Rush Enterprises (NASDAQ:RUSHA) Sets New 1-Year High After Better-Than-Expected Earnings

Shares of Rush Enterprises, Inc. (NASDAQ:RUSHA) hit a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $81.77 and last traded at $82.32, with a volume of 24048 shares changing hands. The stock had previously closed at $78.82.

The company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.05. Rush Enterprises had a net margin of 3.65% and a return on equity of 11.87%. The company had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.89 billion.

Rush Enterprises Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Wednesday, September 9th will be given a dividend of $0.14 per share. The ex-dividend date is Wednesday, September 9th. This represents a $0.56 annualized dividend and a dividend yield of 0.7%. Rush Enterprises’s dividend payout ratio is 22.96%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on RUSHA shares. UBS Group increased their target price on shares of Rush Enterprises from $73.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 29th. Wall Street Zen downgraded Rush Enterprises from a “buy” rating to a “hold” rating in a research note on Sunday, June 14th. Wolfe Research started coverage on shares of Rush Enterprises in a research report on Monday, April 27th. They set an “outperform” rating and a $88.00 price target on the stock. Weiss Ratings upgraded Rush Enterprises from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, July 23rd. Finally, Stephens restated an “overweight” rating and set a $85.00 price target on shares of Rush Enterprises in a research note on Tuesday, May 19th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $83.67.

Insider Transactions at Rush Enterprises

In related news, Director Michael Mcroberts sold 8,000 shares of the business’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $72.23, for a total transaction of $577,840.00. Following the completion of the transaction, the director directly owned 16,229 shares in the company, valued at $1,172,220.67. The trade was a 33.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 12.68% of the company’s stock.

Hedge Funds Weigh In On Rush Enterprises

A number of institutional investors have recently made changes to their positions in the stock. Baron Wealth Management LLC boosted its holdings in shares of Rush Enterprises by 22.4% in the 2nd quarter. Baron Wealth Management LLC now owns 3,732 shares of the company’s stock worth $272,000 after purchasing an additional 682 shares in the last quarter. Versant Capital Management Inc increased its stake in shares of Rush Enterprises by 292.1% in the second quarter. Versant Capital Management Inc now owns 1,333 shares of the company’s stock worth $97,000 after buying an additional 993 shares during the period. Bank of America Corp DE raised its stake in shares of Rush Enterprises by 9.5% during the first quarter. Bank of America Corp DE now owns 566,287 shares of the company’s stock valued at $37,437,000 after acquiring an additional 49,009 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in Rush Enterprises by 83.9% in the 1st quarter. Janus Henderson Group PLC now owns 724,410 shares of the company’s stock worth $47,920,000 after buying an additional 330,553 shares during the period. Finally, California State Teachers Retirement System lifted its stake in Rush Enterprises by 27.3% in the first quarter. California State Teachers Retirement System now owns 72,875 shares of the company’s stock worth $4,818,000 after acquiring an additional 15,643 shares during the period. Institutional investors own 84.43% of the company’s stock.

Rush Enterprises Price Performance

The business’s 50 day moving average price is $71.91 and its two-hundred day moving average price is $69.50. The company has a current ratio of 1.46, a quick ratio of 0.37 and a debt-to-equity ratio of 0.16. The stock has a market cap of $6.38 billion, a P/E ratio of 24.82, a price-to-earnings-growth ratio of 1.70 and a beta of 0.89.

Rush Enterprises Company 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.