Rush Enterprises, Inc. $RUSHA Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in Rush Enterprises by 53.0%, now holding 45,990 shares worth approximately $2.5 million.
• Rush Enterprises recently raised its quarterly dividend to $0.19 per share, marking an annualized increase to $0.76 and a yield of 1.5%.
• The stock currently has an average rating of "Buy" from analysts, with a consensus price target of $61.00.

Allspring Global Investments Holdings LLC cut its position in shares of Rush Enterprises, Inc. (NASDAQ:RUSHA - Free Report) by 53.0% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 45,990 shares of the company's stock after selling 51,903 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.06% of Rush Enterprises worth $2,498,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd raised its holdings in Rush Enterprises by 82.2% during the first 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 last quarter. AlphaQuest LLC acquired a new position in shares of Rush Enterprises in the first quarter worth $30,000. Smartleaf Asset Management LLC raised its holdings in shares of Rush Enterprises by 26.7% in the first quarter. Smartleaf Asset Management LLC now owns 1,078 shares of the company's stock worth $58,000 after acquiring an additional 227 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Rush Enterprises by 29.4% in the first quarter. GAMMA Investing LLC now owns 1,267 shares of the company's stock worth $68,000 after acquiring an additional 288 shares during the last quarter. Finally, Cerity Partners LLC acquired a new position in shares of Rush Enterprises in the first quarter worth $207,000. 84.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Rush Enterprises

In other Rush Enterprises news, SVP Michael L. Goldstone sold 4,500 shares of the business'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 of the company's stock, valued at approximately $716,197.50. The trade was a 26.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael Mcroberts sold 6,000 shares of the business's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $54.64, for a total value of $327,840.00. Following the sale, the director directly owned 15,771 shares of the company's stock, valued at approximately $861,727.44. This trade represents a 27.56% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,480 shares of company stock valued at $862,104. Company insiders own 12.28% of the company's stock.

Rush Enterprises Stock Performance

Rush Enterprises stock opened at $51.47 on Wednesday. The firm has a market capitalization of $4.01 billion, a P/E ratio of 14.66, a PEG ratio of 1.46 and a beta of 0.89. The stock has a fifty day moving average price of $55.33 and a 200 day moving average price of $52.98. Rush Enterprises, Inc. has a 52 week low of $47.06 and a 52 week 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.

Rush Enterprises (NASDAQ:RUSHA - Get Free Report) last posted its quarterly earnings results on Thursday, May 20th. The company reported $0.79 earnings per share (EPS) for the quarter. Rush Enterprises had a return on equity of 13.29% and a net margin of 3.73%.The firm had revenue of $1.23 billion during the quarter. Equities research analysts anticipate that Rush Enterprises, Inc. will post 3.91 earnings per share for the current year.

Rush Enterprises Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 12th. Shareholders of record on Tuesday, August 12th were given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 1.5%. This is a boost from Rush Enterprises's previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Tuesday, August 12th. Rush Enterprises's dividend payout ratio (DPR) is presently 21.65%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on RUSHA. Stephens reissued an "overweight" rating on shares of Rush Enterprises in a report on Monday, August 4th. Weiss Ratings reissued a "buy (b-)" rating on shares of Rush Enterprises in a report on Wednesday, October 8th. Finally, Wall Street Zen cut Rush Enterprises from a "buy" rating to a "hold" rating in a report on Saturday, October 4th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.