Mitie Group (LON:MTO) Reaches New 12-Month High – Here’s Why

Mitie Group plc (LON:MTO)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as GBX 170.80 and last traded at GBX 170.80, with a volume of 1680342 shares traded. The stock had previously closed at GBX 167.60.

Wall Street Analysts Forecast Growth

MTO has been the topic of a number of analyst reports. Royal Bank Of Canada reissued an “outperform” rating and set a GBX 195 price target on shares of Mitie Group in a research report on Thursday, December 4th. Jefferies Financial Group reissued a “hold” rating and set a GBX 145 price target on shares of Mitie Group in a research note on Thursday, September 11th. Berenberg Bank lifted their price target on shares of Mitie Group from GBX 185 to GBX 210 and gave the stock a “buy” rating in a report on Tuesday, October 28th. Finally, Peel Hunt restated a “buy” rating and issued a GBX 191 price target on shares of Mitie Group in a report on Thursday, November 20th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of GBX 182.20.

Mitie Group Stock Up 2.4%

The stock has a fifty day moving average price of GBX 163.02 and a 200 day moving average price of GBX 150.10. The stock has a market capitalization of £2.19 billion, a P/E ratio of 23.51, a price-to-earnings-growth ratio of 10.10 and a beta of 1.41. The company has a debt-to-equity ratio of 85.41, a current ratio of 0.90 and a quick ratio of 0.83.

Mitie Group (LON:MTO) last issued its quarterly earnings data on Thursday, November 20th. The company reported GBX 5.70 EPS for the quarter. Mitie Group had a net margin of 2.52% and a return on equity of 28.24%. On average, research analysts forecast that Mitie Group plc will post 10.9360519 earnings per share for the current year.

Mitie Group announced that its board has approved a stock repurchase plan on Tuesday, October 14th 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 a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, insider Mary Reilly bought 1,518 shares of the stock in a transaction on Friday, January 2nd. The shares were acquired at an average price of GBX 167 per share, for a total transaction of £2,535.06. Also, insider Phillip Bentley purchased 195,000 shares of Mitie Group stock in a transaction dated Thursday, November 20th. The stock was bought at an average price of GBX 154 per share, with a total value of £300,300. Insiders acquired a total of 248,711 shares of company stock worth $36,396,514 in the last 90 days. Corporate insiders own 1.81% 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.