Clearbridge LLC lessened its holdings in shares of Rush Enterprises, Inc. (NASDAQ:RUSHA) by 13.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 323,665 shares of the company’s stock after selling 49,190 shares during the period. Clearbridge LLC’s holdings in Rush Enterprises were worth $16,445,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp boosted its stake in Rush Enterprises by 16.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 216,286 shares of the company’s stock worth $10,012,000 after purchasing an additional 30,429 shares in the last quarter. Hennessy Advisors Inc. bought a new position in Rush Enterprises in the 4th quarter worth about $30,953,000. Dimensional Fund Advisors LP boosted its stake in Rush Enterprises by 1.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,618,857 shares of the company’s stock worth $121,227,000 after purchasing an additional 48,762 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in Rush Enterprises by 14.1% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 298,448 shares of the company’s stock worth $13,816,000 after purchasing an additional 36,914 shares in the last quarter. Finally, Atlantic Trust Group LLC bought a new position in Rush Enterprises in the 3rd quarter worth about $1,246,000. Hedge funds and other institutional investors own 76.55% of the company’s stock.
Rush Enterprises, Inc. (NASDAQ RUSHA) opened at $41.70 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.29 and a current ratio of 1.17. The stock has a market cap of $1,660.00, a PE ratio of 19.22, a price-to-earnings-growth ratio of 0.94 and a beta of 1.27. Rush Enterprises, Inc. has a one year low of $30.74 and a one year high of $55.40.
Rush Enterprises declared that its board has initiated a stock buyback plan on Thursday, November 30th that authorizes the company to buyback $40.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
A number of brokerages recently issued reports on RUSHA. BMO Capital Markets dropped their price target on shares of Rush Enterprises from $50.00 to $45.00 and set a “market perform” rating on the stock in a research note on Tuesday, February 20th. ValuEngine cut shares of Rush Enterprises from a “buy” rating to a “hold” rating in a research note on Friday, February 23rd. Buckingham Research upgraded shares of Rush Enterprises from a “neutral” rating to a “buy” rating and set a $53.00 price target on the stock in a research note on Tuesday, February 27th. Seaport Global Securities reiterated a “buy” rating and issued a $62.00 price target on shares of Rush Enterprises in a research note on Wednesday, January 17th. Finally, Stephens upgraded shares of Rush Enterprises from an “equal weight” rating to an “overweight” rating in a research note on Friday, February 9th. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $51.80.
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Rush Enterprises Company Profile
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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