Rush Enterprises (NASDAQ:RUSHA) Hits New 1-Year High After Strong Earnings

Rush Enterprises, Inc. (NASDAQ:RUSHA)’s stock price reached a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. 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 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $1.89 billion.

Rush Enterprises Cuts Dividend

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

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. UBS Group upped their price objective on Rush Enterprises from $73.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday, April 29th. Zacks Research upgraded shares of Rush Enterprises from a “strong sell” rating to a “hold” rating in a report on Monday, June 29th. Wolfe Research started coverage on Rush Enterprises in a report on Monday, April 27th. They issued an “outperform” rating and a $88.00 price target for the company. Wall Street Zen lowered shares of Rush Enterprises from a “buy” rating to a “hold” rating in a report on Sunday, June 14th. Finally, Weiss Ratings upgraded Rush Enterprises from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, July 23rd. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Rush Enterprises currently has an average rating of “Moderate Buy” and a consensus price target of $83.67.

Insiders Place Their Bets

In related news, Director Michael Mcroberts sold 8,000 shares of the stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $72.23, for a total value of $577,840.00. Following the sale, the director owned 16,229 shares in the company, valued at approximately $1,172,220.67. This represents a 33.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 12.68% of the company’s stock.

Hedge Funds Weigh In On Rush Enterprises

Institutional investors and hedge funds have recently made changes to their positions in the company. Root Financial Partners LLC lifted its holdings in shares of Rush Enterprises by 75.4% during the first quarter. Root Financial Partners LLC now owns 407 shares of the company’s stock worth $27,000 after buying an additional 175 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in shares of Rush Enterprises by 495.4% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 518 shares of the company’s stock worth $28,000 after acquiring an additional 431 shares during the period. Private Trust Co. NA boosted its holdings in shares of Rush Enterprises by 211.4% in the 4th quarter. Private Trust Co. NA now owns 545 shares of the company’s stock valued at $29,000 after purchasing an additional 370 shares in the last quarter. Measured Wealth Private Client Group LLC acquired a new stake in Rush Enterprises in the third quarter valued at about $34,000. Finally, Allworth Financial LP lifted its stake in Rush Enterprises by 5,790.9% in the 3rd quarter. Allworth Financial LP now owns 648 shares of the company’s stock valued at $35,000 after purchasing an additional 637 shares during the last quarter. Institutional investors and hedge funds own 84.43% of the company’s stock.

Rush Enterprises Stock Performance

The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.37 and a current ratio of 1.46. The company has a market cap of $6.38 billion, a price-to-earnings ratio of 24.82, a P/E/G ratio of 1.70 and a beta of 0.89. The company has a fifty day moving average of $71.91 and a two-hundred day moving average of $69.50.

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.