Short Interest in North American Construction Group Ltd. (NYSE:NOA) Drops By 55.1%

North American Construction Group Ltd. (NYSE:NOA) (TSE:NOA) saw a large decrease in short interest during the month of June. As of June 15th, there was short interest totaling 194,043 shares, a decrease of 55.1% from the May 31st total of 432,115 shares. Based on an average trading volume of 170,817 shares, the days-to-cover ratio is presently 1.1 days. Currently, 0.8% of the company’s shares are short sold.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on NOA shares. Canaccord Genuity Group raised shares of North American Construction Group from a “hold” rating to a “buy” rating in a research report on Friday, March 13th. ATB Cormark Capital Markets lowered shares of North American Construction Group from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, April 28th. BMO Capital Markets reaffirmed a “market perform” rating on shares of North American Construction Group in a research note on Thursday, May 14th. Wall Street Zen cut shares of North American Construction Group from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. Finally, Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of North American Construction Group in a report on Tuesday, May 19th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $25.75.

North American Construction Group Stock Down 0.1%

Shares of NYSE:NOA opened at $13.57 on Monday. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.90 and a current ratio of 1.11. North American Construction Group has a 1 year low of $12.07 and a 1 year high of $17.26. The stock has a market capitalization of $379.83 million, a P/E ratio of 17.18 and a beta of 1.07. The stock has a 50-day simple moving average of $14.14 and a 200-day simple moving average of $14.61.

North American Construction Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 3rd. Shareholders of record on Wednesday, June 3rd will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 3.5%. The ex-dividend date is Wednesday, June 3rd. North American Construction Group’s payout ratio is currently 44.30%.

Hedge Funds Weigh In On North American Construction Group

Hedge funds have recently made changes to their positions in the business. Raymond James Financial Inc. acquired a new position in shares of North American Construction Group during the 2nd quarter valued at $122,000. Highlander Partners L.P. acquired a new stake in North American Construction Group in the 4th quarter valued at $132,000. Qube Research & Technologies Ltd acquired a new stake in North American Construction Group in the 3rd quarter valued at $153,000. Dynamic Technology Lab Private Ltd purchased a new position in North American Construction Group in the fourth quarter valued at about $165,000. Finally, Lazard Asset Management LLC lifted its stake 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 in the last quarter. Hedge funds and other institutional investors own 74.99% of the company’s stock.

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.