Hsbc Holdings PLC Invests $776,000 in Rush Enterprises, Inc. $RUSHA

Key Points

• HSBC Holdings PLC initiated a new position in Rush Enterprises in Q4, buying 14,307 shares worth about $776,000.
• Institutional ownership remains high, with 84.43% of Rush Enterprises shares held by institutional investors, while company insiders own 12.68%.
• Rush Enterprises reported better-than-expected quarterly EPS of $0.77, and analysts currently rate the stock a consensus “Hold” with an average target price of $83.67.

Hsbc Holdings PLC purchased a new stake in shares of Rush Enterprises, Inc. (NASDAQ:RUSHA - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 14,307 shares of the company's stock, valued at approximately $776,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Royal Bank of Canada increased its stake in Rush Enterprises by 33.6% during the 1st quarter. Royal Bank of Canada now owns 10,786 shares of the company's stock valued at $575,000 after buying an additional 2,715 shares during the period. AQR Capital Management LLC lifted its stake in shares of Rush Enterprises by 8.0% in the 1st quarter. AQR Capital Management LLC now owns 24,509 shares of the company's stock worth $1,309,000 after acquiring an additional 1,806 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Rush Enterprises by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,225 shares of the company's stock worth $1,935,000 after acquiring an additional 1,592 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Rush Enterprises by 18.4% in the first quarter. Goldman Sachs Group Inc. now owns 390,387 shares of the company's stock valued at $20,851,000 after acquiring an additional 60,615 shares in the last quarter. Finally, Caxton Associates LLP bought a new position in shares of Rush Enterprises in the first quarter valued at approximately $221,000. 84.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RUSHA. Zacks Research raised Rush Enterprises from a "strong sell" rating to a "hold" rating in a report on Monday, June 29th. Wall Street Zen lowered Rush Enterprises from a "buy" rating to a "hold" rating in a research note on Sunday, June 14th. Stephens reiterated an "overweight" rating and set a $85.00 price target on shares of Rush Enterprises in a research report on Tuesday, May 19th. Weiss Ratings downgraded Rush Enterprises from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, July 8th. Finally, Wolfe Research started coverage on Rush Enterprises in a report on Monday, April 27th. They issued an "outperform" rating and a $88.00 price objective for the company. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, Rush Enterprises currently has an average rating of "Hold" and an average target price of $83.67.

Insider Activity

In other news, Director Michael Mcroberts sold 8,000 shares of the business's stock in a transaction 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 directly owned 16,229 shares of the company's stock, valued at $1,172,220.67. The trade was a 33.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 12.68% of the stock is owned by company insiders.

Rush Enterprises Trading Up 0.8%

Shares of NASDAQ:RUSHA opened at $75.86 on Wednesday. The stock has a market capitalization of $5.90 billion, a price-to-earnings ratio of 22.92, a PEG ratio of 1.59 and a beta of 0.89. Rush Enterprises, Inc. has a 1-year low of $45.67 and a 1-year high of $76.99. 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 company has a 50 day moving average price of $70.67 and a 200 day moving average price of $67.98.

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

Rush Enterprises Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Tuesday, May 12th were issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Tuesday, May 12th. Rush Enterprises's payout ratio is presently 22.96%.

Rush Enterprises Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.