Mitie Group (LON:MTO) Hits New 12-Month High - Here's Why

Mitie Group plc (LON:MTO - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as GBX 140.20 ($1.86) and last traded at GBX 139.80 ($1.86), with a volume of 593252 shares changing hands. The stock had previously closed at GBX 139 ($1.85).

Analyst Ratings Changes

Separately, Berenberg Bank raised their price objective on Mitie Group from GBX 160 ($2.13) to GBX 165 ($2.19) and gave the company a "buy" rating in a research report on Wednesday, April 16th.

Mitie Group Stock Performance

The company has a quick ratio of 0.83, a current ratio of 0.90 and a debt-to-equity ratio of 85.41. The stock has a 50 day moving average price of GBX 120.88 and a two-hundred day moving average price of GBX 116.02. The company has a market cap of £1.88 billion, a P/E ratio of 15.44, a price-to-earnings-growth ratio of 10.10 and a beta of 1.41.

Mitie Group declared that its board has approved a share repurchase 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. Shares buyback programs are usually an indication that the company's board believes its shares are undervalued.

Insiders Place Their Bets

In related news, insider Derek Mapp purchased 8,571 shares of the firm's stock in a transaction that occurred on Tuesday, April 1st. The shares were bought at an average price of GBX 115 ($1.53) per share, for a total transaction of £9,856.65 ($13,095.06). Corporate 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.