Ashtead Group (LON:AHT) Shares Down 9.3% – Here’s Why

Shares of Ashtead Group plc (LON:AHT) traded down 9.3% during mid-day trading on Tuesday . The stock traded as low as GBX 5,628 ($71.74) and last traded at GBX 5,690 ($72.53). 45,753,801 shares were traded during trading, an increase of 3,604% from the average session volume of 1,235,376 shares. The stock had previously closed at GBX 6,272 ($79.95).

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a GBX 6,500 ($82.86) price target on shares of Ashtead Group in a research report on Wednesday, September 4th. Berenberg Bank reaffirmed a “buy” rating and set a GBX 7,000 ($89.23) target price on shares of Ashtead Group in a report on Monday, October 14th. JPMorgan Chase & Co. lifted their price objective on shares of Ashtead Group from GBX 6,600 ($84.13) to GBX 7,300 ($93.05) and gave the stock an “overweight” rating in a research note on Friday. Finally, Jefferies Financial Group reissued a “buy” rating and set a GBX 6,150 ($78.39) target price on shares of Ashtead Group in a research note on Tuesday, September 3rd. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Ashtead Group currently has an average rating of “Moderate Buy” and a consensus target price of GBX 6,441.67 ($82.11).

Ashtead Group Price Performance

The stock has a 50 day moving average of GBX 6,029.11 and a two-hundred day moving average of GBX 5,611.93. The company has a debt-to-equity ratio of 145.75, a quick ratio of 1.13 and a current ratio of 1.17. The stock has a market cap of £24.62 billion, a PE ratio of 2,366.79, a PEG ratio of 1.32 and a beta of 1.22.

Ashtead Group Cuts Dividend

The company also recently announced a dividend, which will be paid on Friday, February 7th. Shareholders of record on Thursday, January 9th will be issued a $0.36 dividend. This represents a dividend yield of 0.45%. The ex-dividend date is Thursday, January 9th. Ashtead Group’s payout ratio is 3,018.87%.

Insiders Place Their Bets

In related news, insider Lucinda Riches sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of GBX 5,880 ($74.95), for a total value of £58,800 ($74,952.20). Corporate insiders own 0.64% of the company’s stock.

About Ashtead Group

Ashtead Group plc, together with its subsidiaries, engages in the construction, industrial, and general equipment rental business in the United States, the United Kingdom, and Canada. It provides pumps, power generation, heating, cooling, scaffolding, traffic management, temporary flooring, trench shoring, and lifting services.