Short Interest in Ashtead Group PLC (OTCMKTS:ASHTY) Drops By 66.1%

Key Points

• Ashtead Group PLC saw a significant drop in short interest, falling by 66.1% in July, with only 15,300 shares short sold as of July 31st.
• The company recently increased its dividend to $2.81, from the previous $1.44, resulting in a dividend yield of 155.0%.
• Royal Bank of Canada downgraded Ashtead Group's stock rating from "moderate buy" to "hold" in April.

Ashtead Group PLC (OTCMKTS:ASHTY - Get Free Report) was the recipient of a large drop in short interest during the month of July. As of July 31st, there was short interest totaling 15,300 shares, adropof66.1% from the July 15th total of 45,100 shares. Based on an average daily volume of 83,900 shares, the short-interest ratio is currently 0.2 days. Currently,0.0% of the company's shares are short sold. Currently,0.0% of the company's shares are short sold. Based on an average daily volume of 83,900 shares, the short-interest ratio is currently 0.2 days.

Wall Street Analyst Weigh In

Separately, Royal Bank Of Canada cut Ashtead Group from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy".

Ashtead Group Stock Performance

OTCMKTS ASHTY traded up $0.71 on Thursday, hitting $290.05. 1,674 shares of the company's stock were exchanged, compared to its average volume of 36,734. The firm's 50-day moving average price is $264.09 and its two-hundred day moving average price is $242.46. The firm has a market cap of $30.84 billion, a price-to-earnings ratio of 20.97 and a beta of 1.71. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.29 and a quick ratio of 1.20. Ashtead Group has a fifty-two week low of $186.01 and a fifty-two week high of $337.95.

Ashtead Group Increases Dividend

The firm also recently announced a dividend, which will be paid on Thursday, September 25th. Shareholders of record on Monday, August 11th will be issued a dividend of $2.81 per share. This is an increase from Ashtead Group's previous dividend of $1.44. The ex-dividend date is Friday, August 8th. This represents a yield of 155.0%. Ashtead Group's payout ratio is 40.64%.

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.