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

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

Mitie Group Price Performance

Shares of LON:MTO opened at GBX 131 ($1.73) on Thursday. The company has a market capitalization of £1.65 billion, a P/E ratio of 13.62, a P/E/G ratio of 10.10 and a beta of 1.41. Mitie Group has a 1-year low of GBX 101 ($1.34) and a 1-year high of GBX 131 ($1.73). The firm’s 50 day simple moving average is GBX 116.59 and its two-hundred day simple moving average is GBX 114.49. The company has a debt-to-equity ratio of 85.41, a current ratio of 0.90 and a quick ratio of 0.83.

Analyst Upgrades and Downgrades

Separately, Berenberg Bank initiated coverage on shares of Mitie Group in a report on Tuesday, January 28th. They issued a “buy” rating and a GBX 160 ($2.12) price objective for the company.

Insider Buying and Selling at Mitie Group

In related news, insider Derek Mapp purchased 8,571 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The shares were bought 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 currently owned by 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.