Mitie Group (LON:MTO) Hits New 1-Year High Following Analyst Upgrade

Mitie Group plc (LON:MTO) reached a new 52-week high on Wednesday after Berenberg Bank raised their price target on the stock from GBX 160 to GBX 165. Berenberg Bank currently has a buy rating on the stock. Mitie Group traded as high as GBX 128 ($1.70) and last traded at GBX 127.80 ($1.70), with a volume of 4582953 shares. The stock had previously closed at GBX 122 ($1.62).

Insider Transactions at Mitie Group

In other news, insider Derek Mapp acquired 8,571 shares of the company’s stock in a transaction dated Tuesday, April 1st. The stock was acquired at an average cost of GBX 115 ($1.53) per share, for a total transaction of £9,856.65 ($13,077.68). Insiders own 5.65% of the company’s stock.

Mitie Group Trading Up 1.8 %

The company has a market capitalization of £1.68 billion, a PE ratio of 13.86, a P/E/G ratio of 10.10 and a beta of 1.41. The company has a debt-to-equity ratio of 85.41, a quick ratio of 0.83 and a current ratio of 0.90. The business has a fifty day moving average price of GBX 116.92 and a 200 day moving average price of GBX 114.59.

Mitie Group declared that its Board of Directors has authorized a share repurchase plan on Wednesday, April 16th that allows the company to buyback 0 outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

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.