Invesco Ltd. Cuts Stock Holdings in Rush Enterprises, Inc. $RUSHA

Key Points

• Invesco Ltd. reduced its stake in Rush Enterprises, Inc. by 9.3% in Q1 2023, now holding approximately 0.68% of the company valued at $28.86 million after selling over 55,000 shares.
• Analysts have mixed ratings on Rush Enterprises, with Stephens maintaining an "overweight" rating, while Wall Street Zen downgraded it from "buy" to "hold", leaving a consensus rating of "Buy" with a target price of $61.00.
• Rush Enterprises announced an increase in its quarterly dividend from $0.18 to $0.19 per share, with the ex-dividend date set for August 12th, reflecting positive signals for investors.

Invesco Ltd. trimmed its position in Rush Enterprises, Inc. (NASDAQ:RUSHA - Free Report) by 9.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 540,352 shares of the company's stock after selling 55,172 shares during the quarter. Invesco Ltd. owned 0.68% of Rush Enterprises worth $28,860,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Tower Research Capital LLC TRC increased its holdings 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 valued at $62,000 after purchasing an additional 616 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Rush Enterprises by 29.4% in the 1st quarter. GAMMA Investing LLC now owns 1,267 shares of the company's stock worth $68,000 after purchasing an additional 288 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in Rush Enterprises by 833.8% during the fourth quarter. Sterling Capital Management LLC now owns 1,961 shares of the company's stock worth $107,000 after acquiring an additional 1,751 shares in the last quarter. Cerity Partners LLC bought a new position in Rush Enterprises during the first quarter worth about $207,000. Finally, Two Sigma Investments LP bought a new position in Rush Enterprises during the fourth quarter worth about $210,000. 84.43% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Rush Enterprises news, COO Jason Wilder sold 4,980 shares of the company's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $55.55, for a total value of $276,639.00. Following the sale, the chief operating officer owned 79,692 shares in the company, valued at approximately $4,426,890.60. This represents a 5.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Michael L. Goldstone sold 4,500 shares of the company's stock in a transaction dated 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 sale, the senior vice president owned 12,510 shares in the company, valued at approximately $716,197.50. This trade represents a 26.46% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,480 shares of company stock worth $862,104. 12.28% of the stock is currently owned by company insiders.

Rush Enterprises Trading Down 1.2%

Shares of RUSHA stock traded down $0.72 during mid-day trading on Monday, reaching $58.18. The stock had a trading volume of 248,450 shares, compared to its average volume of 383,035. The stock's 50-day moving average price is $53.89 and its two-hundred day moving average price is $53.29. Rush Enterprises, Inc. has a 52-week low of $46.30 and a 52-week high of $65.43. The firm has a market capitalization of $4.53 billion, a PE ratio of 16.58, a price-to-earnings-growth ratio of 1.66 and a beta of 0.85. 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 (NASDAQ:RUSHA - Get Free Report) last released 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. Rush Enterprises had a net margin of 3.73% and a return on equity of 13.29%. The firm had revenue of $1.93 billion for the quarter, compared to analysts' expectations of $1.89 billion. Equities analysts expect that Rush Enterprises, Inc. will post 3.91 earnings per share for the current fiscal year.

Rush Enterprises Increases Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Wall Street Zen downgraded Rush Enterprises from a "buy" rating to a "hold" rating in a research note on Sunday, July 13th. Stephens reiterated an "overweight" rating on shares of Rush Enterprises in a report on Monday, August 4th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $61.00.

About Rush Enterprises

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.