London, Jan 18, 2026, 09:07 GMT — Market closed.
- On Friday, Ashtead shares ended at 5,302 pence, slipping roughly 0.4%
- Company filing revealed a fresh round of shares repurchased for the treasury
- Investors are closely tracking the buyback schedule alongside the upcoming switch to a New York primary listing
Ashtead Group (AHT.L) shares ended Friday at 5,302 pence (£53.02), slipping roughly 0.4% on the day. With the London market closed Sunday, investors will be digesting the latest buyback update ahead of Monday’s open. (Investing)
The timing is key. Ashtead plans to wrap up its current buyback by the end of February, then launch a fresh $1.5 billion programme starting March 2, syncing with its NYSE relisting. CEO Brendan Horgan highlighted that “mega project activity gained momentum,” despite softer conditions in local non-residential construction. (Investegate)
For a lot of investors, this is essentially a U.S. construction play disguised with a UK ticker. Ashtead pulls the bulk of its revenue from North America through its Sunbelt Rentals brand, meaning its share price often reacts to U.S. growth concerns, even if London’s market is quiet.
Ashtead revealed on Friday that it repurchased 72,300 shares for its treasury on Jan. 15, at an average price of 5,327.7272 pence. Share prices during the buyback ranged from 5,258 pence to 5,366 pence. The filing confirmed J.P. Morgan Securities acted as the broker. (Investegate)
Buybacks sound straightforward but get complicated quickly. The company reduces its share count by purchasing stock on the market, yet “treasury” shares might be kept on hand for future reissue instead of being cancelled outright.
London’s FTSE 100 barely moved on Friday. Miners dragged the index down, hit by softer metal prices, after it reached a record high the previous day, Reuters reported. (Reuters)
Ashtead’s major upcoming move remains the shift of its primary listing to New York. The firm plans to establish a U.S.-based parent company, Sunbelt Rentals Holdings, while maintaining a secondary listing in London. The switch is targeted for the first quarter of 2026. (Reuters)
The stock took a hit back in December after Ashtead fell short of analyst forecasts for half-year adjusted pretax profit. Reuters pointed to rising internal repair costs and weaker hurricane activity as key headwinds. RBC Capital Markets described the period as “tough underlying trading conditions” and a “soggy quarter,” noting that EBITDA margins — a cash earnings stand-in — dropped by over 100 basis points. (Reuters)
Peers carry weight, even across the ocean. U.S. rental giants like United Rentals and Herc Holdings often dictate trends in demand, pricing, and fleet utilization. Ashtead usually tracks those same broad signals.
The buyback and listing plan won’t offer much relief if the cycle shifts. A sharper drop in U.S. non-residential construction or tighter credit conditions squeezing customer spending would hit utilisation and pricing hard. Currency fluctuations add another layer of complexity for UK investors since profits and dividends come in dollars, yet the shares trade in pence.
As London reopens Monday, investors will zero in on the next buyback announcement and any updates on the New York shift. Key upcoming dates include Jan. 23 for dividend currency elections, Feb. 6 for the interim dividend payment, and March 2, when the new $1.5 billion repurchase plan kicks off.
