Russell Investments Group Ltd. boosted its stake in shares of Rush Enterprises, Inc. (NASDAQ:RUSHA) by 14.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 165,714 shares of the company’s stock after acquiring an additional 21,352 shares during the quarter. Russell Investments Group Ltd. owned 0.42% of Rush Enterprises worth $7,670,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Sei Investments Co. bought a new stake in shares of Rush Enterprises during the third quarter worth $182,000. Ameritas Investment Partners Inc. grew its holdings in shares of Rush Enterprises by 8.3% during the second quarter. Ameritas Investment Partners Inc. now owns 4,112 shares of the company’s stock worth $152,000 after purchasing an additional 316 shares during the last quarter. Wrapmanager Inc. bought a new stake in shares of Rush Enterprises during the third quarter worth $216,000. Eqis Capital Management Inc. bought a new stake in shares of Rush Enterprises during the third quarter worth $237,000. Finally, BNP Paribas Arbitrage SA grew its holdings in shares of Rush Enterprises by 226.6% during the second quarter. BNP Paribas Arbitrage SA now owns 6,167 shares of the company’s stock worth $229,000 after purchasing an additional 4,279 shares during the last quarter. Institutional investors own 76.37% of the company’s stock.
Rush Enterprises, Inc. (RUSHA) opened at $48.92 on Friday. The stock has a market capitalization of $1,960.00, a PE ratio of 26.64, a P/E/G ratio of 1.65 and a beta of 1.17. Rush Enterprises, Inc. has a 1-year low of $29.68 and a 1-year high of $54.11. The company has a quick ratio of 0.29, a current ratio of 1.16 and a debt-to-equity ratio of 0.55.
Rush Enterprises declared that its Board of Directors has initiated a share buyback program on Thursday, November 30th that authorizes the company to buyback $40.00 million in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
In other Rush Enterprises news, CEO William M. Rusty Rush sold 10,906 shares of the firm’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $51.24, for a total transaction of $558,823.44. Following the transaction, the chief executive officer now owns 96,155 shares in the company, valued at $4,926,982.20. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP James E. Thor sold 24,200 shares of the firm’s stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $48.70, for a total value of $1,178,540.00. Following the transaction, the senior vice president now owns 39,032 shares in the company, valued at approximately $1,900,858.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 61,838 shares of company stock worth $3,130,903. Company insiders own 11.19% of the company’s stock.
Several analysts have recently commented on RUSHA shares. BidaskClub cut Rush Enterprises from a “buy” rating to a “hold” rating in a report on Saturday, August 12th. ValuEngine upgraded Rush Enterprises from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Buckingham Research assumed coverage on Rush Enterprises in a report on Tuesday, September 5th. They set a “neutral” rating and a $40.00 target price on the stock. Zacks Investment Research cut Rush Enterprises from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 27th. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $50.00 price target (up previously from $42.00) on shares of Rush Enterprises in a report on Monday, October 30th. They noted that the move was a valuation call. Five analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $46.00.
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About Rush Enterprises
Rush Enterprises, Inc is an integrated retailer of commercial vehicles and related services. The Company operates through the Truck Segment, which includes its operation of a regional network of commercial vehicle dealerships under the name Rush Truck Centers. Through its Rush Truck Centers, it offers services, including retail sales of new and used commercial vehicles, aftermarket parts sales, service and repair facilities, financing, leasing and rental, and insurance products.
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