Verition Fund Management LLC Acquires New Position in Rush Enterprises, Inc. (NASDAQ:RUSHA)

Verition Fund Management LLC bought a new position in Rush Enterprises, Inc. (NASDAQ:RUSHA) in the third quarter, HoldingsChannel reports. The fund bought 12,971 shares of the company’s stock, valued at approximately $685,000.

Several other institutional investors and hedge funds have also modified their holdings of RUSHA. FMR LLC lifted its stake in Rush Enterprises by 34.8% in the third quarter. FMR LLC now owns 5,174,262 shares of the company’s stock valued at $273,356,000 after acquiring an additional 1,336,528 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in shares of Rush Enterprises by 13.2% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 1,186,393 shares of the company’s stock worth $62,677,000 after purchasing an additional 138,488 shares during the last quarter. Algert Global LLC raised its holdings in shares of Rush Enterprises by 284.0% during the 3rd quarter. Algert Global LLC now owns 159,610 shares of the company’s stock valued at $8,432,000 after purchasing an additional 118,041 shares in the last quarter. Edgestream Partners L.P. boosted its holdings in Rush Enterprises by 678.7% in the second quarter. Edgestream Partners L.P. now owns 130,602 shares of the company’s stock worth $5,468,000 after purchasing an additional 113,831 shares in the last quarter. Finally, Cooke & Bieler LP raised its holdings in Rush Enterprises by 10.1% during the second quarter. Cooke & Bieler LP now owns 1,092,709 shares of the company’s stock valued at $45,752,000 after buying an additional 100,318 shares in the last quarter. 84.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO William M. Rusty Rush sold 117,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $63.98, for a total transaction of $7,517,650.00. Following the sale, the chief executive officer now directly owns 174,154 shares in the company, valued at approximately $11,142,372.92. The trade was a 40.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Steven L. Keller sold 14,625 shares of the company’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $58.50, for a total value of $855,562.50. Following the completion of the transaction, the chief financial officer now owns 83,365 shares of the company’s stock, valued at $4,876,852.50. The trade was a 14.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 176,000 shares of company stock valued at $11,167,173. 12.53% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, Stephens upped their price target on Rush Enterprises from $66.00 to $69.00 and gave the stock an “overweight” rating in a research note on Friday, November 1st.

Rush Enterprises Trading Down 1.4 %

NASDAQ:RUSHA opened at $60.65 on Wednesday. The company’s 50 day moving average is $57.36 and its 200-day moving average is $51.21. The company has a quick ratio of 0.28, a current ratio of 1.40 and a debt-to-equity ratio of 0.23. Rush Enterprises, Inc. has a 12 month low of $40.45 and a 12 month high of $65.15. The firm has a market cap of $4.79 billion, a price-to-earnings ratio of 16.09, a P/E/G ratio of 2.22 and a beta of 1.00.

Rush Enterprises (NASDAQ:RUSHA) last announced its earnings results on Tuesday, October 29th. The company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.95 by $0.02. Rush Enterprises had a net margin of 3.93% and a return on equity of 15.43%. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.84 billion. During the same quarter last year, the firm posted $0.96 EPS. The business’s quarterly revenue was down 4.3% on a year-over-year basis. Equities analysts anticipate that Rush Enterprises, Inc. will post 3.64 EPS for the current year.

Rush Enterprises Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 12th will be paid a dividend of $0.18 per share. The ex-dividend date is Tuesday, November 12th. This represents a $0.72 annualized dividend and a yield of 1.19%. Rush Enterprises’s payout ratio is 19.10%.

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.