Bank of New York Mellon Corp Reduces Position in Rush Enterprises, Inc. $RUSHA

Bank of New York Mellon Corp trimmed its position in shares of Rush Enterprises, Inc. (NASDAQ:RUSHA) by 3.2% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 577,847 shares of the company’s stock after selling 19,344 shares during the quarter. Bank of New York Mellon Corp’s holdings in Rush Enterprises were worth $29,765,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in RUSHA. State of Wyoming boosted its position in shares of Rush Enterprises by 5.0% during the first quarter. State of Wyoming now owns 4,511 shares of the company’s stock valued at $241,000 after buying an additional 213 shares during the period. Caitong International Asset Management Co. Ltd lifted its stake in shares of 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 acquiring an additional 217 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in Rush Enterprises by 26.7% during the 1st quarter. Smartleaf Asset Management LLC now owns 1,078 shares of the company’s stock valued at $58,000 after acquiring an additional 227 shares during the period. Verdence Capital Advisors LLC grew its position in Rush Enterprises by 3.2% in the 2nd quarter. Verdence Capital Advisors LLC now owns 9,084 shares of the company’s stock valued at $468,000 after acquiring an additional 280 shares during the last quarter. Finally, Wambolt & Associates LLC increased its stake in Rush Enterprises by 1.5% in the first 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. Institutional investors own 84.43% of the company’s stock.

Insider Activity

In other news, SVP Michael L. Goldstone sold 4,500 shares of the business’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $57.25, for a total value of $257,625.00. Following the completion of the transaction, the senior vice president directly owned 12,510 shares of the company’s stock, valued at approximately $716,197.50. The trade was a 26.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 12.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RUSHA. Stephens lowered their target price on shares of Rush Enterprises from $60.00 to $55.00 and set an “overweight” rating for the company in a research note on Wednesday, November 5th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Rush Enterprises in a report on Wednesday, October 8th. Wall Street Zen raised shares of Rush Enterprises from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Zacks Research downgraded shares of Rush Enterprises from a “hold” rating to a “strong sell” rating in a research note on Monday, November 3rd. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Rush Enterprises has an average rating of “Hold” and an average price target of $55.00.

Rush Enterprises Stock Performance

RUSHA stock opened at $47.32 on Friday. Rush Enterprises, Inc. has a 1-year low of $45.67 and a 1-year high of $65.43. The business has a 50-day moving average price of $52.29 and a 200 day moving average price of $52.69. The company has a market capitalization of $3.68 billion, a P/E ratio of 14.04, a PEG ratio of 1.44 and a beta of 0.91. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.39 and a quick ratio of 0.32.

Rush Enterprises (NASDAQ:RUSHA) last posted its earnings results on Thursday, May 20th. The company reported $0.79 EPS for the quarter. Rush Enterprises had a net margin of 3.57% and a return on equity of 12.61%. The business had revenue of $1.23 billion for the quarter. As a group, equities research analysts forecast that Rush Enterprises, Inc. will post 3.91 EPS for the current fiscal year.

Rush Enterprises Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Wednesday, November 12th will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Wednesday, November 12th. Rush Enterprises’s dividend payout ratio (DPR) is 22.55%.

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.