London, Jan 16, 2026, 09:43 GMT — Regular session
- Ashtead shares slipped roughly 0.7% to 5,288p in early London trading; they last closed at 5,324p
- The latest filing revealed an additional 70,900 shares purchased for the treasury as part of the $1.5 billion buyback program
- Investors are focused on capital returns through February and the upcoming move of the primary listing to New York
Ashtead Group plc (AHT.L) shares fell 0.7% to 5,288 pence by 0918 GMT on Friday, trimming some of Thursday’s gains. The equipment rental firm continued its routine of daily buyback announcements. The stock hovered near the low end of its trading range, after closing at 5,324 pence on Thursday. 1
This is important now as Ashtead continues to return cash aggressively while preparing to move its primary listing to the New York Stock Exchange. With scant new updates from the company, traders often focus on these routine filings for clues.
Buybacks help boost earnings per share by reducing the number of shares outstanding, but they offer little relief if rental demand weakens. For Ashtead, the key variable is still the U.S. market cycle, where construction and industrial activity can slow sharply when financing conditions remain tight.
On Thursday, Ashtead disclosed in a regulatory filing that it repurchased 70,900 ordinary shares on Jan. 14, paying an average of 5,327.7247 pence each, with J.P. Morgan Securities as the broker. Following the buyback, the company reported 416,314,797 shares outstanding, excluding treasury stock. 2
The company kicked off a buyback programme in December 2024, worth up to $1.5 billion. Shares held in treasury don’t figure in the daily float, so the ongoing purchases can sway short-term supply and demand.
In its December interim results, CEO Brendan Horgan noted that mega-project activity was “gaining momentum,” despite a slowdown in local non-residential construction. He added, “We continue to see positive leading indicators for local non-residential construction activity.” The group also unveiled a $1.5 billion buyback programme set to begin March 2, aligning with its planned NYSE relisting. 3
The share price showed volatility during the week. Ashtead dropped 2.12% on Wednesday to 5,270 pence before climbing back 1.02% on Thursday. 4
Ashtead’s core operations are in North America and the UK, running under the Sunbelt Rentals name. This connection means its stock closely tracks U.S. economic indicators. 5
That downside risk hasn’t disappeared. Ashtead’s most recent results took a hit from rising internal repair costs and a drop in hurricane-related activity. Brokers have flagged softer trading conditions in some market segments. RBC Capital Markets analysts described the quarter as “shaping up to be a soggy quarter,” with margins slipping compared to last year. 6
Investors should note the interim dividend schedule: shares went ex-dividend on Jan. 8, with the cash payout set for Feb. 6, 2026. 7
