 states, partnering with major manufacturers including Kenworth, Peterbilt, Freightliner, Volvo and Mack.