Mitie Group (LON:MTO) Share Price Crosses Above 200-Day Moving Average – Here’s What Happened

Mitie Group plc (LON:MTO) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of GBX 152.24 and traded as high as GBX 171. Mitie Group shares last traded at GBX 168.40, with a volume of 2,094,547 shares trading hands.

Wall Street Analysts Forecast Growth

MTO has been the topic of several recent research reports. Royal Bank Of Canada restated an “outperform” rating and set a GBX 195 price target on shares of Mitie Group in a report on Thursday, December 4th. Berenberg Bank boosted their price objective on Mitie Group from GBX 185 to GBX 210 and gave the stock a “buy” rating in a research report on Tuesday, October 28th. Finally, Peel Hunt reaffirmed a “buy” rating and issued a GBX 191 target price 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 issued a Hold rating to the company. According to data from MarketBeat.com, Mitie Group has a consensus rating of “Moderate Buy” and a consensus target price of GBX 182.20.

Mitie Group Trading Down 1.2%

The firm has a market capitalization of £2.11 billion, a price-to-earnings ratio of 22.79, 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. The company has a 50-day moving average price of GBX 164.32 and a 200-day moving average price of GBX 152.24.

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

Mitie Group announced that its board has authorized a share repurchase program on Tuesday, October 14th that authorizes the company to buyback 0 outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity at Mitie Group

In related news, insider Salma Shah purchased 1,994 shares of the business’s stock in a transaction that occurred on Friday, January 2nd. The shares were purchased at an average cost of GBX 167 per share, for a total transaction of £3,329.98. Also, insider Phillip Bentley purchased 195,000 shares of Mitie Group stock in a transaction that occurred on Thursday, November 20th. The stock was bought at an average cost of GBX 154 per share, with a total value of £300,300. Insiders have acquired a total of 248,603 shares of company stock worth $36,381,610 over the last 90 days. 1.81% of the stock is owned by corporate 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.