Mitie Group (LON:MTO) Shares Down 12.5% - Here's What Happened

Mitie Group plc (LON:MTO - Get Free Report) shares traded down 12.5% during trading on Thursday . The company traded as low as GBX 137.83 ($1.87) and last traded at GBX 139.60 ($1.89). 14,954,736 shares traded hands during trading, an increase of 234% from the average session volume of 4,482,020 shares. The stock had previously closed at GBX 159.60 ($2.16).

Wall Street Analyst Weigh In

Separately, Berenberg Bank boosted their price objective on shares of Mitie Group from GBX 160 ($2.17) to GBX 165 ($2.23) and gave the company a "buy" rating in a research report on Wednesday, April 16th.

Mitie Group Price Performance

The company has a debt-to-equity ratio of 85.41, a current ratio of 0.90 and a quick ratio of 0.83. The stock has a market capitalization of £1.72 billion, a price-to-earnings ratio of 14.16, a PEG ratio of 10.10 and a beta of 1.41. The stock's 50 day simple moving average is GBX 140.27 and its 200-day simple moving average is GBX 122.70.

Mitie Group (LON:MTO - Get Free Report) last posted its earnings results on Thursday, June 5th. The company reported GBX 12.70 ($0.17) earnings per share (EPS) for the quarter. Mitie Group had a net margin of 2.52% and a return on equity of 28.24%. On average, analysts expect that Mitie Group plc will post 10.9360519 EPS for the current fiscal year.

Mitie Group declared that its Board of Directors has approved a share buyback plan on Wednesday, April 16th that authorizes the company to buyback 0 outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback plans are often an indication that the company's board believes its stock is undervalued.

Insider Activity at Mitie Group

In other news, insider Derek Mapp acquired 8,571 shares of the firm's stock in a transaction that occurred on Tuesday, April 1st. The stock was acquired at an average cost of GBX 115 ($1.56) per share, with a total value of £9,856.65 ($13,341.43). In the last ninety days, insiders have purchased 8,797 shares of company stock valued at $1,015,714. 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.