Rush Enterprises (NASDAQ:RUSHA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The brokerage currently has a $54.00 target price on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 12.97% from the company’s previous close.
According to Zacks, “Rush Enterprises operates the largest network of Peterbilt heavy-duty truck dealerships in North America and John Deere construction equipment dealerships in Texas and Michigan. Their current operations include a network of dealerships located in Texas, California, Oklahoma, Louisiana, Colorado, Arizona, New Mexico and Michigan. These dealerships provide an integrated, one-stop source for the retail sale of new and used heavy-duty trucks and construction equipment; aftermarket parts, service and body shop facilities; and a wide array of financial services. “
Several other equities analysts also recently issued reports on RUSHA. BMO Capital Markets reiterated a “market perform” rating and set a $50.00 price objective (up from $42.00) on shares of Rush Enterprises in a research report on Monday, October 30th. They noted that the move was a valuation call. Stifel Nicolaus upped their target price on Rush Enterprises from $41.00 to $45.00 and gave the stock a “hold” rating in a research report on Monday, October 30th. BidaskClub downgraded Rush Enterprises from a “buy” rating to a “hold” rating in a research report on Saturday, December 9th. ValuEngine downgraded Rush Enterprises from a “buy” rating to a “hold” rating in a research report on Wednesday, December 27th. Finally, Seaport Global Securities restated a “buy” rating and issued a $62.00 target price on shares of Rush Enterprises in a research report on Wednesday, January 17th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Rush Enterprises has an average rating of “Hold” and an average price target of $51.40.
Rush Enterprises announced that its Board of Directors has approved a share repurchase plan on Thursday, November 30th that authorizes the company to buyback $40.00 million in 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.
In other Rush Enterprises news, SVP Scott T. Anderson sold 12,144 shares of the business’s stock in a transaction on Wednesday, December 6th. The shares were sold at an average price of $50.76, for a total transaction of $616,429.44. Following the sale, the senior vice president now directly owns 3,600 shares of the company’s stock, valued at approximately $182,736. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP James E. Thor sold 24,200 shares of the business’s stock in a transaction on Monday, November 20th. The shares were sold at an average price of $48.70, for a total transaction of $1,178,540.00. Following the sale, the senior vice president now directly owns 39,032 shares in the company, valued at $1,900,858.40. The disclosure for this sale can be found here. 11.19% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in the business. Teacher Retirement System of Texas acquired a new stake in Rush Enterprises during the 4th quarter valued at $542,000. Alambic Investment Management L.P. increased its stake in shares of Rush Enterprises by 26.5% in the fourth quarter. Alambic Investment Management L.P. now owns 21,015 shares of the company’s stock worth $1,068,000 after acquiring an additional 4,400 shares during the last quarter. Wedge Capital Management L L P NC acquired a new position in shares of Rush Enterprises in the fourth quarter worth $368,000. Chicago Equity Partners LLC increased its stake in shares of Rush Enterprises by 4.5% in the fourth quarter. Chicago Equity Partners LLC now owns 155,210 shares of the company’s stock worth $7,886,000 after acquiring an additional 6,720 shares during the last quarter. Finally, Eqis Capital Management Inc. increased its stake in shares of Rush Enterprises by 25.1% in the fourth quarter. Eqis Capital Management Inc. now owns 6,407 shares of the company’s stock worth $326,000 after acquiring an additional 1,287 shares during the last quarter. 77.80% of the stock is currently owned by institutional investors.
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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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