Jennison Associates LLC Has $74.14 Million Stock Position in Rush Enterprises, Inc. $RUSHA

Jennison Associates LLC grew its position in Rush Enterprises, Inc. (NASDAQ:RUSHA) by 166.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,121,450 shares of the company’s stock after acquiring an additional 700,511 shares during the quarter. Jennison Associates LLC’s holdings in Rush Enterprises were worth $74,139,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of RUSHA. Goldman Sachs Group Inc. raised its stake in shares of Rush Enterprises by 174.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 955,989 shares of the company’s stock valued at $51,566,000 after purchasing an additional 607,047 shares in the last quarter. Pacer Advisors Inc. acquired a new stake in Rush Enterprises during the fourth quarter worth $25,811,000. Millennium Management LLC increased its holdings in Rush Enterprises by 280.4% in the 3rd quarter. Millennium Management LLC now owns 540,942 shares of the company’s stock valued at $28,924,000 after buying an additional 398,721 shares during the period. Cooke & Bieler LP increased its holdings in Rush Enterprises by 85.0% in the 4th quarter. Cooke & Bieler LP now owns 729,250 shares of the company’s stock valued at $39,336,000 after buying an additional 335,019 shares during the period. Finally, Ameriprise Financial Inc. raised its stake in shares of Rush Enterprises by 91.9% in the 2nd quarter. Ameriprise Financial Inc. now owns 628,855 shares of the company’s stock valued at $32,392,000 after buying an additional 301,119 shares in the last quarter. Institutional investors and hedge funds own 84.43% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on RUSHA. Weiss Ratings downgraded shares of Rush Enterprises from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, July 8th. Wolfe Research initiated coverage on shares of Rush Enterprises in a research note on Monday, April 27th. They issued an “outperform” rating and a $88.00 target price on the stock. UBS Group increased their price target on shares of Rush Enterprises from $73.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 29th. Wall Street Zen cut shares of Rush Enterprises from a “buy” rating to a “hold” rating in a research note on Sunday, June 14th. Finally, Stephens reaffirmed an “overweight” rating and set a $85.00 price objective on shares of Rush Enterprises in a report on Tuesday, May 19th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Rush Enterprises currently has an average rating of “Hold” and a consensus target price of $83.67.

Rush Enterprises Stock Performance

Rush Enterprises stock opened at $76.89 on Monday. The firm has a market capitalization of $5.98 billion, a P/E ratio of 23.23, a P/E/G ratio of 1.65 and a beta of 0.89. The stock has a fifty day moving average price of $71.02 and a two-hundred day moving average price of $68.44. Rush Enterprises, Inc. has a 52-week low of $45.67 and a 52-week high of $80.17. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 0.37.

Rush Enterprises (NASDAQ:RUSHA) last issued its earnings results on Tuesday, April 28th. The company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.72 by $0.05. Rush Enterprises had a net margin of 3.65% and a return on equity of 11.87%. The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.73 billion. As a group, analysts anticipate that Rush Enterprises, Inc. will post 3.75 EPS for the current fiscal year.

Rush Enterprises Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 12th were given a $0.19 dividend. The ex-dividend date was Tuesday, May 12th. This represents a $0.76 dividend on an annualized basis and a yield of 1.0%. Rush Enterprises’s payout ratio is 22.96%.

Insiders Place Their Bets

In other Rush Enterprises news, Director Michael Mcroberts sold 8,000 shares of the company’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $72.23, for a total transaction of $577,840.00. Following the sale, the director directly owned 16,229 shares of the company’s stock, valued at approximately $1,172,220.67. This represents a 33.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 12.68% of the company’s stock.

Rush Enterprises Company Profile

Rush Enterprises, Inc, headquartered in New Braunfels, Texas, is a leading distributor of commercial vehicles and related products in the United States. Through its Rush Truck Centers subsidiary, the company sells new and used medium- and heavy-duty trucks, buses and specialty vehicles, while also offering factory-authorized parts, collision repair, maintenance and warranty support across its network of dealerships.

Founded in 1965, Rush Enterprises has grown to encompass more than 150 locations in over 20 states, partnering with major manufacturers including Kenworth, Peterbilt, Freightliner, Volvo and Mack.