Mitie Group (LON:MTO) Board of Directors Authorizes Stock Buyback Plan

Mitie Group (LON:MTO) declared that its board has approved a stock repurchase plan on Wednesday, April 16th, RTT News reports. The company plans to repurchase 0 shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank lifted their target price on shares of Mitie Group from GBX 160 ($2.13) to GBX 165 ($2.19) and gave the company a “buy” rating in a research report on Wednesday.

Mitie Group Price Performance

MTO opened at GBX 133.40 ($1.77) on Friday. 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’s 50 day simple moving average is GBX 117.24 and its 200-day simple moving average is GBX 114.70. Mitie Group has a one year low of GBX 101 ($1.34) and a one year high of GBX 134.65 ($1.79). The stock has a market capitalization of £1.68 billion, a P/E ratio of 13.86, a price-to-earnings-growth ratio of 10.10 and a beta of 1.41.

Insider Buying and Selling at Mitie Group

In other news, insider Derek Mapp acquired 8,571 shares of the company’s stock in a transaction on Tuesday, April 1st. The stock was purchased at an average cost of GBX 115 ($1.53) per share, with a total value of £9,856.65 ($13,105.50). 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.