London, Jan 10, 2026, 09:04 GMT — Market closed
- Ashtead shares ended Friday up 2.0%, near their highest level in a year
- Company revealed another daily portion of its ongoing share buyback program
- Investors are eyeing the upcoming March 2 relisting and a new $1.5 billion tranche of the buyback
Ashtead Group shares ended Friday up 2.01%, closing at 5,594 pence. That leaves the FTSE 100 equipment-rental company just shy of its 12-month peak of 5,612 pence. The stock has bounced back strongly from its 12-month low of 3,479 pence and went ex-dividend this week ahead of the interim payout on Feb. 6. (Hargreaves Lansdown)
The company announced on Friday that it repurchased 69,500 shares on Jan. 8 at an average price of 5,361.0694 pence, with individual trades ranging from 5,288 pence to 5,486 pence. Following the buyback, Ashtead said it will hold 34.76 million shares in treasury — shares it has repurchased and kept on its balance sheet. (Investegate)
The steady stream of buybacks is especially notable as Ashtead signals a change in its capital return strategy tied to its move to New York. CEO Brendan Horgan revealed in December a fresh $1.5 billion buyback set to start on 2 March 2026, timed with the NYSE re-listing. He confirmed the plan “remains on track.” Ashtead also reiterated its full-year rental revenue growth forecast of 0% to 4%.
In a separate announcement, the company detailed the first phase of its new share buyback programme. It’s set to start once the shares begin trading on the NYSE and LSE, which is expected on March 2, and will wrap up by June 24 at the latest. The group plans to focus initial purchases on London stock for 20 trading days before shifting buying activity to New York. (Investegate)
Ashtead has relied heavily on buybacks as investors digest signs of weaker demand in U.S. construction. The owner of Sunbelt Rentals fell short of analyst estimates for adjusted pre-tax profit in its latest half-year report. RBC Capital Markets noted the quarter seemed “soggy” from the start, citing reduced storm-related work and challenging trading conditions. (Reuters)
The listing plan arrives amid concerns over London’s grip on major, globally focused firms. Reuters Breakingviews highlighted this week that Ashtead is one of several European-listed companies moving their primary listing to the U.S., a shift that could alter shareholder makeup and daily trading dynamics. (Reuters)
But buybacks won’t solve the underlying cycle. If U.S. non-residential construction remains sluggish or costs refuse to budge, investors may start doubting that a relisting and fewer shares outstanding will be enough to shield earnings.
In the upcoming session, traders will focus on the daily repurchase pace and any new updates on the relisting schedule. Key dates to note are Ashtead’s interim dividend payment on Feb. 6 and the March 2 kickoff for the NYSE listing and the subsequent buyback phase.
