Cubist Systematic Strategies LLC Reduces Holdings in Rush Enterprises, Inc. $RUSHA

Key Points

• Cubist Systematic Strategies LLC has reduced its stake in Rush Enterprises, Inc. by 28.0%, now holding 93,819 shares valued at approximately $5 million after selling 36,414 shares in the first quarter of 2023.
• Despite the decrease from Cubist, other hedge funds such as Principal Financial Group Inc. and Allspring Global Investments have increased their positions in Rush Enterprises by 2.7% and 6.8%, respectively, showcasing mixed investor sentiment.
• Rush Enterprises recently raised its quarterly dividend to $0.19 per share, up from $0.18, which translates to an annualized dividend yield of 1.3%.

Cubist Systematic Strategies LLC lessened its stake in shares of Rush Enterprises, Inc. (NASDAQ:RUSHA - Free Report) by 28.0% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 93,819 shares of the company's stock after selling 36,414 shares during the period. Cubist Systematic Strategies LLC owned about 0.12% of Rush Enterprises worth $5,011,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of RUSHA. Caitong International Asset Management Co. Ltd grew its holdings in shares of Rush Enterprises by 82.2% during the first quarter. Caitong International Asset Management Co. Ltd now owns 481 shares of the company's stock valued at $26,000 after buying an additional 217 shares during the last quarter. AlphaQuest LLC purchased a new stake in shares of Rush Enterprises during the first quarter valued at $30,000. Smartleaf Asset Management LLC lifted its position in Rush Enterprises by 26.7% during the first quarter. Smartleaf Asset Management LLC now owns 1,078 shares of the company's stock valued at $58,000 after purchasing an additional 227 shares during the period. Tower Research Capital LLC TRC grew its position in Rush Enterprises by 121.5% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,123 shares of the company's stock worth $62,000 after purchasing an additional 616 shares during the period. Finally, GAMMA Investing LLC raised its stake in shares of Rush Enterprises by 29.4% during the 1st quarter. GAMMA Investing LLC now owns 1,267 shares of the company's stock valued at $68,000 after buying an additional 288 shares during the last quarter. 84.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP Michael L. Goldstone sold 4,500 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $57.25, for a total value of $257,625.00. Following the completion of the transaction, the senior vice president owned 12,510 shares of the company's stock, valued at $716,197.50. The trade was a 26.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Jason Wilder sold 4,980 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $55.55, for a total transaction of $276,639.00. Following the completion of the transaction, the chief operating officer directly owned 79,692 shares of the company's stock, valued at approximately $4,426,890.60. This represents a 5.88% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,480 shares of company stock valued at $862,104 over the last 90 days. Insiders own 12.28% of the company's stock.

Analysts Set New Price Targets

RUSHA has been the subject of several analyst reports. Stephens reissued an "overweight" rating on shares of Rush Enterprises in a report on Monday, August 4th. Wall Street Zen downgraded shares of Rush Enterprises from a "buy" rating to a "hold" rating in a research report on Sunday, July 13th. One analyst has rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $61.00.

Rush Enterprises Stock Down 1.2%

Rush Enterprises stock traded down $0.69 during mid-day trading on Tuesday, reaching $57.40. 60,341 shares of the company's stock were exchanged, compared to its average volume of 409,040. The company has a market cap of $4.47 billion, a P/E ratio of 16.37, a P/E/G ratio of 1.64 and a beta of 0.88. Rush Enterprises, Inc. has a twelve month low of $46.30 and a twelve month high of $65.43. The company has a quick ratio of 0.32, a current ratio of 1.39 and a debt-to-equity ratio of 0.23. The company has a fifty day moving average of $55.38 and a 200-day moving average of $53.17.

Rush Enterprises (NASDAQ:RUSHA - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. The firm had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.89 billion. Rush Enterprises had a net margin of 3.73% and a return on equity of 13.29%. Sell-side analysts expect that Rush Enterprises, Inc. will post 3.91 EPS for the current year.

Rush Enterprises Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Tuesday, August 12th will be given a $0.19 dividend. This is a boost from Rush Enterprises's previous quarterly dividend of $0.18. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Tuesday, August 12th. Rush Enterprises's dividend payout ratio (DPR) is presently 21.65%.

Rush Enterprises Company Profile

Rush Enterprises, Inc, through its subsidiaries, operates as an integrated retailer of commercial vehicles and related services in the United States and Canada. The company operates a network of commercial vehicle dealerships under the Rush Truck Centers name. Its Rush Truck Centers primarily sell commercial vehicles manufactured by Peterbilt, International, Hino, Ford, Isuzu, IC Bus, Blue Bird, and Dennis Eagle.