Mitie Group (LON:MTO) Stock Price Expected to Rise, Berenberg Bank Analyst Says

Key Points

• Berenberg Bank has raised its price target for Mitie Group from GBX 175 to GBX 185, indicating a potential upside of 18.59% from the current share price.
• Mitie Group is currently experiencing a 1.6% decline in share price, with trading hovering around GBX 156.
• The company's board has authorized a share buyback plan as of October 14th, suggesting that management views the shares as undervalued.

Mitie Group (LON:MTO - Get Free Report) had its price objective lifted by Berenberg Bank from GBX 175 to GBX 185 in a research report issued to clients and investors on Tuesday,Digital Look reports. The brokerage currently has a "buy" rating on the stock. Berenberg Bank's price target points to a potential upside of 18.59% from the company's previous close.

MTO has been the subject of several other reports. Jefferies Financial Group reaffirmed a "hold" rating and issued a GBX 145 target price on shares of Mitie Group in a research report on Thursday, September 11th. Deutsche Bank Aktiengesellschaft lifted their target price on Mitie Group from GBX 165 to GBX 170 and gave the company a "buy" rating in a research report on Monday, August 11th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of GBX 166.67.

Mitie Group Trading Down 1.6%

Shares of MTO traded down GBX 2.60 during midday trading on Tuesday, reaching GBX 156. The company had a trading volume of 5,491,458 shares, compared to its average volume of 4,808,020. Mitie Group has a 1-year low of GBX 101 and a 1-year high of GBX 160. The stock has a market cap of £2.02 billion, a PE ratio of 2,052.63, a price-to-earnings-growth ratio of 10.10 and a beta of 1.41. The firm has a 50 day simple moving average of GBX 141.82 and a 200-day simple moving average of GBX 140.58. 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 of Directors has authorized a share buyback plan on Tuesday, October 14th that permits the company to repurchase 0 shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling at Mitie Group

In related news, insider Mary Reilly bought 1,844 shares of the company's stock in a transaction dated Wednesday, October 1st. The shares were acquired at an average price of GBX 138 per share, with a total value of £2,544.72. Also, insider Salma Shah bought 2,423 shares of the company's stock in a transaction dated Wednesday, October 1st. The stock was bought at an average cost of GBX 138 per share, for a total transaction of £3,343.74. Over the last quarter, insiders bought 4,580 shares of company stock worth $633,884. 1.77% of the stock is owned by insiders.

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.

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