Mitie Group (LON:MTO) Shares Down 13.2% - Here's What Happened

Mitie Group plc (LON:MTO - Get Free Report) dropped 13.2% on Friday . The company traded as low as GBX 137.83 ($1.87) and last traded at GBX 138.60 ($1.88). Approximately 14,960,798 shares traded hands during trading, an increase of 234% from the average daily volume of 4,482,611 shares. The stock had previously closed at GBX 159.60 ($2.16).

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank raised their target price on shares of 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 Price Performance

The business has a fifty day simple moving average of GBX 140.81 and a two-hundred day simple moving average of GBX 122.94. The company has a current ratio of 0.90, a quick ratio of 0.83 and a debt-to-equity ratio of 85.41. The stock has a market cap of £1.81 billion, a PE ratio of 14.92, a P/E/G ratio of 10.10 and a beta of 1.41.

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

Mitie Group announced that its board has initiated a stock repurchase program on Wednesday, April 16th that permits the company to buyback 0 outstanding shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Insider Transactions at Mitie Group

In related news, insider Christopher Rogers purchased 144,000 shares of the stock in a transaction dated Friday, June 6th. The shares were acquired at an average cost of GBX 137 ($1.86) per share, with a total value of £197,280 ($267,353.30). Also, insider Derek Mapp acquired 8,571 shares of the company's stock in a transaction dated Tuesday, April 1st. The shares were acquired at an average cost of GBX 115 ($1.56) per share, with a total value of £9,856.65 ($13,357.70). Insiders have bought 152,797 shares of company stock valued at $20,743,714 over 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.