Bank of America Corp DE Purchases 49,009 Shares of Rush Enterprises, Inc. $RUSHA

Key Points

• Bank of America increased its Rush Enterprises stake by 9.5%, purchasing 49,009 shares to reach 566,287 shares, worth approximately $37.4 million. Institutional investors collectively own 84.43% of the company.
• Rush Enterprises exceeded quarterly earnings expectations, reporting $0.61 EPS versus the $0.57 consensus and $1.90 billion in revenue. The company also announced a 3-for-2 stock split and a quarterly dividend of $0.14 per share.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $58, while company insiders have sold 168,375 shares worth about $9.1 million over the past three months.

Bank of America Corp DE grew its position in shares of Rush Enterprises, Inc. (NASDAQ:RUSHA - Free Report) by 9.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 566,287 shares of the company's stock after purchasing an additional 49,009 shares during the quarter. Bank of America Corp DE owned approximately 0.73% of Rush Enterprises worth $37,437,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Jennison Associates LLC raised its position in shares of Rush Enterprises by 166.4% during the first quarter. Jennison Associates LLC now owns 1,121,450 shares of the company's stock worth $74,139,000 after purchasing an additional 700,511 shares during the period. Goldman Sachs Group Inc. boosted its stake in Rush Enterprises by 174.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 955,989 shares of the company's stock valued at $51,566,000 after buying an additional 607,047 shares during the period. Pacer Advisors Inc. bought a new stake in Rush Enterprises during the fourth quarter worth about $25,811,000. Millennium Management LLC grew its stake in shares of Rush Enterprises by 280.4% during the third quarter. Millennium Management LLC now owns 540,942 shares of the company's stock valued at $28,924,000 after buying an additional 398,721 shares during the last quarter. Finally, Cooke & Bieler LP boosted its position in Rush Enterprises by 85.0% during the 4th quarter. Cooke & Bieler LP now owns 729,250 shares of the company's stock valued at $39,336,000 after buying an additional 335,019 shares during the period. Institutional investors and hedge funds own 84.43% of the company's stock.

Rush Enterprises Trading Down 0.3%

Shares of RUSHA stock opened at $82.23 on Friday. The company has a 50 day moving average price of $52.25 and a 200 day moving average price of $48.26. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.38 and a current ratio of 1.45. Rush Enterprises, Inc. has a fifty-two week low of $45.67 and a fifty-two week high of $83.61. The stock has a market capitalization of $6.39 billion, a P/E ratio of 24.77, a price-to-earnings-growth ratio of 1.82 and a beta of 0.87.

Rush Enterprises shares are scheduled to split before the market opens on Tuesday, September 1st. The 3-2 split was recently announced. The newly minted shares will be issued to shareholders after the closing bell on Monday, August 31st.

Rush Enterprises (NASDAQ:RUSHA - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.57 by $0.04. Rush Enterprises had a net margin of 3.67% and a return on equity of 11.65%. The company had revenue of $1.90 billion during the quarter, compared to analysts' expectations of $1.89 billion. Equities research analysts predict that Rush Enterprises, Inc. will post 3.75 EPS for the current fiscal year.

Rush Enterprises Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Wednesday, September 9th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Wednesday, September 9th. Rush Enterprises's dividend payout ratio (DPR) is 22.89%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RUSHA. Stephens raised their target price on shares of Rush Enterprises from $60.00 to $63.33 and gave the company an "overweight" rating in a research note on Thursday, July 30th. Wall Street Zen upgraded Rush Enterprises from a "hold" rating to a "buy" rating in a research note on Saturday. UBS Group raised their target price on shares of Rush Enterprises from $48.67 to $52.00 and gave the company a "neutral" rating in a report on Wednesday, April 29th. Zacks Research raised shares of Rush Enterprises from a "strong sell" rating to a "hold" rating in a research note on Monday, June 29th. Finally, Weiss Ratings upgraded Rush Enterprises from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, July 23rd. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $58.00.

Insider Activity

In related news, Director Michael Mcroberts sold 9,750 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $54.29, for a total transaction of $529,360.00. Following the sale, the director owned 24,343 shares in the company, valued at approximately $1,321,662.61. This trade represents a 28.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Michael L. Goldstone sold 3,150 shares of the business's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $54.20, for a total value of $170,730.00. Following the sale, the senior vice president directly owned 18,885 shares of the company's stock, valued at approximately $1,023,567. This trade represents a 14.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 168,375 shares of company stock worth $9,092,352 in the last three months. 12.68% of the stock is currently owned by company insiders.

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.

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