Stock Repurchase Plan Declared by Mitie Group (LON:MTO) Board

Mitie Group (LON:MTO) declared that its board has approved a stock buyback plan on Wednesday, April 16th, RTT News reports. The company plans to buyback 0 shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Separately, Berenberg Bank began coverage on Mitie Group in a report on Tuesday, January 28th. They issued a “buy” rating and a GBX 160 ($2.12) target price on the stock.

Mitie Group Price Performance

Shares of LON:MTO opened at GBX 131 ($1.73) on Thursday. The firm has a market cap of £1.65 billion, a PE ratio of 13.62, a price-to-earnings-growth ratio of 10.10 and a beta of 1.41. Mitie Group has a 52 week low of GBX 101 ($1.34) and a 52 week high of GBX 131 ($1.73). The firm’s fifty day moving average is GBX 116.59 and its 200-day moving average is GBX 114.49. The company has a debt-to-equity ratio of 85.41, a quick ratio of 0.83 and a current ratio of 0.90.

Insider Activity at Mitie Group

In other news, insider Derek Mapp bought 8,571 shares of Mitie Group stock in a transaction dated Tuesday, April 1st. The stock was purchased at an average price of GBX 115 ($1.52) per share, for a total transaction of £9,856.65 ($13,046.53). 5.65% of the stock is owned by corporate insiders.

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.