Mitie Group (LON:MTO) Hits New 1-Year High - Should You Buy?

Key Points

• Mitie Group plc reached a new 52-week high on Wednesday, trading at GBX 160.60 ($2.15), which marks a significant increase from its previous close of GBX 156.20 ($2.09).
• Equities analysts have shown optimism, with Berenberg Bank raising its price target to GBX 185 and issuing a "buy" rating, while the consensus rating remains a "Moderate Buy" with an average target of GBX 166.67.
• The company announced a stock buyback plan, indicating confidence in its stock valuation, and recent insider purchases involved 4,580 shares, suggesting that company insiders see potential for further growth.

Shares of Mitie Group plc (LON:MTO - Get Free Report) reached a new 52-week high during trading on Wednesday . The stock traded as high as GBX 160.60 ($2.15) and last traded at GBX 160.60 ($2.15), with a volume of 4891533 shares traded. The stock had previously closed at GBX 156.20 ($2.09).

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Berenberg Bank upped their price target on shares of Mitie Group from GBX 175 to GBX 185 and gave the company a "buy" rating in a research note on Tuesday, October 14th. Jefferies Financial Group reiterated a "hold" rating and set a GBX 145 price objective on shares of Mitie Group in a research report on Thursday, September 11th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Mitie Group from GBX 165 to GBX 170 and gave the company a "buy" rating in a research report on Monday, August 11th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Mitie Group presently has an average rating of "Moderate Buy" and a consensus price target of GBX 166.67.

Mitie Group Stock Up 1.8%

The firm has a market capitalization of £2.06 billion, a P/E ratio of 20.92, a PEG ratio of 10.10 and a beta of 1.41. The company has a debt-to-equity ratio of 85.41, a quick ratio of 0.83 and a current ratio of 0.90. The business's fifty day moving average price is GBX 142.88 and its two-hundred day moving average price is GBX 141.99.

Mitie Group declared that its Board of Directors has approved a stock buyback plan on Tuesday, October 14th that authorizes the company to repurchase 0 shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Insider Activity at Mitie Group

In other news, insider Mary Reilly bought 1,844 shares of Mitie Group stock in a transaction that occurred on Wednesday, October 1st. The stock was bought at an average price of GBX 138 per share, for a total transaction of £2,544.72. Also, insider Salma Shah purchased 2,423 shares of Mitie Group stock in a transaction on Wednesday, October 1st. The shares were acquired at an average cost of GBX 138 per share, with a total value of £3,343.74. Insiders purchased 4,580 shares of company stock valued at $633,884 in the last three months. 1.77% of the stock is owned by insiders.

Mitie Group Company Profile

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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