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

Jennison Associates LLC grew its holdings in Rush Enterprises, Inc. (NASDAQ:RUSHA) by 166.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,121,450 shares of the company’s stock after acquiring an additional 700,511 shares during the period. Jennison Associates LLC owned 1.46% of Rush Enterprises worth $74,139,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of RUSHA. Allspring Global Investments Holdings LLC boosted its holdings in Rush Enterprises by 16.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 91,875 shares of the company’s stock worth $6,066,000 after purchasing an additional 12,991 shares in the last quarter. Illinois Municipal Retirement Fund raised its holdings in Rush Enterprises by 14.6% during the first quarter. Illinois Municipal Retirement Fund now owns 33,858 shares of the company’s stock valued at $2,238,000 after buying an additional 4,326 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Rush Enterprises by 21.5% during the first quarter. Principal Financial Group Inc. now owns 351,697 shares of the company’s stock valued at $23,251,000 after buying an additional 62,117 shares in the last quarter. Fifth Third Bancorp lifted its position in shares of Rush Enterprises by 7,670.1% in the first quarter. Fifth Third Bancorp now owns 13,753 shares of the company’s stock worth $909,000 after buying an additional 13,576 shares during the last quarter. Finally, Simplicity Wealth LLC acquired a new stake in shares of Rush Enterprises in the first quarter worth about $246,000. Institutional investors and hedge funds own 84.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RUSHA. UBS Group increased their price objective on Rush Enterprises from $73.00 to $78.00 and gave the company a “neutral” rating in a report on Wednesday, April 29th. Weiss Ratings lowered Rush Enterprises from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, July 8th. Zacks Research raised Rush Enterprises from a “strong sell” rating to a “hold” rating in a research report on Monday, June 29th. Stephens reiterated an “overweight” rating and set a $85.00 price target on shares of Rush Enterprises in a report on Tuesday, May 19th. Finally, Wall Street Zen lowered shares of Rush Enterprises from a “buy” rating to a “hold” rating in a research report on Sunday, June 14th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company presently 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 company has a debt-to-equity ratio of 0.16, a quick ratio of 0.37 and a current ratio of 1.46. The business’s 50-day simple moving average is $71.02 and its 200-day simple moving average is $68.44. The firm has a market capitalization of $5.98 billion, a PE ratio of 23.23, a PEG ratio of 1.65 and a beta of 0.89. Rush Enterprises, Inc. has a 52 week low of $45.67 and a 52 week high of $80.17.

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

Rush Enterprises Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Tuesday, May 12th were given a dividend of $0.19 per share. The ex-dividend date of this dividend 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%.

Insider Buying and Selling

In other Rush Enterprises news, Director Michael Mcroberts sold 8,000 shares of the stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $72.23, for a total value of $577,840.00. Following the completion of the sale, the director directly owned 16,229 shares of the company’s stock, valued at $1,172,220.67. This represents a 33.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 12.68% of the stock is currently owned by insiders.

About Rush Enterprises

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.