Bank of America Corp DE Sells 106,081 Shares of North American Construction Group Ltd. $NOA

Key Points

• Bank of America cut its North American Construction Group stake by 52.8% in the first quarter, selling 106,081 shares and retaining 94,921 shares valued at approximately $1.28 million.
• Institutional investors own 74.99% of NOA, while analysts maintain an overall “Hold” rating with an average price target of $25.75; two analysts rate it Buy and five rate it Hold.
• North American Construction Group reported quarterly revenue of $321.22 million and adjusted earnings of $0.23 per share, while declaring a quarterly dividend of $0.12, equivalent to a 3.6% annualized yield.

Bank of America Corp DE lowered its position in North American Construction Group Ltd. (NYSE:NOA - Free Report) TSE: NOA by 52.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 94,921 shares of the oil and gas company's stock after selling 106,081 shares during the period. Bank of America Corp DE owned about 0.33% of North American Construction Group worth $1,280,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of NOA. Raymond James Financial Inc. bought a new position in shares of North American Construction Group during the 2nd quarter valued at approximately $122,000. Qube Research & Technologies Ltd purchased a new position in North American Construction Group during the 3rd quarter valued at $153,000. Dynamic Technology Lab Private Ltd purchased a new stake in North American Construction Group in the fourth quarter worth $165,000. Lazard Asset Management LLC lifted its position in shares of North American Construction Group by 1,424.1% during the third quarter. Lazard Asset Management LLC now owns 12,452 shares of the oil and gas company's stock worth $177,000 after purchasing an additional 11,635 shares during the last quarter. Finally, Stephens Inc. AR purchased a new stake in shares of North American Construction Group during the fourth quarter valued at $190,000. 74.99% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on NOA shares. Weiss Ratings reiterated a "hold (c-)" rating on shares of North American Construction Group in a report on Tuesday, June 9th. Roth Capital reaffirmed a "buy" rating and set a $27.50 price target on shares of North American Construction Group in a research report on Friday, May 15th. Canadian Imperial Bank of Commerce reiterated a "neutral" rating on shares of North American Construction Group in a research note on Thursday, July 9th. BMO Capital Markets reaffirmed a "market perform" rating on shares of North American Construction Group in a report on Thursday, August 13th. Finally, Zacks Research upgraded shares of North American Construction Group from a "strong sell" rating to a "hold" rating in a research report on Monday, August 17th. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $25.75.

North American Construction Group Price Performance

NOA opened at $13.32 on Friday. North American Construction Group Ltd. has a twelve month low of $12.07 and a twelve month high of $17.26. The firm has a market cap of $369.10 million, a price-to-earnings ratio of 16.86 and a beta of 1.07. The company has a current ratio of 1.07, a quick ratio of 0.90 and a debt-to-equity ratio of 2.15. The company has a fifty day simple moving average of $13.64 and a 200 day simple moving average of $14.20.

North American Construction Group (NYSE:NOA - Get Free Report) TSE: NOA last issued its earnings results on Wednesday, August 12th. The oil and gas company reported $0.23 earnings per share for the quarter, hitting analysts' consensus estimates of $0.23. North American Construction Group had a net margin of 2.41% and a return on equity of 6.23%. The company had revenue of $321.22 million for the quarter, compared to analysts' expectations of $246.65 million. Equities research analysts expect that North American Construction Group Ltd. will post 0.96 EPS for the current fiscal year.

North American Construction Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Friday, August 28th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Friday, August 28th. North American Construction Group's dividend payout ratio is currently 43.04%.

North American Construction Group Company Profile

North American Construction Group Ltd NYSE: NOA is a Canadian industrial company headquartered in Edmonton, Alberta, that specializes in providing integrated heavy construction equipment solutions. Through its two core segments—Sales and Rentals—the company offers a comprehensive portfolio of new and used off-highway trucks, wheel loaders, hydraulic excavators, dozers and motor graders, along with aftermarket parts and maintenance services.

In its Sales division, North American Construction Group partners with leading global equipment manufacturers to distribute and support a broad range of heavy machinery across multiple industries.

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