Mitie Group (LON:MTO) Hits New 12-Month High – Here’s What Happened

Shares of Mitie Group plc (LON:MTO) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as GBX 167.80 and last traded at GBX 166.40, with a volume of 5434832 shares. The stock had previously closed at GBX 163.20.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MTO. Berenberg Bank upped their target price on Mitie Group from GBX 185 to GBX 210 and gave the stock a “buy” rating in a research note on Tuesday, October 28th. Jefferies Financial Group reissued a “hold” rating and issued a GBX 145 price target on shares of Mitie Group in a report on Thursday, September 11th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Mitie Group from GBX 165 to GBX 170 and gave the company a “buy” rating in a report on Monday, August 11th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of GBX 175.

Mitie Group Stock Up 2.1%

The company has a market cap of £2.14 billion, a PE ratio of 21.92, a price-to-earnings-growth ratio of 10.10 and a beta of 1.41. The business has a fifty day simple moving average of GBX 148.50 and a two-hundred day simple moving average of GBX 146.17. The company has a current ratio of 0.90, a quick ratio of 0.83 and a debt-to-equity ratio of 85.41.

Mitie Group announced that its board has initiated a share repurchase plan on Tuesday, October 14th that authorizes the company to repurchase 0 shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider Salma Shah purchased 2,423 shares of the business’s stock in a transaction dated Wednesday, October 1st. The stock was acquired at an average price of GBX 138 per share, for a total transaction of £3,343.74. Also, insider Mary Reilly acquired 1,844 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The stock was acquired at an average price of GBX 138 per share, for a total transaction of £2,544.72. Over the last 90 days, insiders have purchased 4,478 shares of company stock valued at $618,788. Insiders own 1.77% 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.