California Public Employees Retirement System increased its position in Rush Enterprises, Inc. (NASDAQ:RUSHA) by 5.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,285 shares of the company’s stock after buying an additional 1,885 shares during the period. California Public Employees Retirement System owned 0.10% of Rush Enterprises worth $1,819,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of the stock. Ameritas Investment Partners Inc. raised its position in Rush Enterprises by 8.3% during the second quarter. Ameritas Investment Partners Inc. now owns 4,112 shares of the company’s stock valued at $152,000 after purchasing an additional 316 shares during the period. Great West Life Assurance Co. Can raised its position in Rush Enterprises by 70.7% during the third quarter. Great West Life Assurance Co. Can now owns 3,362 shares of the company’s stock valued at $157,000 after purchasing an additional 1,393 shares during the period. Sei Investments Co. purchased a new stake in Rush Enterprises during the third quarter valued at approximately $182,000. Trexquant Investment LP purchased a new stake in Rush Enterprises during the third quarter valued at approximately $204,000. Finally, Wrapmanager Inc. purchased a new stake in Rush Enterprises during the third quarter valued at approximately $216,000. Institutional investors own 76.27% of the company’s stock.
In related news, EVP Derrek Weaver sold 26,732 shares of the stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $52.13, for a total value of $1,393,539.16. Following the transaction, the executive vice president now owns 14,733 shares of the company’s stock, valued at $768,031.29. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO William M. Rusty Rush sold 10,906 shares of the stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $51.24, for a total value of $558,823.44. Following the completion of the transaction, the chief executive officer now directly owns 96,155 shares in the company, valued at approximately $4,926,982.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 73,982 shares of company stock worth $3,747,332. Company insiders own 11.19% of the company’s stock.
Several brokerages have recently weighed in on RUSHA. Zacks Investment Research downgraded Rush Enterprises from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 27th. ValuEngine downgraded Rush Enterprises from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. BMO Capital Markets reiterated a “market perform” rating and issued a $50.00 price target (up from $42.00) on shares of Rush Enterprises in a report on Monday, October 30th. They noted that the move was a valuation call. Stifel Nicolaus increased their price target on Rush Enterprises from $41.00 to $45.00 and gave the stock a “hold” rating in a report on Monday, October 30th. Finally, BidaskClub downgraded Rush Enterprises from a “buy” rating to a “hold” rating in a report on Saturday, December 9th. Four investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $50.00.
Shares of Rush Enterprises, Inc. (RUSHA) opened at $53.13 on Friday. The company has a quick ratio of 0.29, a current ratio of 1.16 and a debt-to-equity ratio of 0.55. Rush Enterprises, Inc. has a fifty-two week low of $30.74 and a fifty-two week high of $54.37. The firm has a market capitalization of $2,100.00, a P/E ratio of 27.53, a PEG ratio of 1.40 and a beta of 1.17.
Rush Enterprises (NASDAQ:RUSHA) last issued its quarterly earnings results on Wednesday, October 25th. The company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.25. Rush Enterprises had a return on equity of 13.06% and a net margin of 2.37%. The firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.21 billion. research analysts anticipate that Rush Enterprises, Inc. will post 2.17 EPS for the current year.
Rush Enterprises declared that its Board of Directors has initiated a stock repurchase program on Thursday, November 30th that permits the company to repurchase $40.00 million in outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.
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About Rush Enterprises
Rush Enterprises, Inc is an integrated retailer of commercial vehicles and related services. The Company operates through the Truck Segment, which includes its operation of a regional network of commercial vehicle dealerships under the name Rush Truck Centers. Through its Rush Truck Centers, it offers services, including retail sales of new and used commercial vehicles, aftermarket parts sales, service and repair facilities, financing, leasing and rental, and insurance products.
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