Cubist Systematic Strategies LLC Decreases Stock 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 decreased its holdings in Rush Enterprises, Inc. (NASDAQ:RUSHA - Free Report) by 28.0% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 93,819 shares of the company's stock after selling 36,414 shares during the quarter. Cubist Systematic Strategies LLC owned 0.12% of Rush Enterprises worth $5,011,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. raised its position in Rush Enterprises by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 310,294 shares of the company's stock worth $16,573,000 after buying an additional 8,106 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in Rush Enterprises by 6.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 97,893 shares of the company's stock worth $5,427,000 after buying an additional 6,210 shares during the last quarter. Bridges Investment Management Inc. raised its position in Rush Enterprises by 111.3% in the 1st quarter. Bridges Investment Management Inc. now owns 35,749 shares of the company's stock worth $1,909,000 after buying an additional 18,831 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Rush Enterprises by 5.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 43,353 shares of the company's stock worth $2,315,000 after buying an additional 2,131 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of Rush Enterprises during the 1st quarter valued at about $1,087,000. Hedge funds and other institutional investors own 84.43% of the company's stock.

Insider Activity at Rush Enterprises

In related news, SVP Michael L. Goldstone sold 4,500 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $57.25, for a total transaction of $257,625.00. Following the completion of the transaction, the senior vice president directly owned 12,510 shares in the company, valued at approximately $716,197.50. The trade was a 26.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 value of $276,639.00. Following the transaction, the chief operating officer owned 79,692 shares of the company's stock, valued at approximately $4,426,890.60. This trade represents a 5.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,480 shares of company stock worth $862,104. 12.28% of the stock is owned by company insiders.

Rush Enterprises Trading Down 0.4%

Shares of NASDAQ:RUSHA opened at $57.05 on Thursday. The stock has a 50 day moving average of $54.96 and a 200 day moving average of $53.28. The company has a market cap of $4.44 billion, a PE ratio of 16.25, a price-to-earnings-growth ratio of 1.62 and a beta of 0.88. The company has a current ratio of 1.39, a quick ratio of 0.32 and a debt-to-equity ratio of 0.23. Rush Enterprises, Inc. has a 12-month low of $46.30 and a 12-month high of $65.43.

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

Rush Enterprises Increases Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on RUSHA shares. Wall Street Zen lowered shares of Rush Enterprises from a "buy" rating to a "hold" rating in a research report on Sunday, July 13th. Stephens reaffirmed an "overweight" rating on shares of Rush Enterprises in a research report on Monday, August 4th. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Rush Enterprises currently has a consensus rating of "Buy" and an average price target of $61.00.

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.

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