Costello Asset Management INC Sells 37,128 Shares of Rush Enterprises, Inc. $RUSHA

Key Points

• Costello Asset Management sharply reduced its Rush Enterprises stake by 96.4% in the first quarter, selling 37,128 shares and ending with 1,400 shares worth about $93,000.
• Rush Enterprises reported stronger-than-expected quarterly EPS of $0.77, beating analyst estimates, though revenue of $1.68 billion came in slightly below expectations.
• The stock was up 2.1% to $75.48, near its 52-week high, while analysts currently have a Hold consensus with an average price target of $83.67.

Costello Asset Management INC lessened its position in shares of Rush Enterprises, Inc. (NASDAQ:RUSHA - Free Report) by 96.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,400 shares of the company's stock after selling 37,128 shares during the quarter. Costello Asset Management INC's holdings in Rush Enterprises were worth $93,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Root Financial Partners LLC boosted its holdings in shares of Rush Enterprises by 75.4% in 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 during the last quarter. Kestra Advisory Services LLC increased its holdings in Rush Enterprises by 1.1% during the fourth quarter. Kestra Advisory Services LLC now owns 17,907 shares of the company's stock valued at $966,000 after buying an additional 200 shares during the last quarter. California State Teachers Retirement System raised its position in Rush Enterprises by 0.4% in the second quarter. California State Teachers Retirement System now owns 57,375 shares of the company's stock worth $2,955,000 after acquiring an additional 208 shares during the period. CIBC Private Wealth Group LLC raised its position in Rush Enterprises by 44.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 748 shares of the company's stock worth $40,000 after acquiring an additional 230 shares during the period. Finally, State of Alaska Department of Revenue boosted its stake in shares of Rush Enterprises by 0.7% during the 4th quarter. State of Alaska Department of Revenue now owns 35,188 shares of the company's stock worth $1,897,000 after acquiring an additional 251 shares during the last quarter. Hedge funds and other institutional investors own 84.43% of the company's stock.

Insider Transactions at Rush Enterprises

In related news, Director Michael Mcroberts sold 8,000 shares of Rush Enterprises stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $72.23, for a total transaction of $577,840.00. Following the sale, the director owned 16,229 shares of the company's stock, valued at approximately $1,172,220.67. This trade represents a 33.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 12.68% of the company's stock.

Rush Enterprises Stock Up 2.1%

RUSHA opened at $75.48 on Friday. The stock has a market cap of $5.87 billion, a price-to-earnings ratio of 22.80, a price-to-earnings-growth ratio of 1.57 and a beta of 0.89. 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 firm's fifty day moving average is $70.55 and its 200 day moving average is $67.63. Rush Enterprises, Inc. has a fifty-two week low of $45.67 and a fifty-two week high of $76.99.

Rush Enterprises (NASDAQ:RUSHA - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $0.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.72 by $0.05. The business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.73 billion. Rush Enterprises had a return on equity of 11.87% and a net margin of 3.65%. On average, sell-side analysts forecast that Rush Enterprises, Inc. will post 3.79 earnings per share for the current fiscal year.

Rush Enterprises Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Tuesday, May 12th were given a dividend of $0.19 per share. The ex-dividend date was Tuesday, May 12th. This represents a $0.76 annualized dividend and a dividend yield of 1.0%. Rush Enterprises's dividend payout ratio (DPR) is currently 22.96%.

Analyst Ratings Changes

Several equities research analysts have recently commented on RUSHA shares. Weiss Ratings lowered Rush Enterprises from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday. Stephens reiterated an "overweight" rating and set a $85.00 target price on shares of Rush Enterprises in a research report on Tuesday, May 19th. Wall Street Zen cut Rush Enterprises from a "buy" rating to a "hold" rating in a research report on Sunday, June 14th. Wolfe Research assumed coverage on Rush Enterprises in a research note on Monday, April 27th. They issued an "outperform" rating and a $88.00 price objective on the stock. Finally, Zacks Research raised Rush Enterprises from a "strong sell" rating to a "hold" rating in a research report on Monday, June 29th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, Rush Enterprises currently has a consensus rating of "Hold" and an average price target of $83.67.

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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