Raymond James Financial Inc. Sells 10,664 Shares of Rush Enterprises, Inc. $RUSHA

Key Points

• Raymond James Financial Inc. lowered its stake in Rush Enterprises by 5.9%, selling 10,664 shares, and now owns 168,608 shares valued at approximately $9 million.
• Rush Enterprises reported quarterly earnings of $0.90 per share, exceeding analysts' expectations, with revenues of $1.93 billion against expected $1.89 billion.
• The company has increased its quarterly dividend from $0.18 to $0.19, representing an annualized yield of 1.3% and a payout ratio of 21.65%.

Raymond James Financial Inc. reduced its position in Rush Enterprises, Inc. (NASDAQ:RUSHA - Free Report) by 5.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 168,608 shares of the company's stock after selling 10,664 shares during the period. Raymond James Financial Inc. owned about 0.21% of Rush Enterprises worth $9,005,000 at the end of the most recent reporting period.

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

Rush Enterprises Stock Down 0.5%

RUSHA stock traded down $0.28 during trading on Friday, reaching $58.24. The stock had a trading volume of 284,616 shares, compared to its average volume of 268,149. Rush Enterprises, Inc. has a 1-year low of $46.30 and a 1-year high of $65.43. The company has a current ratio of 1.39, a quick ratio of 0.32 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $4.53 billion, a P/E ratio of 16.59, a PEG ratio of 1.65 and a beta of 0.88. The firm has a fifty day moving average price of $55.24 and a 200 day moving average price of $53.25.

Rush Enterprises (NASDAQ:RUSHA - Get Free Report) last issued its earnings results 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 business 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%. On average, equities analysts anticipate that Rush Enterprises, Inc. will post 3.91 earnings per share for the current year.

Rush Enterprises Increases Dividend

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

Analyst Ratings Changes

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

Insider Buying and Selling

In related news, SVP Michael L. Goldstone sold 4,500 shares of the firm'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 transaction of $257,625.00. Following the completion of the sale, the senior vice president directly owned 12,510 shares in the company, valued at approximately $716,197.50. This trade represents a 26.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Jason Wilder sold 4,980 shares of Rush Enterprises stock in a transaction 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 sale, the chief operating officer directly owned 79,692 shares of the company's stock, valued at $4,426,890.60. This trade represents a 5.88% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,480 shares of company stock worth $862,104. Corporate insiders own 12.28% of the company's stock.

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.