We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Ashtead Group PLC (ASHTY) Soars 5.4%: Is Further Upside Left in the Stock?
Read MoreHide Full Article
Ashtead Group PLC (ASHTY - Free Report) shares soared 5.4% in the last trading session to close at $263. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 2.4% gain over the past four weeks.
Ashtead’s share price got a boost as the company announced on Nov 13 that it has purchased 6000 of its ordinary shares for Treasury, as per its $500 million share repurchase program. The average price paid per share was 4,956 pence. The remaining number of ordinary shares in issue will be 437,783,722 (excluding Treasury shares) and the company will hold 13,571,111 ordinary shares in Treasury.
The company on May 2, 2023, announced the buyback program with an aggregate purchase price of up to $500 million with an expiry date of Apr 30, 2024. ASHTY’s capital-allocation framework prioritizes organic fleet growth, same-stores sales growth and bolt-on acquisitions. The company also continues to reward its shareholders by paying progressive dividends and through buybacks.
This company is expected to post quarterly earnings of $5.19 per share in its upcoming report, which represents a year-over-year change of +10.7%. Revenues are expected to be $2.91 billion, up 14.7% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Ashtead Group PLC, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on ASHTY going forward to see if this recent jump can turn into more strength down the road.
Ashtead Group PLC is a member of the Zacks Industrial Services industry. One other stock in the same industry, MSC Industrial (MSM - Free Report) , finished the last trading session 3.2% higher at $100.70. MSM has returned -6.3% over the past month.
For MSC Industrial, the consensus EPS estimate for the upcoming report has changed -6.5% over the past month to $1.39. This represents a change of -6.1% from what the company reported a year ago. MSC Industrial currently has a Zacks Rank of #3 (Hold).
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Ashtead Group PLC (ASHTY) Soars 5.4%: Is Further Upside Left in the Stock?
Ashtead Group PLC (ASHTY - Free Report) shares soared 5.4% in the last trading session to close at $263. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 2.4% gain over the past four weeks.
Ashtead’s share price got a boost as the company announced on Nov 13 that it has purchased 6000 of its ordinary shares for Treasury, as per its $500 million share repurchase program. The average price paid per share was 4,956 pence. The remaining number of ordinary shares in issue will be 437,783,722 (excluding Treasury shares) and the company will hold 13,571,111 ordinary shares in Treasury.
The company on May 2, 2023, announced the buyback program with an aggregate purchase price of up to $500 million with an expiry date of Apr 30, 2024. ASHTY’s capital-allocation framework prioritizes organic fleet growth, same-stores sales growth and bolt-on acquisitions. The company also continues to reward its shareholders by paying progressive dividends and through buybacks.
This company is expected to post quarterly earnings of $5.19 per share in its upcoming report, which represents a year-over-year change of +10.7%. Revenues are expected to be $2.91 billion, up 14.7% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Ashtead Group PLC, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on ASHTY going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Ashtead Group PLC is a member of the Zacks Industrial Services industry. One other stock in the same industry, MSC Industrial (MSM - Free Report) , finished the last trading session 3.2% higher at $100.70. MSM has returned -6.3% over the past month.
For MSC Industrial, the consensus EPS estimate for the upcoming report has changed -6.5% over the past month to $1.39. This represents a change of -6.1% from what the company reported a year ago. MSC Industrial currently has a Zacks Rank of #3 (Hold).