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

Several other institutional investors and hedge funds have also recently modified their holdings of RUSHA. Caitong International Asset Management Co. Ltd increased its holdings in Rush Enterprises by 82.2% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 481 shares of the company's stock worth $26,000 after purchasing an additional 217 shares during the period. GAMMA Investing LLC increased its holdings in Rush Enterprises by 29.4% during 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 period. Wambolt & Associates LLC increased its holdings in Rush Enterprises by 1.5% during the 1st quarter. Wambolt & Associates LLC now owns 22,067 shares of the company's stock worth $1,223,000 after purchasing an additional 317 shares during the period. HighTower Advisors LLC increased its holdings in Rush Enterprises by 10.8% during the 1st quarter. HighTower Advisors LLC now owns 4,741 shares of the company's stock worth $253,000 after purchasing an additional 463 shares during the period. Finally, Denali Advisors LLC increased its holdings in Rush Enterprises by 0.4% during the 1st quarter. Denali Advisors LLC now owns 119,929 shares of the company's stock worth $6,405,000 after purchasing an additional 464 shares during the period. Hedge funds and other institutional investors own 84.43% of the company's stock.

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 stock was sold at an average price of $57.25, for a total transaction of $257,625.00. Following the transaction, the senior vice president owned 12,510 shares in the company, valued at $716,197.50. This trade represents a 26.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Jason Wilder sold 4,980 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The stock was 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 in the company, valued at $4,426,890.60. This represents a 5.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,480 shares of company stock worth $862,104 in the last quarter. 12.28% of the stock is owned by insiders.

Analysts Set New Price Targets

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

Rush Enterprises Stock Up 1.8%

Shares of NASDAQ:RUSHA traded up $1.04 on Thursday, hitting $58.09. 77,755 shares of the company's stock were exchanged, compared to its average volume of 411,879. The firm's 50-day moving average is $54.96 and its 200 day moving average is $53.28. The company has a market capitalization of $4.52 billion, a PE ratio of 16.55, a P/E/G ratio of 1.62 and a beta of 0.88. Rush Enterprises, Inc. has a 1-year low of $46.30 and a 1-year high of $65.43. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.32 and a current ratio of 1.39.

Rush Enterprises (NASDAQ:RUSHA - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $0.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The firm had revenue of $1.93 billion for 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%. Sell-side analysts predict that Rush Enterprises, Inc. will post 3.91 EPS for the current year.

Rush Enterprises Increases Dividend

The company also recently declared 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. The ex-dividend date is Tuesday, August 12th. This represents a $0.76 dividend on an annualized basis and a yield of 1.3%. This is a boost from Rush Enterprises's previous quarterly dividend of $0.18. Rush Enterprises's dividend payout ratio (DPR) is 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.