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

Shares of Ashtead Group plc (LON:AHT) were down 9.3% during trading on Tuesday . The company traded as low as GBX 5,628 ($71.79) and last traded at GBX 5,690 ($72.59). Approximately 45,753,801 shares changed hands during trading, an increase of 3,604% from the average daily volume of 1,235,376 shares. The stock had previously closed at GBX 6,272 ($80.01).

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Berenberg Bank reaffirmed a “buy” rating and issued a GBX 7,000 ($89.30) target price on shares of Ashtead Group in a research report on Monday, October 14th. JPMorgan Chase & Co. raised their target price on shares of Ashtead Group from GBX 6,600 ($84.19) to GBX 7,300 ($93.12) and gave the company an “overweight” rating in a research note on Friday, December 6th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a GBX 6,500 ($82.92) price target on shares of Ashtead Group in a research report on Wednesday, September 4th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a GBX 6,150 ($78.45) price objective on shares of Ashtead Group in a research report on Tuesday, September 3rd. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of GBX 6,441.67 ($82.17).

Ashtead Group Stock Performance

The company has a quick ratio of 1.13, a current ratio of 1.17 and a debt-to-equity ratio of 145.75. The stock has a market capitalization of £23.21 billion, a P/E ratio of 2,000.00, a P/E/G ratio of 1.32 and a beta of 1.22. The business has a fifty day moving average price of GBX 6,009.55 and a 200-day moving average price of GBX 5,607.15.

Ashtead Group Cuts Dividend

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

Insider Transactions at Ashtead Group

In other news, insider Lucinda Riches sold 1,000 shares of the stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of GBX 5,880 ($75.01), for a total value of £58,800 ($75,009.57). Company insiders own 0.64% of the company’s stock.

Ashtead Group Company Profile

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.