Ashtead Group plc (OTCMKTS:ASHTY) has witnessed a significant increase in short interest, according to recent data. The short interest as of August 15th amounted to a total of 7,200 shares, reflecting a growth of 554.5% compared to the total of 1,100 shares reported on July 31st. With an average daily trading volume of 14,800 shares, the short-interest ratio currently stands at 0.5 days.
Several brokerages have recently released reports on ASHTY. Societe Generale initiated coverage on Ashtead Group with a “buy” rating. JPMorgan Chase & Co. also raised their target price for Ashtead Group to GBX 6,300 ($80.38), up from GBX 6,200 ($79.10). Deutsche Bank Aktiengesellschaft increased their price objective from GBX 4,460 ($56.90) to GBX 5,100 ($65.07), while Royal Bank of Canada boosted its price target from GBX 5,450 ($69.53) to GBX 5,500 ($70.17). Berenberg Bank also increased its price target from GBX 405 ($5.17) to GBX 450 ($5.74).
Ashtead Group plc operates in the construction, industrial, and general equipment rental industry across the United States, United Kingdom, and Canada markets. The company offers various services including pumps, power generation tools, heating and cooling equipment rentals, scaffolding solutions, traffic management offerings, temporary flooring options, trench shoring services as well as lifting services.
Shares of OTCMKTS ASHTY experienced a decline during mid-day trading on Friday when it reached $272.07 per share after a trading volume of 2,516 shares was recorded—lower than the average daily volume of 6,578 shares. The company’s fifty-two week low stood at $165.51, while the fifty-two week high hit $300.36. Ashtead Group carries a debt-to-equity ratio of 1.10 and possesses a current ratio of 1.01 along with a quick ratio of 0.92. It currently holds a market capitalization value of $29.80 billion and maintains a price-to-earnings (P/E) ratio of 17.86 with a relatively low price-to-earnings-growth (PEG) ratio of 1.03 and a beta value of 1.81. Furthermore, the stock’s fifty-day simple moving average stands at $282.66, whereas its 200-day simple moving average is recorded at $261.31.
In conclusion, Ashtead Group plc has experienced a significant growth in short interest, which suggests increased bearish sentiment towards the company’s stock during the month of August 2023. However, various brokerages maintain favorable outlooks on Ashtead Group, with several raising their target prices recently. Ashtead Group remains actively engaged in the construction, industrial, and general equipment rental sector across multiple markets and offers an array of services to its clients. Despite experiencing some fluctuations in its stock price, the company continues to possess a strong market position with a sizable market capitalization value and robust financial ratios.
Note: All information provided is based on data as of August 26th, 2023.
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Ashtead Group Reports Impressive Quarterly Earnings and Increased Dividends, Signaling Growth Potential in the Construction and Industrial Rental Market
August 26, 2023 – Ashtead Group (OTCMKTS:ASHTY), a leading construction, industrial, and general equipment rental company, has recently announced its quarterly earnings results for the second quarter of the fiscal year. The company reported an impressive $3.35 earnings per share (EPS), surpassing the consensus estimate by $0.13.
With operations in the United States, the United Kingdom, and Canada, Ashtead Group offers a wide range of services including pumps, power generation, heating and cooling systems, scaffolding, traffic management solutions, temporary flooring options, trench shoring equipment, and lifting services.
For the quarter ending on June 13th, Ashtead Group recorded revenue of $2.13 billion. The company’s net margin stood at an impressive 17.30%, reflecting its ability to generate significant profits from its operations. Furthermore, Ashtead Group demonstrated a commendable return on equity of 30.50%.
Equities research analysts are optimistic about Ashtead Group’s future prospects and anticipate that it will post a robust 17.68 EPS for the current fiscal year. This indicates strong growth potential for the company in the upcoming months.
In addition to its financial success, Ashtead Group also recently declared a dividend increase for its shareholders. On September 27th, shareholders of record as of August 11th will receive a dividend of $3.35 per share. This represents a significant positive change from the company’s previous dividend payout of $0.55 per share.
The ex-dividend date for this upcoming dividend is scheduled for August 10th.The decision to raise dividends reflects Ashtead Group’s commitment to rewarding its shareholders and signifies confidence in its long-term growth prospects.
With a payout ratio of 45.77%, Ashtead Group demonstrates its dedication to returning value to investors while still retaining capital for further strategic investments and expansion initiatives.
Ashtead Group’s impressive quarterly earnings, strong revenue figures, and increased dividends are testament to the company’s solid performance in the construction and industrial rental market. The company’s ability to deliver consistently high-quality equipment and services has helped establish it as a preferred choice among customers.
Furthermore, Ashtead Group’s ability to navigate through challenging global economic conditions demonstrates its resilience and strategic foresight. By consistently adapting to industry trends and investing in cutting-edge technology, Ashtead Group continues to stay ahead of the competition.
As shareholders eagerly anticipate the upcoming dividend payout, Ashtead Group looks set for continued success in the coming months. With a strong financial foundation, a diversified portfolio of services, and a commitment to delivering value to its stakeholders, this renowned equipment rental company is well-positioned for growth in the industry.