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Mitie Group (LON:MTO) Approves Stock Repurchase Program

Mitie Group logo with Industrials background

Key Points

  • Mitie Group announced a stock buyback plan, signaling the board's belief that its shares are undervalued.
  • Analysts have mixed ratings for Mitie Group, with a "Moderate Buy" average rating and price targets ranging from GBX 145 to GBX 175.
  • In recent transactions, insider Phillip Bentley sold over 2 million shares, while another insider, Salma Shah, purchased 2,423 shares at the same average price.
  • Five stocks we like better than Mitie Group.

Mitie Group (LON:MTO - Get Free Report) announced that its Board of Directors has initiated a stock buyback plan on Tuesday, October 14th, RTT News reports. The company plans to repurchase 0 outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

MTO has been the topic of a number of recent research reports. Jefferies Financial Group reissued a "hold" rating and set a GBX 145 target price on shares of Mitie Group in a research report on Thursday, September 11th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Mitie Group from GBX 165 to GBX 170 and gave the stock a "buy" rating in a research note on Monday, August 11th. Finally, Berenberg Bank restated a "buy" rating and set a GBX 175 price target on shares of Mitie Group in a research note on Tuesday, September 2nd. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Mitie Group presently has an average rating of "Moderate Buy" and an average price target of GBX 163.33.

Get Our Latest Analysis on Mitie Group

Mitie Group Stock Performance

Mitie Group stock traded up GBX 17.95 during trading hours on Tuesday, hitting GBX 156.95. The company had a trading volume of 20,864,773 shares, compared to its average volume of 4,804,687. The firm has a market cap of £2.03 billion, a PE ratio of 2,065.13, a PEG ratio of 10.10 and a beta of 1.41. The company has a debt-to-equity ratio of 85.41, a current ratio of 0.90 and a quick ratio of 0.83. Mitie Group has a one year low of GBX 101 and a one year high of GBX 160. The firm has a 50-day moving average of GBX 141.82 and a 200 day moving average of GBX 140.58.

Insider Buying and Selling

In other Mitie Group news, insider Phillip Bentley sold 2,000,032 shares of the firm's stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of GBX 138, for a total value of £2,760,044.16. Also, insider Salma Shah bought 2,423 shares of the business's stock in a transaction on Wednesday, October 1st. The stock was bought at an average price of GBX 138 per share, for a total transaction of £3,343.74. In the last 90 days, insiders have bought 4,472 shares of company stock worth $618,980. Corporate insiders own 1.77% of the company's stock.

Mitie Group Company Profile

Get Free Report)

Mitie Group plc, together with its subsidiaries, provides facilities management and professional services in the United Kingdom and internationally. The company operates in four segments: Business Services, Technical Services, Central Government & Defense (CG&D), Communities. The company provides decarbonization, electrical grid connections, emission intelligence, energy and carbon, EV fleets, and heat solutions, as well as solar energy; cleaning and hygiene, engineering maintenance, integrated facilities management, landscape, and waste management services; project and workplace services; and Fire & security systems, front of house, intelligence, vetting, and security guarding service.

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