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

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

North American Construction Group Price Performance

NYSE NOA traded down $0.39 on Wednesday, reaching $12.91. The company’s stock had a trading volume of 76,722 shares, compared to its average volume of 129,722. The firm has a market cap of $361.36 million, a PE ratio of 16.35 and a beta of 1.07. The business has a 50-day moving average price of $14.11 and a 200 day moving average price of $14.61. North American Construction Group has a 52 week low of $12.07 and a 52 week high of $17.26. The company has a current ratio of 1.11, a quick ratio of 0.90 and a debt-to-equity ratio of 1.80.

North American Construction Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 3rd. Stockholders of record on Wednesday, June 3rd will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Wednesday, June 3rd. North American Construction Group’s dividend payout ratio is currently 44.30%.

Hedge Funds Weigh In On North American Construction Group

Several hedge funds and other institutional investors have recently modified their holdings of NOA. Intact Investment Management Inc. lifted its holdings in shares of North American Construction Group by 368.0% during the fourth quarter. Intact Investment Management Inc. now owns 117,000 shares of the oil and gas company’s stock valued at $1,684,000 after acquiring an additional 92,000 shares during the period. NewGen Asset Management Ltd bought a new stake in shares of North American Construction Group in the 3rd quarter worth about $4,719,000. Bastion Asset Management Inc. bought a new stake in shares of North American Construction Group in the 4th quarter worth about $8,475,000. CIBC Asset Management Inc increased its position in shares of North American Construction Group by 22.3% during the 4th quarter. CIBC Asset Management Inc now owns 1,442,155 shares of the oil and gas company’s stock worth $20,812,000 after purchasing an additional 262,673 shares in the last quarter. Finally, Aegis Financial Corp lifted its holdings in North American Construction Group by 23.3% during the 4th quarter. Aegis Financial Corp now owns 1,038,177 shares of the oil and gas company’s stock valued at $14,967,000 after purchasing an additional 196,243 shares during the last quarter. Institutional investors own 74.99% of the company’s stock.

Analysts Set New Price Targets

NOA has been the subject of several research reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of North American Construction Group in a research note on Tuesday, June 9th. ATB Cormark Capital Markets cut North American Construction Group from a “moderate buy” rating to a “hold” rating in a report on Tuesday, April 28th. Zacks Research downgraded North American Construction Group from a “hold” rating to a “strong sell” rating in a research report on Tuesday, June 9th. Canaccord Genuity Group raised North American Construction Group from a “hold” rating to a “buy” rating in a report on Friday, March 13th. Finally, Wall Street Zen cut North American Construction Group from a “buy” rating to a “hold” rating in a research report on Saturday, March 14th. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $25.75.

About North American Construction Group

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.