Mitie Group (LON:MTO) Reaches New 1-Year High – Here’s Why

Mitie Group plc (LON:MTO) reached a new 52-week high during 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 changing hands. The stock had previously closed at GBX 163.20.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on MTO shares. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Mitie Group from GBX 165 to GBX 170 and gave the company a “buy” rating in a research report on Monday, August 11th. Jefferies Financial Group reaffirmed a “hold” rating and set a GBX 145 price objective on shares of Mitie Group in a research report on Thursday, September 11th. Finally, Berenberg Bank lifted their target price on shares of Mitie Group from GBX 185 to GBX 210 and gave the company a “buy” rating in a report on Tuesday, October 28th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of GBX 175.

Mitie Group Price Performance

The company’s 50-day simple moving average is GBX 148.50 and its 200 day simple moving average is GBX 146.17. The company has a market cap of £2.14 billion, a PE ratio of 21.92, a PEG 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.

Mitie Group declared that its board has approved a stock buyback program on Tuesday, October 14th that authorizes the company to buyback 0 shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Phillip Bentley sold 2,000,032 shares of Mitie Group stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of GBX 138, for a total value of £2,760,044.16. Also, insider Salma Shah bought 2,423 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The shares were purchased at an average price of GBX 138 per share, for a total transaction of £3,343.74. Insiders have purchased a total of 4,478 shares of company stock worth $618,788 in the last quarter. 1.77% of the stock is owned by company 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.