Mitie Group (LON:MTO) Reaches New 52-Week High - Here's Why

Mitie Group plc (LON:MTO - Get Free Report) reached a new 52-week high on Tuesday . The company traded as high as GBX 136.63 ($1.82) and last traded at GBX 135.60 ($1.81), with a volume of 835495 shares changing hands. The stock had previously closed at GBX 133.40 ($1.78).

Analyst Ratings Changes

Separately, Berenberg Bank increased their target price on Mitie Group from GBX 160 ($2.13) to GBX 165 ($2.20) and gave the stock a "buy" rating in a report on Wednesday, April 16th.

Mitie Group Stock Performance

The stock has a market capitalization of £1.75 billion, a price-to-earnings ratio of 14.45, a price-to-earnings-growth ratio of 10.10 and a beta of 1.41. The stock's 50-day simple moving average is GBX 118.91 and its 200 day simple moving average is GBX 115.34. The company has a quick ratio of 0.83, a current ratio of 0.90 and a debt-to-equity ratio of 85.41.

Mitie Group announced that its board has approved a share buyback program on Wednesday, April 16th that allows the company to buyback 0 outstanding shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Insider Activity at Mitie Group

In related news, insider Derek Mapp acquired 8,571 shares of the company's stock in a transaction that occurred on Tuesday, April 1st. The stock was purchased at an average price of GBX 115 ($1.53) per share, for a total transaction of £9,856.65 ($13,124.70). Insiders own 5.65% of the company's stock.

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.