Mitie Group (LON:MTO) to Repurchase 0 Outstanding Stock

Mitie Group (LON:MTO - Get Free Report) announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, April 16th, RTT News reports. The company plans to buyback 0 outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

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

Mitie Group Price Performance

LON MTO traded up GBX 2.40 ($0.03) on Monday, hitting GBX 133.40 ($1.77). The company had a trading volume of 4,271,459 shares, compared to its average volume of 4,413,528. 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 company has a market capitalization of £1.68 billion, a PE ratio of 13.86, a PEG ratio of 10.10 and a beta of 1.41. Mitie Group has a 12-month low of GBX 101 ($1.34) and a 12-month high of GBX 134.65 ($1.79). The company's fifty day moving average price is GBX 117.24 and its 200-day moving average price is GBX 114.66.

Insider Activity at Mitie Group

In other Mitie Group news, insider Derek Mapp acquired 8,571 shares of the business's stock in a transaction on Tuesday, April 1st. The stock was bought at an average price of GBX 115 ($1.53) per share, for a total transaction of £9,856.65 ($13,110.73). 5.65% of the stock is currently owned by corporate 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.