Mitie Group (LON:MTO) Reaches New 52-Week High - Should You Buy?

Mitie Group plc (LON:MTO - Get Free Report) shares hit a new 52-week high on Friday . The company traded as high as GBX 156.40 ($2.12) and last traded at GBX 155.45 ($2.11), with a volume of 1160580 shares changing hands. The stock had previously closed at GBX 155 ($2.10).

Analysts Set New Price Targets

Separately, Berenberg Bank upped their target price on Mitie Group from GBX 160 ($2.17) to GBX 165 ($2.24) and gave the company a "buy" rating in a research report on Wednesday, April 16th.

Mitie Group Trading Up 0.6%

The stock has a 50-day moving average of GBX 132.59 and a 200 day moving average of GBX 119.71. 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 market cap of £1.97 billion, a PE ratio of 16.21, a price-to-earnings-growth ratio of 10.10 and a beta of 1.41.

Mitie Group announced that its board has approved a stock repurchase plan on Wednesday, April 16th that allows the company 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 often a sign that the company's board of directors believes its shares are undervalued.

Insider Activity

In related news, insider Derek Mapp purchased 8,571 shares of the firm's stock in a transaction on Tuesday, April 1st. The stock was bought at an average cost of GBX 115 ($1.56) per share, with a total value of £9,856.65 ($13,374.02). Insiders have acquired 8,797 shares of company stock valued at $1,015,714 in the last ninety days. Insiders own 5.65% of the company's stock.

About Mitie Group

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.